Norwegian Cruise Line commits to zero greenhouse gas emissions by 2050

Today April 21, 2022 Norwegian Cruise Line Holdings Ltd. announced its commitment to pursue net zero greenhouse emissions by 2050 across all of its operations.

In a statement, the president and chief executive officer of Norwegian Cruise Line Holdings Ltd., Frank Del Rio, said, “the pursuit of net zero will be one of the most defining voyages that our Company will take. The scope of our net zero ambition spans our entire value chain as we aim to bring key partners, including our vast network of global suppliers, along with us on this transformational journey.”

Norwegian Cruise Line Holdings Ltd. operates Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises.

Along with its commitment to pursue net zero greenhouse gas emissions by 2050, the company has additionally addressed its goal to develop short-term gas reduction targets. This will assist the company towards their ultimate goal of hitting net zero emissions by 2050.

Norwegian Cruise Line Holdings Ltd. has additionally published its first Task Force on Climate-related Financial Disclosures (TCFD) Report, this report will provide important transparency to the company’s stakeholders.

“While we recognize that the pathway will be complex, requiring significant collaboration, innovation and technological advancement, we are committed to doing our part to contribute to the transition to a low-carbon economy,” stated Del Rio.

This announcement for Norwegian Cruise Line Holdings Ltd., comes in addition to the company’s other climate commitments, which revolve around three main areas: 1) reducing carbon intensity, 2) investing in technology and exploring alternative fuels, 3) implementing a voluntary carbon offset program.

In 2021, the company purchased 3 million metric tons of carbon dioxide equivalent offsets, to serve as a short-term action, while the company explores long-term solutions.

Norwegian Cruise Line Holdings is also actively engaged with partners, including engine manufacturers, in order to plan for a safe and effective methanol engine retrofit.

The company has engaged teams across its organization in order to conduct an extensive climate risk screening, as well as identify priority climate-related risks.

Jessica John, the vice president of ESG, Investor Relations and Corporate Communications of Norwegian Cruise Line Holdings Ltd. stated, “the release of our inaugural TCFD report demonstrates our desire to continually improve and expand upon our ESG disclosures to provide additional transparency to our stakeholders. Last summer we published our first comprehensive ESG report and the first Sustainability Accounting Standards Board (SASB) index in the cruise industry and our new TCFD report represents another significant step forward. We are focused on improving our resiliency, and the results of our climate assessment will assist us in further integrating climate-related risks into our strategy and decision-making processes across our Company.”