As the travel industry continues to grow its sustainability efforts — from benchmarks for hotels to carbon emissions for airlines — the data reports surrounding those efforts can feel overwhelmingly complex. To that end, the World Travel & Tourism Council (WTTC), in partnership with consulting firm Oliver Wyman has launched the Sustainability Reporting Readiness Roadmap, a tool designed to help businesses better understand sustainability compliance.
That compliance data comes in many forms, including sustainability frameworks and readiness assessments. With diagnostic tools, the roadmap will allow companies to measure their own sustainability standing and use that information to bridge any evident gaps and take action steps toward compliance.
Sustainability reporting is no longer negotiable for travel and tourism businesses. It is a challenge we must confront head-on.
The WTTC released a new report alongside the roadmap, as well, which explores the Corporate Social Responsibility Directive, the International Financial Reporting Standards and the U.S. Securities and Exchange Commission Climate-Related Disclosures, and the impact all of these regulatory entities have had on the sustainability landscape.
According to the report, entitled “Navigating the Sustainability Journey: The Impact of Mandatory Reporting on Travel & Tourism,” some travel and tourism entities are unprepared to tackle forthcoming sustainability compliance standards — highlighting an urgent need for companies to prioritize their own efforts to be more sustainable, and to be transparent about those efforts.
“Sustainability reporting is no longer negotiable for travel and tourism businesses,” said Julia Simpson, president and CEO of the WTTC. “It is a challenge we must confront head-on. 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 toward sustainable growth and resilience.”
By setting ambitious goals and showing progress, we will prove our industry’s commitment to sustainability.
And though much effort may be required, it is important work that safeguards destinations — and those who live in them — for generations to come.
“These requirements are essential for protecting the destinations, ecosystems and communities that inspire travelers,” said Dan Darcy with Oliver Wyman. “By setting ambitious goals and showing progress, we will prove our industry’s commitment to sustainability.”
