Royal Caribbean Group Plans for Net Zero Emissions by 2050

Royal Caribbean, the largest cruise company in North America, has announced plans to be net-zero by 2050. The group’s investment of $1 billion will help them reach this goal while also lowering their carbon footprint and preventing negative environmental impacts on marine life.

The “Royal Caribbean Group Plans for Net Zero Emissions by 2050” is a company that plans on being net zero by 2050. This means they will not produce any emissions and will use 100% renewable energy.

The Royal Caribbean Group has set a lofty aim for itself: “Destination Net Zero,” a decarbonization plan that involves committing to science-based objectives and reaching net zero emissions by 2050.

Royal Caribbean International, Celebrity Cruises, and Silversea Cruises are all part of the Royal Caribbean Group. TUI Cruises and Hapag-Lloyd Cruises are both operated by the company, which owns 50% of the joint venture. As of June 30, 2021, the brands had 13 ships on order.


What’s Hot Right Now

“We started out on a route to develop sustainability decades ago; our objective today is to accomplish carbon-free sailing over the next two decades,” said Royal Caribbean Group Chairman and CEO Richard Fain. “Today, we’re launching ‘Destination Net Zero,’ an ambitious goal to reduce emissions, preserve our seas, and maintain the profitability of the hundreds of locations that our guests and crew members care profoundly about.”

The cruise line will set targets that will be verified by the Science Based Targets initiative (SBTi), the first such commitment for the cruise industry, over the course of 18 to 24 months. Following the release of SBTi’s maritime transport methodology, the work will commence. Companies may use science-based objectives to determine how much and how rapidly they need to cut greenhouse gas emissions to help prevent global warming.

The delivery of a net zero cruise ship by 2035 is one of the most ambitious goals. To create alternative and accessible fuels and technologies, the business claimed it would require on strong collaborations with governments, suppliers, and shipyards.

The company has already taken steps in this direction, including a more efficient hull design and system upgrades such as AC chillers that use 30 to 40% less energy. The current generation of Royal Caribbean Group ships are 20 to 25% more efficient than their predecessors.

Silversea’s “Project Evolution” will be the first hybrid-powered ship in the cruise industry, expected to launch in summer 2023. In Kansas, the business also operates a wind farm that will offset up to 12% of annual emissions.

The four-pronged strategy of “Destination Net Zero” is as follows:

1. The introduction of 13 new energy-efficient and alternatively powered boats to its worldwide brands fleet, including the newly announced “Project Evolution” – the industry’s first ship to eliminate all local emissions while in port.

2. Continued investment in its fleet’s energy-efficiency projects, such as energy-saving devices, improved data systems, and digitalization.

3. Research and development of alternative fuel and power options.

4. Strategic shore-based supply networks are better deployed and integrated.

The Royal Caribbean Group’s mission to reduce its environmental impact started almost three decades ago with “Save the Waves,” a recycling initiative that evolved into a company-wide strategy to instilling sustainability goals into the company’s culture.

The organization formed a relationship with the World Wildlife Fund in 2016. (WWF).

The organization established ambitious initial 2020 goals to minimize its environmental impact, assist global ocean conservation, and increase awareness about the need of ocean conservation in 2020. It reported earlier this year that it had reached or surpassed its 2020 targets, with the exception of a sustainable seafood procurement target (now likely to be fulfilled by 2022), which had been hampered by the pandemic’s travel ban.

Click here for more information about the Royal Caribbean Group’s sustainability activities.

Related Tags

  • royal caribbean stock price
  • rcl
  • royal caribbean stock forecast