Cruise and Maritime Industry Set Recommendations to Accelerate Path to Net Zero

PRNewswire 15-Jul-2024 10:50 AM

?After three-day event aboard Royal Caribbean Group's soon-to-sail Utopia of the Seas, leaders coalesced on three key suggestions to advance sustainable and scalable decarbonization solutions

CAPE CANAVERAL, Fla., July 15, 2024 /PRNewswire/ -- Driven by a collective objective to help further the maritime and cruise industry's decarbonization goals, more than 70 maritime leaders met earlier this week at a Decarbonization Summit hosted by Royal Caribbean Group (NYSE:RCL) in collaboration with the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping. 

Cutting across the maritime ecosystem from technology developers and fuel providers to shipbuilders, ship operators and ports, the Summit's conversations focused on three key areas including technology development, alternative fuel opportunities and policy and regulation. 

"Achieving net zero is not something any one company can do alone – it requires collective problem solving, creative thinking, and a willingness to have tough conversations," said Jason Liberty, president and CEO, Royal Caribbean Group. "This week we have put steps in place to catalyze an open dialogue that will foster the thinking necessary to develop an environment where net zero is attainable and sustainable." 

The Summit concluded with three key advancement areas to help the industry usher in a new era of collaboration to achieve net zero in the next 25 years. They are:

• Technology: Discussions zeroed in on the creation of an independent network or platform to enable the maritime industry to share important findings regarding pilot and testing programs.
   
• Fuel: Participants called for the formation of an independent third party-hosted platform to aggregate low carbon fuel demand by location. The aggregator would provide insights that would enable the industry to better prepare for the supply of alternative fuels.
   
  Participants also explored supply and infrastructure that allows for readily accessible and available alternative fuels.
   
  During the Summit, leaders also considered various collaboration models to accelerate the maritime transition to low-carbon alternative fuel. Part of the discussion explored supply and demand alignment along with timing and the geographic location of future fuel demand. Equally as important as identifying alternative low-carbon fuels is having infrastructure that allows for readily accessible and available alternative fuels.
   
• Policy: Summit participants agreed that a set of principles that outlines critical policy actions needed to support the industry's shared goal for decarbonization should be developed to inform progress for the International Maritime Organization (IMO).

"The shipping industry is in a critically important phase where the pathway to a sustainable future is now being shaped by concrete plans and actions. The cruise industry faces its own needs and opportunities on the road to decarbonization but also holds a lot of valuable insights that can benefit of the rest of the maritime industry," shared Bo Cerup-Simonsen, CEO, Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping. "With this event Royal Caribbean Group demonstrates exemplary first mover leadership by taking responsibility beyond their own agenda, fostering important in-depth discussions, collaboration, knowledge sharing and action across the ecosystem to further strengthen the acceleration towards a decarbonized maritime industry."

For more information about the Decarbonization Summit, please visit https://www.royalcaribbeangroup.com/decarbonizationsummit

About Royal Caribbean Group

Royal Caribbean Group (NYSE:RCL) is a vacation industry leader with a global fleet of 66 ships across its five brands traveling to approximately 1,000 destinations. With a mission to deliver the best vacations responsibly, Royal Caribbean Group serves millions of guests each year through its portfolio of best-in-class brands, including Royal Caribbean International, Celebrity Cruises, and Silversea; and expanding portfolio of land-based vacation experiences through Perfect Day at CocoCay and Royal Beach Club collection. The company also owns 50% of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. With a rich history of innovating, Royal Caribbean Group continually delivers exciting new products and guest experiences that help shape the future of leisure travel. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com.

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SOURCE Royal Caribbean Group