Cruising Toward a Better Future, Royal Caribbean Group Outlines Progress in Annual Seastainability Report

Rhea-AI Summary

Royal Caribbean Group (NYSE: RCL) has released its 15th annual Seastainability Report, reflecting significant progress in its corporate responsibility strategy across its brands. Achievements in 2022 include establishing a short-term target to reduce carbon intensity by double digits by 2025, signing a partnership with Mærsk McKinney Møller Center for Zero Carbon Shipping, and completing the first renewable diesel pilot in the U.S. Notably, the company is introducing the world's first net-zero cruise terminal in Galveston, Texas. Furthermore, the report emphasizes a commitment to Diversity, Equity, and Inclusion, showing 99.98% gender pay equity among U.S. shoreside employees and increasing sustainable seafood sourcing. With a vision for net zero emissions by 2050, the company continues to innovate and enhance its impact on marine sustainability.

Positive

• Set a target to reduce carbon intensity by double digits by 2025.
• Partnership with Mærsk McKinney Møller Center for Zero Carbon Shipping.
• First renewable diesel pilot completed in the U.S.
• Introducing the world's first net-zero cruise terminal in Galveston, Texas.
• 99.98% gender pay equity among U.S. shoreside employees.
• Over 3,500 sustainable tours certified by Global Sustainable Tourism Council.

Negative

• None.

Expanding on 15 years of sustainability reporting, the company, also releases its first Task Force on Climate-Related Financial Disclosures Report 

MIAMI, April 20, 2023 /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL) released its 15^th annual Seastainability Report today, providing an in-depth update on the company's corporate responsibility strategy and performance across its three wholly owned brands – Royal Caribbean International, Celebrity Cruises and Silversea Cruises.

2022 marked a watershed moment in the company's advancement of Environmental, Social and Governance (ESG) efforts. Defining events include the 30th anniversary of the company's first environmental program, Save the Waves, and the publication of the first Task Force on Climate-Related Financial Disclosures (TCFD) report, published with the 2022 Seastainability Report.

"As we advance on our sustainability journey, our strategic priorities remain rooted in creating business value and uplifting our employees, guests and the communities we visit," said Jason Liberty, president and CEO, Royal Caribbean Group. "Through collaboration and innovation, we continue to make great strides on our commitment of delivering great vacation experiences responsibly."

The targets and strategies laid out in the annual report highlight Royal Caribbean Group's progress to reduce emissions, promote the safety and wellbeing of its guests and employees, including its commitments to sustainable tourism, protecting the oceans it sails and inspiring and empowering the communities it visits. 

Highlights from the report include:

• Setting a short-term target to reduce carbon intensity by double digits by 2025, compared to 2019, that advances the company's vision for net zero emissions by 2050 — Destination Net Zero
• Signing a partnership agreement with Mærsk McKinney Møller Center for Zero Carbon Shipping to develop zero carbon technologies and solutions for the maritime industry
• Completing the first renewable diesel pilot in the U.S. on Royal Caribbean Group's Navigator of the Seas
• Introducing the world's first net-zero cruise terminal in Galveston, Texas, extending the company's efforts and strategies from its ships to its shoreside operations
• Creating a new Executive Diversity Council to prioritize DEI (Diversity, Equity and Inclusion) initiatives and create accountability, empowering and inspiring employees
• Confirming U.S. shoreside gender pay equity analysis shows that 99.98% of women are equally compensated compared to male employees at Royal Caribbean Group
• Launching the Royal Caribbean Kickstarter Program supporting tourism related entrepreneurs in The Bahamas with trainings and seed-funding, empowering the communities the company visits
• Growing the number of sustainable tours certified by the Global Sustainable Tourism Council (GSTC) – now more than 3,500 around the world
• Increasing its sustainable seafood sourcing – 83% Marine Stewardship Council (MSC) and 75% Aquaculture Stewardship Council (ASC) certified
• Renewing its partnership with World Wildlife Fund (WWF) and committing an additional $5 million to preserve ocean health

The report references the guidelines of the Global Reporting Initiative (GRI) and is aligned with the Sustainability Accounting Standards Board (SASB) standards for Cruise Lines.

With a sustainability journey that began over 30 years ago, Royal Caribbean Group has remained steadfast in its commitment to innovate and advance the solutions necessary for a better future. Building on a robust portfolio of technologies that improve energy efficiency, water treatment, and waste management, it has worked to introduce environmentally friendly ships that move the company closer to achieving Destinations Net Zero, the company's vision for net zero emissions by 2050.

Visit www.royalcaribbeangroup.com/sustainability to dive deeper into Royal Caribbean Group's 2022 Seastainability Report and learn more about the company's positive impact activities.

About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 64 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 10 ships on order as of December 31, 2022. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com. 

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SOURCE Royal Caribbean Group

FAQ

What are the key highlights from Royal Caribbean Group's 2022 Seastainability Report?

Key highlights include a commitment to reduce carbon intensity, the introduction of a net-zero cruise terminal, and gender pay equity among employees.

What is Royal Caribbean Group's target for carbon emissions by 2025?

Royal Caribbean Group aims to reduce carbon intensity by double digits by 2025 compared to 2019 levels.

How does Royal Caribbean Group promote diversity and inclusion?

The company has created an Executive Diversity Council to prioritize DEI initiatives and reported 99.98% gender pay equity among U.S. shoreside employees.

What innovative initiatives were reported by Royal Caribbean Group in 2022?

Innovative initiatives include a renewable diesel pilot in the U.S. and a partnership for developing zero carbon technologies.

When was the 15th Seastainability Report released by Royal Caribbean Group?

The 15th annual Seastainability Report was released on April 20, 2023.