Promises of Net Zero emissions cruise ship by 2050
#Miami, USA, November 3, 2021 – Royal Caribbean Group (NYSE: RCL) announced a giant step on its sustainability journey: Destination Net Zero, a comprehensive decarbonization strategy that includes pledging to establish Science-Based Targets (SBT) and achieving net zero emissions by 2050.
“Decades ago, we set out on a course to advance sustainability; our vision now is to realize carbon-free cruising over the next two decades,” said Richard Fain, chairman and CEO, Royal Caribbean Group. “Today we are announcing the most important destination of all in our company’s history – Destination Net Zero – an ambitious strategy to cut emissions, protect our oceans, and ensure the viability of the hundreds of destinations that our guests and crew members care deeply about.”
INTRODUCING DESTINATION NET ZERO
Royal Caribbean Group’s Destination Net Zero builds on decades of progress and a deep sense of responsibility to embed sustainability throughout the organization.
Over 18 to 24 months, the cruise company will develop goals to be validated by the Science Based Targets initiative (SBTi), the first such pledge for the cruise industry. The work will begin following the publication of SBTi’s marine transport methodology. Science-based targets show companies how much, and how quickly, they need to reduce their greenhouse gas (GHG) emissions to help limit global warming.
Along the journey to net zero, key milestones will be critical to making progress. One of the most ambitious milestones includes the delivery of a net zero cruise ship by 2035. To achieve these ambitions, the company will rely on strong partnerships with governments, suppliers and shipyards to develop alternative and accessible fuels and technology.
The company’s focus on achieving these measurable goals builds on its track record of designing and operating some of the most energy efficient ships on the seas. Thanks to optimized hull design and system upgrades such as AC chillers utilizing 30-40% less energy, Royal Caribbean Group has consistently delivered a new generation of ships 20-25% more efficient than their predecessors.
From Silversea Cruises’ ‘Project Evolution’ – the cruise industry’s first hybrid-powered ship set to debut summer 2023 – to the wind farm in Kansas that will offset up to 12% of our scope 1 and 2 emissions per year, Royal Caribbean Group is already executing on its Destination Net Zero strategy to drive the development of emissions-reducing technology and alternative fuel solutions.
“Royal Caribbean Group has a history of innovating in every aspect and level of the company,” said William K. Reilly, chairman, Royal Caribbean Group’s board of directors’ safety, environment, and health committee. “This is another important step on the serious and ambitious path to preserve the health and allure of the sea and the beauty of the oceans.”
Destination Net Zero’s four-pronged approach includes:
- Modernization of our global brands fleet through the introduction of 13 new energy-efficient and alternatively fueled vessels, including its recently announced ‘Project Evolution’ — the industry’s first ship to remove all local emissions while at port.
- Continued investment in energy efficiency programs for its fleet, including energy saving technologies, enhanced data systems and digitalization.
- Development of alternative fuel and alternative power solutions.
- Optimized deployment and integration of strategic shore-based supply chains.
THE NEXT CHAPTER OF A 30-YEAR VOYAGE
Royal Caribbean Group’s journey to reducing its environmental footprint began nearly 30 years ago with Save the Waves, an ambitious effort that grew from a recycling program into a company-wide approach to embedding challenging, achievable, measurable sustainability targets into the bedrock of the company’s culture. Over the ensuing three decades, protecting the planet’s finite natural resources evolved organically from a choice to a way of life for the company and its employees.
In 2016, the Group built on this legacy of progress and commitment by embarking on a partnership with World Wildlife Fund (WWF). With the goal of ensuring the long-term health of the oceans and fulfilling a vision of more sustainable cruising, Royal Caribbean Group established ambitious initial 2020 targets to reduce its environmental footprint, support ocean conservation globally and raise awareness among the company’s more than 5 million passengers about the importance of ocean conservation. Earlier this year, it announced it had met or exceeded its 2020 goals, with the exception of a sustainable seafood sourcing target (now expected to be met by 2022) that was impacted by the travel suspension from the pandemic.
“Destination Net Zero will help guide our decision-making in the years to come and builds on Royal Caribbean Group’s continuous improvement mantra,” said Silvia Garrigo, Royal Caribbean Group chief Environmental Social Governance (ESG) Officer. “While we may not have all the answers now, this comprehensive company-wide strategy amplifies our focus on long-term emissions reduction and provides us a roadmap for how to get there.”
“Ensuring the long-term health of our oceans requires collective action to effectively address climate change and limit warming to 1.5C,” said Carter Roberts, president & CEO of WWF. “Through our partnership, Royal Caribbean Group has been on a journey to improve their overall sustainability. Achieving net zero emissions no later than 2050 will require innovation and collaboration at scale, and WWF looks forward to working together to make progress toward this milestone.”
To learn more about Royal Caribbean Group’s sustainability efforts, visit https://sustainability.rclcorporate.com/.
