The World Journey & Tourism Council (WTTC) has launched a “readiness roadmap”, the purpose of which is to simplify sustainability reporting within the Journey & Tourism sector.
Launched throughout the ITB Berlin commerce truthful this week, WTTC and Oliver Wyman introduced the Sustainability Reporting Readiness Roadmap, a strategic software to information companies via sustainability frameworks, compliance timelines, and readiness assessments, simplifying the journey in direction of sustainable compliance.
Based on the WTTC: “This roadmap is greater than only a software; it’s a strategic compass, enabling corporations to decode sustainability reporting complexities, establish related compliance requirements, and consider their sustainability information and platform maturity.
“The decision to motion is evident: governments should provide sector-specific steerage and phased necessities to ease corporations into this new sustainability period. This roadmap gives each the private and non-private sector the route wanted to start their journey of sustainability reporting.
Alongside the Roadmap, WTTC and Oliver Wyman additionally launched a brand new report “Navigating the Sustainability Journey: The Influence of Obligatory Reporting on Journey & Tourism”, designed to sort out the sector´s distinctive sustainability challenges.
The report explores the influence of the three most influential sustainability reporting frameworks on the sector – the Company Social Duty Directive (CSRD), the Worldwide Monetary Reporting Requirements (IFRS) and the U.S. Securities and Change Fee (SEC) Local weather-Associated Disclosures – and gives insights to navigate the altering regulatory panorama successfully.
Based on the report, some Journey & Tourism corporations are unprepared for the approaching sustainability compliance requirements, with pressing motion wanted, particularly regarding advanced provide chains and Scope 3 emissions reporting.
Julia Simpson, WTTC President & CEO, mentioned: “Sustainability reporting is now not negotiable for Journey & Tourism companies. It’s a problem we should confront head-on.
“Our Roadmap serves because the trusted navigator via the intricacies of sustainability reporting, performing as a information and offering readability. It’s not merely about assembly regulatory necessities; it’s about propelling companies in direction of sustainable progress and resilience.”
Dan Darcy, Principal with Oliver Wyman’s Transportation & Providers observe, mentioned: “Sustainability reporting necessities are a big problem for Journey & Tourism corporations – cross-border organisations with broad worth chains who’ve weathered a pandemic and subsequent resurgence in demand.
“However these necessities are important for safeguarding the locations, ecosystems, and communities that encourage travellers. By setting formidable objectives and exhibiting progress, we are going to show our business’s dedication to sustainability.”
Because the sector embarks on this journey in direction of larger transparency and sustainability, the roadmap’s diagnostic instruments allow corporations to pinpoint their sustainability standing, bridge gaps, and chart a path in direction of compliance and a sustainable future.
