Report revamps Environmental, Social and Governance (ESG) Framework, highlights efforts to reduce emissions on ship and at port
MIAMI, May 14, 2022 /PRNewswire/ — Today Royal Caribbean Group (NYSE: RCL) released its 14th annual sustainability report, providing a comprehensive update on the company’s Environmental, Social and Governance (ESG) framework and activities across its three wholly owned brands: Royal Caribbean International, Celebrity Cruises and Silversea Cruises.
New for 2021, Royal Caribbean Group revamped its ESG framework to better reflect the company’s contributions to a more sustainable cruise industry. The ESG framework focuses on five distinct ways to deliver great vacation experiences responsibly: Champion communities and the environment; provide unforgettable cruise experiences; foster human rights and be an employer of choice; advance net zero innovation; and govern responsibly.
"All of us at Royal Caribbean Group are focused on delivering the best vacations possible and doing so responsibly," said Jason Liberty, CEO, Royal Caribbean Group. "This report reflects our commitment to continuous innovation and building a sustainable cruise industry while growing our business for good."
The release of the 2021 Seastainability Report follows the recent announcement that Royal Caribbean Group has committed to another five-year partnership with World Wildlife Fund (WWF). A flagship partner, WWF will help the company continue to establish sustainable business practices in areas including emissions, sustainable tourism and more.
This year’s ESG report highlights the company’s unrelenting efforts to decarbonization, especially through the company’s Destination Net Zero strategy, which aims to establish Science-Based Targets (SBT) and achieve net zero emissions by 2050.
Destination Net Zero, along with other ESG initiatives, will ensure Royal Caribbean Group develops ambitious and measurable goals for continued carbon emissions reduction, sustainable business development and growth, sustainable tourism, and waste management. Destination Net Zero encapsulates Royal Caribbean Group’s focus on serving as a catalyst for innovation in the industry, with developments that include:
- Introducing a fuel-cell hybrid design that allows for zero emission in port.
- Future-proofing the company’s ship-building portfolio through fuel flexibility and innovation that ensure each new ship class is 20% more energy efficient than its predecessor.
- Developing waste management technologies that can convert waste to energy. Currently 100% of the fleet is equipped to be landfill-free.
- Being ready, through shore power, to connect to local power grids as soon as it becomes available.
This year’s report was shaped by RCG’s 2021 materiality assessment and references the Global Reporting Initiative’s (GRI) 2020 core reporting standards. The report is also aligned, to the extent possible, with the Sustainable Accounting Standards Board (SASB) standards.
To view Royal Caribbean Group’s 2021 sustainability report and learn more about the company’s efforts, visit: www.royalcaribbeangroup.com/sustainability.
About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 63 ships traveling to approximately 1,000 destinations around the world. Royal Caribbean Group is the owner and operator of three award winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 11 ships on order as of March 31, 2022. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com.
Certain statements in this press release constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the company’s expectations, estimates, forecasts and projections regarding environmental, social and governance (ESG) initiatives and the company’s ability to achieve its ESG goals. Forward-looking statements reflect management’s current expectations and are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Factors that could affect our results include, among others, those discussed under the caption "Risk Factors" in our most recent quarterly report on Form 10-Q, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.