Release: Royal Caribbean Group
Brave presentation in defence of Bahamas’ financial services reputation by PM Davis
By Sherrica Thompson
#TheBahamas, October 1, 2022 – Prime Minister of the Bahamas Phillip ‘Brave’ Davis is again calling for equality in the financial services sector and for the United Nations to leverage its universal jurisdiction for greater oversight of global anti-money laundering de-risking and tax cooperation matters.
In addressing the United Nations General Assembly on Saturday, September 24, Prime Minister Davis said the Bahamas is one of the best-regulated countries in the world, yet it has been under attack by international bodies and placed on the Organisation for Economic Co-operation and Development (OECD) blacklist while transgressions in the developed world are ignored.
He questioned why this was the case and highlighted some disparities in the financial sector.
“Why is it that European states that operate frameworks akin to that of high-risk or blacklisted countries, are not even eligible for inclusion on these lists? Why are all the countries targeted – all of them – small and vulnerable, and former colonies of European states? We find it astounding that the $2-$3 trillion dollars which is estimated to be laundered each year through the developed countries, are never flagged as causes for concern,” articulated Phillip Davis, addressing the 77th session in New York.
Prime Minister Davis further noted that there are elements of racism in the decision-making when it comes to regulating black-governed countries in the financial services sector. He also declared that black-governed countries matter as well.
And yet my country, which is widely recognized as one of the best-regulated countries in the world, and other countries like The Bahamas, are singled-out for such reputational attacks? The robust regulatory regimes of our Central Bank, Securities Commission, and Insurance Commission, are chastised on minor details of technical process, while much bigger transgressions in the developed world are ignored.
The evidence is mounting, that the considerations behind these decisions have less to do with compliance, and more to do with darker issues of pre-judged, discriminatory perceptions. Black-governed countries also matter.”
Davis also highlighted the need for reforms that apply to all in the global financial system.
“Mr. President: We support the call for reforms in the global financial system to make it more relevant to the needs of today. But those reforms need ambition. They need to go beyond the incremental. And they need to apply to all. For example, the community of international financial institutions are in a position to forgive the debt incurred by the economic shutdowns during the COVID-19 pandemic. They should do so.”
Statement to Update on the Sale of the Grand Lucayan
“Deal progressing toward closure”
#GrandBahama, The Bahamas, October 1, 2022 – The Board of Lucayan Renewal Holdings Limited (LRHL) advises that negotiations toward a successful deal on the Grand Lucayan Resort continue to progress satisfactorily. It was announced in the first week of August in a joint statement with Electra America Hospitality Group that the due diligence period was extended by 45 days to September 15.
By virtue of this, the final closing date was also extended to November 15, 2022. We note that the recent seven-day extension did not impact the agreed November closing date. We anticipate that the sales process will be completed consistent with our revised timelines. The Board of LRHL remains committed to ensuring that a credible plan and shared vision for the resort is realized – a plan that will provide jobs, entrepreneurial opportunities and strengthen Grand Bahama’s economy.
We remain on track for a successful purchase and signing of a Heads of Agreement, in the best interest of the people of Grand Bahama.
There are matters connected to the transaction that are still being negotiated; we look forward to briefing the public as soon as negotiations are concluded.
MASK AND COVID TESTING MANDATES END FOR THE BAHAMAS
By Shanieka Smith
#TheBahamas, October 1, 2022 – The Bahamas is looking ahead to another roll back on restrictions as the precautions set up in response to the coronavirus pandemic fade away. October 1 ends the mandate for face masks in The Bahamas; it’s another policy being recalled as the world embraces a new normal, where face coverings are optional.
In a snap measure, the minister of health for the Bahamas, Michael Darville also this month ended the COVID 19 testing entry requirement for the unvaccinated. It makes The Bahamas, as a leading tourism destination, more affordable and more accessible as evidence supports that it does not also mean a spike in Covid cases.
Prime Minister Phillip Davis announced that the mask mandate change from New York, following his appearance at the state funeral of Queen Elizabeth II and while attending the 77th session of the United Nations General Assembly. However, it is not masks off for everyone: medical facilities, aged care centers and schools will keep the rule.
The decision was met with applause by President of the Bahamas Hotel Catering and Allied Workers Union, Darrin Woods who said this move will undoubtedly improve tourism numbers and contribute to the nation’s economic recovery.
Additionally, President of The Bahamas Hotel and Tourism Association, Robert Sands, said the time for mask mandate and Covid-19 testing for unvaccinated travellers had long passed. He believes that removing this protocol will level the playing field since other rivals in the tourism industry have already done so.
Already, long stay guests to The Bahamas were exempt from mask wearing on hotel properties.
At this point, some 173,000 Bahamas residents have been fully vaccinated and in the September 26 health report; three patients were in intensive care from the virus of the 132 active and only one new case had been recorded in Nassau.
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