Norwegian Cruise Line Holdings Ltd., the cruise company that operates the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands, has announced its commitment to achieving net-zero emissions by 2050. The company has also committed to developing short- and medium-term greenhouse gas (“GHG”) reduction targets to solidify its path toward net zero.
“The pursuit of net zero will be one of the most defining journeys our company will ever undertake. The scope of our net zero ambition spans our entire value chain, as we aim to bring key partners, including our extensive global supplier network, along with us on this transformative journey,” said Frank Del Rio, President and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd.
The company's new climate commitments expand and strengthen its existing climate action strategy, which focuses on three key areas: 1) reducing carbon intensity, 2) investing in technology and exploring alternative fuels, and 3) implementing a voluntary carbon offset program.
A key driver for achieving the company's net-zero ambition is the development of alternative fuels, along with the associated critical infrastructure in destinations worldwide to support their use. As such, NCL is committed to partnering, researching, and fostering discussions to identify a suitable alternative fuel source that can also be scaled up sufficiently. For example, they are currently actively collaborating with partners, including engine manufacturers and classification societies, on planning for a safe and efficient methanol engine conversion.
The company has also published its first TCFD report. As part of this process, NCL engaged teams across the organization to conduct a comprehensive climate risk assessment and identify priority climate-related risks.
“The publication of our first TCFD report demonstrates our commitment to continually improving and expanding our ESG disclosures to provide additional transparency to our stakeholders,” said Jessica John, Vice President of ESG, Investor Relations and Corporate Communications of Norwegian Cruise Line Holdings Ltd. “Last summer, we published our first comprehensive ESG report and the first Sustainable Accounting Standards Board (SASB) index in the cruise industry, and our new TCFD report represents another important step forward. We are focused on enhancing our resilience, and the results of our climate assessment will help us further integrate climate-related risks into our strategy and decision-making processes across our company,” she concluded.
