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

International

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

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.

· 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