Yesterday, April 20th, Royal Caribbean Group issued its 15th annual “seastainability” (a play on the word “sustainability”) report.
The report offers an overview of the corporation’s ongoing efforts to reduce its global carbon footprint and address important issues like diversity and sustainability in the cruise line industry.
TCFD Report Added to Annual Seastainability Report
Royal Caribbean Group, along with its subsidiaries, including cruise lines like Celebrity Cruises and Silversea Cruises, has been publishing sustainability reports for 15 years now. New to the report this year is the addition of the Task Force on Climate-Related Financial Disclosures Report (TCFD).
Task Force on Climate-Related Financial Disclosures were created in 2017 by the Swiss-based Financial Stability Board (FSB) as a means to enhance and expand the revelation of financial information related to climate change around the planet.
The TCFD, which Royal Caribbean Group is now making use of, was also designed to help provide businesses with a global framework for issuing reports on how climate change will, or is expected to impact their operations.
Seastainability Report Highlights
This year’s sustainability report centers on the goals and tactics that the cruising firm is focusing on and employing to cut down on harmful emissions, improve guest and employee safety and welfare, and advocate for more sustainable tourism and ocean conservation.
“As we advance on our sustainability journey,” Jason Liberty, president, and CEO, of Royal Caribbean Group commented regarding the newly issued report, “our strategic priorities remain rooted in creating business value and uplifting our employees, guests, and the communities we visit.”
Some of the key takeaways from the report include efforts by the company—which is aiming for net zero emissions by 2050—to address important issues like climate change and sustainable tourism.
Royal Caribbean Group is setting a goal to reduce its carbon intensity by double digits, hopefully by 2025. The firm is partnering with the Danish non-profit Mærsk McKinney Møller Center for Zero Carbon Shipping as well, introducing a net-zero cruise terminal in Texas, and plans to commit $5 million to the World Wildlife Fund (WWF) to safeguard the viability of the world’s oceans.
In addition to these eco-friendly programs, Royal Caribbean Group is also focusing on people, putting together a new Executive Diversity Council tasked with prioritizing Diversity, Equity, and Inclusion (DEI) initiatives within the company, and on a related issue, has already achieved 99.98% gender pay equity in the US.
A Focus on Local Sustainability
The report also provides some news about Royal Caribbean Group’s efforts to promote sustainable tourism and give back to local communities where its cruise ships visit through its Kickstarter Program in The Bahamas, offering seed funding and training for local entrepreneurs.
The company announced that it has over 3,500 worldwide sustainable tours certified by the Global Sustainable Tourism Council currently running as well, which is a testament to Royal Caribbean Group’s commitment to sustainability.