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WHY IT RATES: In its just-released 'Seastainability Report' for 2021, Royal Caribbean Group details how it has revamped its ESG framework to better reflect its contributions toward creating a more sustainable cruise industry, also highlighting current company initiatives that target issues like decarbonization, waste management, energy efficiency and community development. - Laurie Baratti, TravelPulse Associate Writer
Today Royal Caribbean Group 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 emissions in port.
-Future-proofing the company's ship-building portfolio through fuel flexibility and innovation that ensures 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.
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