Carnival Corporation Announces Significant Sustainability Achievements

Rhea-AI Summary

Carnival & plc releases its 14th annual sustainability report, showcasing significant progress in climate action, waste reduction, and sustainable practices. The company has exceeded several 2030 environmental goals ahead of schedule, demonstrating a commitment to sustainability and responsible business practices.

Positive

• Carnival has achieved key 2030 environmental performance targets early, showcasing notable progress in climate action and circular economy focus areas.
• The company has reduced absolute GHG emissions by over 10% compared to 2011 levels, despite increasing capacity by 30% since then.
• Carnival is on track to reduce GHG intensity by at least 20% by 2026, surpassing the IMO's 2030 carbon intensity reduction timeline.
• The company leads the industry in shore power capabilities, with 64% of its fleet now shore power-capable, seven years ahead of schedule.
• Significant reductions in particulate matter emissions, food waste, single-use items, and advanced waste water treatment systems have been achieved, exceeding or nearing 2030 goals.
• Carnival 's sustainability report aligns with global reporting standards and emphasizes inclusivity, sustainable tourism, and positive workplace environments.
• The company's commitment to sustainability is evident in its progress towards net zero GHG emissions by 2050 and ongoing efforts to meet or exceed all 2030 sustainability goals.

Negative

• None.

World's largest cruise company releases annual report detailing its global sustainability performance and progress, including surpassing several sustainability goals well in advance

MIAMI, April 10, 2024 /PRNewswire/ -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK), the world's largest cruise company, today released its 14^th annual sustainability report detailing meaningful progress in its six sustainability focus areas, including toward its highest-priority goals supporting climate action to reduce greenhouse gas (GHG) emissions and promoting a circular economy model to reduce waste. The company achieved several 2030 environmental goals well in advance and is tracking ahead of schedule on a number of other key targets, including GHG intensity reductions. Details are outlined in the full report, titled "Sustainable from Ship to Shore," and available on the company's website at www.CarnivalSustainability.com.

"Thanks to our 160,000 remarkable team members who show up every day with passion and dedication, 2023 was a year of significant accomplishments across the board," said Josh Weinstein, CEO and chief climate officer for Carnival Corporation. "We achieved record-breaking financial performance, welcomed three stunning new ships, expanded our global presence to over 800 incredible destinations and communities, and delivered unforgettable happiness to 12.5 million guests by providing them with extraordinary cruise vacations."

Added Weinstein: "We also demonstrated our continued commitment to leading the way in making cruising more sustainable, marked by amazing progress toward reaching – and in many cases, exceeding – our vital 2030 environmental performance targets. Since we're so aggressively tracking toward all our 2030 sustainability goals, we're evaluating new interim targets along our pursuit of net zero GHG emissions by 2050."

Carnival Corporation Achieves Key 2030 Goals in Advance
As outlined in the 2023 Sustainability Report, Carnival Corporation has reached several key 2030 environmental performance targets years ahead of time in its climate action and circular economy focus areas – major priorities in the company's sustainability roadmap. For example, through decisive and longstanding climate action, the company is producing 10+% less absolute GHG emissions today than in 2011, its peak historical year, despite increasing capacity by roughly 30% since that time. Additionally, reinforcing a circular economy model has led to significant reductions in the volume and impact of waste produced overall. Highlights from the company's 2023 report include:

