Royal Caribbean Group Shares Comprehensive Update on its Decarbonization Journey

Rhea-AI Summary

Royal Caribbean Group (RCL) shares a comprehensive update on its decarbonization journey through its annual Seastainability Report. The report highlights achievements in sustainability, community impact, and innovation. Key milestones include a 6.8% reduction in carbon intensity, successful biofuel trials, waste-to-energy systems on ships, and initiatives to engage local communities. The company's commitment to sustainability and net zero future is evident in its progress and initiatives.

Positive

• 6.8% reduction in carbon intensity, reaching more than half of the double-digit reduction target
• Successful biofuel trials leading to an expanded energy portfolio
• Introduction of waste-to-energy systems on ships
• Increased local sourcing globally, reducing miles traveled by 37%
• Innovative genetic technology program to protect marine species
• Launch of Artist Discovery Program and support for local entrepreneurs
• Introduction of accessible Star Class suite on ships
• Construction of first tri-fuel methanol capable ship
• Renewed partnership with University of Miami's OceanScope for ocean conservation
• Industry-leading recycling program and the first Environmental Officer onboard a cruise ship
• Focus on energy efficiency, water treatment, and waste diversion towards Destination Net Zero ambition

Negative

• None.

Together, with its first Community Impact Report, the company details its progress its net-zero ambitions and supporting the communities it visits 

MIAMI, April 22, 2024 /PRNewswire/ -- Today, Royal Caribbean Group (NYSE: RCL) released its annual Seastainability Report, outlining milestones the company reached on its mission to deliver the best vacation experiences responsibly. Driven by its SEA the Future initiative, the company has advanced its commitment to sustain the planet, energize communities, and accelerate innovation. 

In 2023, Royal Caribbean Group made significant progress toward its net zero vision including achieving more than half of the company's carbon intensity reduction target, completing successful biofuel trials across Europe and introducing the maritime industry's first waste-to-energy system onboard a ship. 

"I am proud to share the encouraging results from our SEA the Future efforts in our annual Seastainability Report and our first Community Impact Report, which underscore the strength of our commitment to the environment, the communities we visit, and our people," said Jason Liberty, president and CEO, Royal Caribbean Group. "Marking the halfway point to our carbon intensity target is a key milestone that builds on our history of innovation and collaboration as we continue driving forward solutions that advance the industry's net zero future." 

The publication of its first Community Impact Report dives into the breadth of work Royal Caribbean Group completed in 2023 to engage communities, celebrate its culture, and promote economic resiliency in the destinations they visit. 

The goals and strategies presented in both reports highlight Royal Caribbean Group's progress in building toward a sustainable and better tomorrow.  Highlights from the reports include: 

Sustaining the Planet  

• 6.8% reduction in carbon intensity, reaching more than half of its double-digit carbon intensity reduction target 
• An expanded energy portfolio following successful biofuel trials which confirmed that "drop in" percentages of the alternative fuel can be used without needing to modify engines or impact onboard technical systems 
• Increased local sourcing globally, reducing miles traveled by 37% — supporting not only the communities it visits, but also reducing its Scope 3 emissions in certain regions 
• Helped protect marine species through Shellbank, an innovative genetic technology program, that matches DNA for critically endangered sea turtles to known locations in order to determine priority conservation sites and prevent illegal harvesting 

Energizing Communities  

• Launched Royal Caribbean International's Artist Discovery Program, prominently showcasing up-and-coming local Caribbean artists on board the company's newest ship Icon of the Seas 
• Designed unique trainings for Bahamian entrepreneurs participating in the Small Business Development Centre's (SBDC) Royal Caribbean Kickstarter Programme, created to empower local tourism-related businesses 
• Introduced our first accessible Star Class suite on Royal Caribbean International's Icon of the Seas 

Accelerating Innovation 

• Introduced the first at-sea waste-to-energy systems which debuted on Silver Nova and Icon of the Seas 
• Began construction on first tri-fuel methanol capable ship, Celebrity Xcel  
• Renewed partnership with University of Miami's OceanScope committing additional funds, building on two decades of ocean conservation and research aboard Royal Caribbean Group ships 

With a sustainability journey that began over 30 years ago, Royal Caribbean Group introduced an industry-leading recycling program Save the Waves and the first Environmental Officer onboard a cruise ship. Today the company continues to innovate and connect people to the world's most beautiful places in a way that respects and protects the ocean and communities it visits. Laser focused on improving its energy efficiency, treating the water they use and diverting waste from landfill, the company is moving closer to Destination Net Zero ambition, its target to achieve net zero emissions by 2050.  

Visit www.royalcaribbeangroup.com/sustainability to dive deeper into Royal Caribbean Group's 2023 Seastainability Report and learn more about how the company is collaborating to accelerate its transition to the energy platform of the future.  

About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 65 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 8 ships on order as of December 31, 2023.

 

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SOURCE Royal Caribbean Group

FAQ

What is the main focus of Royal Caribbean Group's Seastainability Report?

The report focuses on the company's progress towards sustainability, community impact, and innovation.

What percentage of carbon intensity reduction target did Royal Caribbean Group achieve?

Royal Caribbean Group achieved a 6.8% reduction in carbon intensity, reaching more than half of its target.

What are some key initiatives mentioned in the report related to sustainability?

Initiatives include successful biofuel trials, waste-to-energy systems on ships, and increased local sourcing globally.

How is Royal Caribbean Group engaging with local communities?

The company has launched programs like Artist Discovery Program, support for local entrepreneurs, and introduced accessible accommodations on ships.

What is Royal Caribbean Group's Destination Net Zero ambition?

The company aims to achieve net zero emissions by 2050 through a focus on energy efficiency, water treatment, and waste diversion.

What partnership did Royal Caribbean Group renew for ocean conservation?

The company renewed its partnership with University of Miami's OceanScope for continued ocean conservation efforts.

What is the significance of the first Community Impact Report released by Royal Caribbean Group?

The report details the company's engagement with communities, cultural celebrations, and economic support in the destinations they visit.