Norwegian Cruise Line Holdings aims for net zero by 2050

Norwegian Cruise Line Holdings aims for net zero by 2050

Norwegian Cruise Line

Norwegian Cruise Line Holdings operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands

Norwegian Cruise Line Holdings (NCLH) has committed to pursuing net zero emissions across its operations and value chain by 2050.

“The pursuit of net zero will be one of the most defining voyages that our company will take,” said Frank Del Rio, president and CEO of NCLH. “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. While we recognise 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.”

The company will broaden its existing climate strategy, centred on the three focus areas: reducing carbon intensity, investing in technology and exploring alternative fuels, and implementing a voluntary carbon offset programme. In 2021, NCLH committed to purchase three million tonnes of carbon dioxide equivalent offsets while it investigates long-term solutions. It is also discussing the feasibility of methanol engine refits with partners including engine manufacturers and classification societies.

NCLH has also published its first Task Force on Climate-Related Financial Disclosures (TCFD) report, which provides relevant information to its stakeholders. The company engaged teams across the organisation to conduct a climate risk screening and identify climate-related risk priorities. A scenario analysis was then completed to estimate the impact of sea level rise and the cost of carbon, the company’s top physical and transition risks, under different hypothetical climate scenarios. Using the results of the assessment, the company is further aligning its risk management and strategic planning processes with the challenges of climate change it has identified.

“The release of our inaugural TCFD report demonstrates our desire to continually improve and expand upon our environmental, social and governance disclosures to provide additional transparency to our stakeholders,” said Jessica John, vice president of environmental, social and governance, investor relations and corporate communications at NCLH. “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.”

NCLH operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands, which have a combined fleet of 28 ships.

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Alex Smith
By Alex Smith
26 April 2022

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