Hurtigruten Group receives the best ESG (Environment, Social and Governance) rating following an evaluation by Morningstar Sustainalytics, as a result of its commitment to reducing emissions, nature, community and people.
Among other actions, the Norwegian shipping company has invested 66 million in emissions reduction during 2022, in addition to promoting a pioneering green bond in the industry that has favored the conversion of its fifth ship to battery hybrid propulsion, along with other initiatives to strengthen ESG corporate management.
It is also promoting the "Sea Zero" project to create the world's first most energy-efficient cruise ship.
“This rating is the result of our company-wide focus on emissions, nature, community, and people,” says Daniel Skjeldam, CEO of Hurtigruten Group. “We made significant progress over the past year, investing €66 million in emissions reductions. Our pioneering green bond, issued in 2022, has enabled us to finance ongoing environmental improvements, including the conversion of our fifth ship to battery-hybrid propulsion. At the same time, we strengthened governance with executive compensation linked to ESG targets, a new whistleblowing policy, and improved supply chain oversight, with a focus on local sourcing.”.
In its latest ESG rating report, Morningstar Sustainalytics states: “The company has a low risk of experiencing significant financial impacts due to ESG factors, due to its average exposure and strong management of important ESG issues.
“This rating is a quantitative method for evaluating our ESG efforts and a valuable tool for analyzing how we implement our ESG strategy through programs and policies across the business,” explains Skjeldam. The Hurtigruten Group, comprised of Hurtigruten Norway, Hurtigruten Expeditions, and Hurtigruten Svalbard, seeks to shift the industry's focus toward sustainability.
Hurtigruten Group was the first cruise line to ban heavy fuel oil (2009) and single-use plastics (2018). In 2019, Hurtigruten Expeditions added the world's first hybrid battery-powered ship to its fleet and has since added two more.
In 2022, Hurtigruten Norway became the first company to convert its ship to a hybrid battery system, adding another in 2023 and a third planned for 2024. These conversions are part of a €100 million environmental upgrade that will reduce CO2 and NOx emissions by 25% and 80%, respectively. Furthermore, in June of this year, Hurtigruten Norway's first "Sea Zero" initiative unveiled its initial plans for the world's most energy-efficient cruise ship.
“Furthermore, our operations in Svalbard have made considerable progress in reducing their impact, deploying two electric tourist boats and eight electric snowmobiles. We are working to be cleaner, greener, and quieter,” Skjeldam added.
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