BERLIN, Germany, 8 March 2024: The World Travel & Tourism Council (WTTC) launched a Readiness Roadmap on Wednesday to simplify sustainability reporting in the Travel & Tourism sector.
Launched during ITB Berlin, WTTC and Oliver Wyman announced the Sustainability Reporting Readiness Roadmap, a strategic tool to guide businesses through sustainability frameworks, compliance timelines, and readiness assessments, simplifying the journey towards sustainable compliance.
This roadmap is more than just a tool; it’s a strategic compass, enabling companies to decode sustainability reporting complexities, identify relevant compliance standards, and evaluate their sustainability data and platform maturity.
The call to action is clear
Governments must offer sector-specific guidance and phased requirements to ease companies into this new sustainability era. This roadmap provides both the public and private sectors the direction needed to begin their journey of sustainability reporting.
Alongside the Roadmap, WTTC and Oliver Wyman also released a new report, “Navigating the Sustainability Journey: The Impact of Mandatory Reporting on Travel & Tourism”, designed to tackle the sector’s sustainability challenges.
The report explores the impact of the three most influential sustainability reporting frameworks on the sector – the Corporate Social Responsibility Directive (CSRD), the International Financial Reporting Standards (IFRS) and the US Securities and Exchange Commission (SEC) Climate-Related Disclosures – and offers insights to navigate the changing regulatory landscape effectively.
According to the report, some Travel & Tourism companies are unprepared for the imminent sustainability compliance standards, and urgent action is needed, especially concerning complex supply chains and Scope 3 emissions reporting.
WTTC president & CEO Julia Simpson said: “Sustainability reporting is no longer negotiable for Travel & Tourism businesses. 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 about meeting regulatory requirements and propelling businesses towards sustainable growth and resilience.”
Oliver Wyman’s Transportation & Services practice principal Dan Darcy said: “Sustainability reporting requirements are a significant challenge for Travel & Tourism companies – cross-border organisations 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 travellers. By setting ambitious goals and showing progress, we will prove our industry’s commitment to sustainability.”
As the sector embarks on this journey towards greater transparency and sustainability, the roadmap’s diagnostic tools enable companies to pinpoint their sustainability standing, bridge gaps, and chart a path towards compliance and a sustainable future.
(Source: WTTC).