• GHG Intensity: Tracking toward its 2030 goal four years ahead of schedule, the company formally committed to reducing its GHG intensity by at least 20% by 2026 (versus 2019 levels; measured on a lower berth capacity basis). The company expects this performance to put it ahead of the International Maritime Organization's (IMO) 2030 carbon intensity reduction timeline.
• Shore Power: Surpassing its 2030 goal in 2023 – seven years early – the company now leads the industry with 64% of its fleet shore power-capable, meaning it has twice as many ships able to "plug in" than there are ports equipped to provide shore power. The company is now working closely with port authorities worldwide to foster increased adoption of this important technology.
• Particulate Matter: Recording a 68% reduction in absolute particulate matter emissions (versus the 2015 baseline), the company continued accelerating well beyond its 2030 goal to reduce particulate matter emissions by 50%.
• Food Waste: Achieving a 38% reduction in food waste per person (versus the 2019 baseline), the company came within two percentage points of reaching its 2025 goal to reduce food waste by 40% and continues efforts toward achieving its 50% food reduction goal by 2030.
• Single-Use Items: As of 2023, the company had cut down enormously on single-use items and plastics, eliminating ~500 million single-use items from the fleet by the end of last year (compared to 2018) – outpacing its 2030 50% reduction goal, which it initially surpassed in 2021, nine years early.
• Advanced Waste Water Treatment Systems: Finishing the year just a few points shy of its 2030 goal to outfit 75% of its fleet capacity with AWWTS, in 2023, the company had completed installation of systems covering 70% of the company's fleet capacity, purifying even more water used onboard to municipal-water quality before releasing it back to nature.

On top of these highlights, Carnival Corporation is marching strongly toward meeting or exceeding its remaining 2030 climate action and circular economy goals. Important updates on the company's liquefied natural gas (LNG) program, as well as its Advanced Air Quality Systems (AAQS), Air Lubrication Systems (ALS), and biofuels initiatives, and more, are available in the full report.

In addition, the company is also committed to inclusivity across its diverse global team of 160,000 strong, and fostering a positive workplace environment for all employees. As part of its sustainability strategy, it is also focused on promoting sustainable tourism and creating shared value, mutual growth and goodwill with its destination partners and the local communities it visits, as outlined in the report.

Carnival Corporation's 2023 sustainability report was developed in accordance with the Global Reporting Initiative (GRI) Universal Standard 2021 and incorporates the company's third annual disclosure in line with the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD). For more information on the company's long-term sustainability vision and progress under its six focus areas – climate action; circular economy; sustainable tourism; good health and well-being; diversity, equity and inclusion; and biodiversity and conservation – visit Carnival Corporation's dedicated report website, CarnivalSustainability.com.

About Carnival Corporation & plc
Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn.

Additional information can be found on www.carnivalcorp.com, www.aida.de, www.carnival.com, www.costacruise.com, www.cunard.com, www.hollandamerica.com, www.pocruises.com.au, www.pocruises.com, www.princess.com, and www.seabourn.com.

For information on Carnival Corporation's industry-leading sustainability initiatives, visit www.carnivalsustainability.com.

This release includes claims related to our greenhouse gas emissions reductions, goals, initiatives, accomplishments, and progress reports. Supporting data for such greenhouse gas emissions claims, including data verification information, is published in our Sustainability Reports on carnivalcorp.com/sustainability on an annual basis.

Editors' Note:
An executive summary of the company's 2023 Sustainability Report is available here.

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SOURCE Carnival Corporation & plc

FAQ

How has Carnival performed in reducing GHG emissions compared to its historical peak in 2011?

Carnival has reduced absolute GHG emissions by over 10% compared to its peak in 2011, despite increasing capacity by approximately 30% since then.

What is Carnival 's goal for reducing GHG intensity by 2026?

Carnival aims to reduce its GHG intensity by at least 20% by 2026, surpassing the International Maritime Organization's (IMO) 2030 carbon intensity reduction timeline.

How many of Carnival 's fleet are currently shore power-capable?

Carnival leads the industry with 64% of its fleet now being shore power-capable, exceeding the industry standard and seven years ahead of schedule.

What progress has Carnival made in reducing food waste per person?

Carnival has achieved a 38% reduction in food waste per person compared to the 2019 baseline, nearing its 2025 goal and working towards a 50% reduction by 2030.

How has Carnival contributed to reducing single-use items on its fleet?

Carnival has eliminated approximately 500 million single-use items from its fleet by the end of last year, surpassing its 2030 goal of a 50% reduction.