According to Morningstar Sustainalytics, an ESG research, ratings, and data firm, Hurtigruten Group has been awarded an industry-leading ESG Risk Rating of 19.7 (Low).
Hurtigruten Group is the only cruise line to achieve a Low ESG Risk Rating, and ranks fourth among 127 companies in the “Travel, Lodging, and Amusement” subindustry.
Daniel Skjeldam, CEO of Hurtigruten Group, said the rating is the result of the company’s focus on emissions, nature, community and people. Investing 66 million euros in emissions reductions over the last year has been a significant accomplishment. We have been able to finance ongoing environmental upgrades with our Green Bond, issued in 2022. The company also strengthened governance by linking executive compensation to environmental, social, and governance targets, adopting a whistleblower policy, and improving supply chain control, emphasizing local procurement.”
Morningstar Sustainalytics’ latest ESG rating report stated that Hurtigruten Group was at low risk of experiencing material financial impacts from ESG factors because of its medium exposure and strong management of material ESG issues. Compared to its competitors, the company’s corporate governance risk is reduced because it is not publicly held. The company has a moderate level of controversies, but its above-average policies and programs contribute to its favourable risk assessment.
It enables us to evaluate how we execute on our ESG strategy through programmes and policies across the entire business through a quantitative method,” Skjeldam stated. Including Hurtigruten Norway, Hurtigruten Expeditions, and Hurtigruten Svalbard, the Hurtigruten Group strives to change the industry’s approach to sustainability. With the ban on heavy fuel oil (2009) and single-use plastics (2018), Hurtigruten Group was the first cruise line to ban them. As of 2019, Hurtigruten Expeditions has added two battery hybrid-powered cruise ships to its fleet.
One battery hybrid ship will be added to Hurtigruten Norway’s fleet in 2022, another in 2023, and a third in 2024. CO2 and NOx emissions will be reduced by 25% and 80%, respectively, as part of a 100-million-euro green upgrade. Furthermore, Hurtigruten Norway’s Sea Zero initiative, a first-of-its-kind initiative, revealed early concept plans for the world’s most energy-efficient cruise ship this June.
Further, two electric tour boats and eight electric snowmobiles were deployed as part of our Svalbard operations to reduce their impact. As part of our efforts, we are striving to become cleaner, greener, and quieter,” Skjeldam explained.
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