The line is only cruise company to be awarded a Low ESG Risk Rating by Morningstar Sustainalytics
Hurtigruten Group has received an industry-leading ESG Risk Rating of 19.7 following an assessment by Morningstar Sustainalytics, an ESG research, ratings and data firm.
With ratings categorised across five risk levels, Hurtigruten Group was the only cruise company to be awarded a Low ESG Risk Rating and ranks fourth (out of 127 companies) in the ‘Travel, Lodging and Amusement’ category.
The rating from Morningstar Sustainalytics reflects the low risk of the company experiencing material financial impacts from ESG factors.
Speaking about the achievement, Hurtigruten Group CEO Daniel Skjeldam said: “This rating is a result of our company-wide focus on emissions, nature, community and people. We have made significant strides over the past year, investing €66 million in emissions reduction. Our pioneering Green Bond, issued in 2022, has enabled us to finance ongoing environmental upgrades, including converting our fifth battery hybrid-powered ship.”
In its latest ESG rating report, Morningstar Sustainalytics stated: “The company [Hurtigruten Group] is at low risk of experiencing material financial impacts from ESG factors, due to its medium exposure and strong management of material ESG issues.
“The company is not publicly held, which reduces its corporate governance risk compared to its peers. Although the company has a moderate level of controversies, its favourable risk assessment is primarily due to its above-average policies and programmes.”
Hurtigruten Group, consisting of Hurtigruten Norway, Hurtigruten Expeditions and Hurtigruten Svalbard, was the first cruise line to ban heavy fuel oil (2009) and single-use plastics (2018) and, in 2019, it launched the world’s first battery hybrid-powered cruise ship.
In 2022, Hurtigruten Norway converted its first battery hybrid-powered ship, with one more joining the fleet in 2023 and a third planned for 2024. The conversions are part of a €100 million green upgrade that will reduce CO2 and NOx (nitrogen oxides) emissions by 25% and 80% respectively.
For more information, visit www.hurtigruten.com