The World Travel & Tourism Council has joined forces with Oliver Wyman to help the industry address sustainability challenges.
The partners have launched the "Navigating the Sustainability Journey: The Impact of Mandatory Reporting on Travel & Tourism" report, which looks at regulatory frameworks and provides help on how to approach them.
Frameworks explored in the report include the Corporate Social Responsibility Directive and U.S. Securities and Exchange Commission Climate-Related Disclosures.
Alongside the release of the report, WTTC and Oliver Wyman have unveiled a guide to help make sustainability reporting easier for the industry.
The Sustainability Reporting Readiness Roadmap aims to guide businesses through what they need to do and when to be compliant.
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“Sustainability reporting is no longer negotiable for travel and tourism businesses. It is a challenge we must confront head-on," said Julia Simpson, WTTC president and CEO.
“Our roadmap serves as the trusted navigator through the intricacies of sustainability reporting, acting as a guide and providing clarity. It is not merely about meeting regulatory requirements; it is about propelling businesses towards sustainable growth and resilience.”
Dan Darcy, principal with Oliver Wyman’s transportation and services practice, said, “Sustainability reporting requirements are a significant challenge for travel and tourism companies – cross-border organizations with broad value chains who have weathered a pandemic and subsequent resurgence in demand. But these requirements are essential for protecting the destinations, ecosystems and communities that inspire travelers. By setting ambitious goals and showing progress, we will prove our industry’s commitment to sustainability.”
Meanwhile, sustainability data specialist BeCause has digitized the Sustainable Hospitality Alliance’s carbon and water measurement methodologies.
The initiative means hotels can use the alliance’s measurement tools from the BeCause hub, which simplifies data collection and analysis as well as reporting.
Glenn Mandziuk, CEO of the alliance, said, “Digitizing this resource will greatly accelerate our shared goal of reaching net positive as a sector together. We encourage more organizations to follow BeCause's lead to ensure a transparent and globally comparable approach to carbon, water and waste reporting.”
Other startups have also developed products and services to help hotels with their sustainability initiatives. During ITB Berlin this week, Weeva, a PhocusWire Hot 25 Startup for 2024, unveiled Weeva AI, a generative artificial intelligence tool that can answer sustainability-related questions, guide users through Weeva’s framework and provide data insights.