The roadmap was developed in partnership with management consultancy Oliver Wyman
The World Travel and Tourism Council (WTTC) has introduced a Sustainability Reporting Readiness Roadmap to assist firms with sustainability frameworks, compliance timeframes, and readiness evaluations. The roadmap was developed in partnership with management consultancy Oliver Wyman.
In a press statement, WTTC says that the goal of this new tool is to streamline sustainability reporting for the travel and tourist industry. The call to action is for governments to offer both the public and private sector the direction needed to begin their journey of sustainability reporting.
The statement adds that alongside the Roadmap, WTTC and Oliver Wyman also release a new report Navigating the Sustainability Journey: The Impact of Mandatory Reporting on Travel and Tourism, designed to tackle the sector´s unique sustainability challenges.
Julia Simpson
“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 not merely about meeting regulatory requirements; it is about propelling businesses towards sustainable growth and resilience,” says Julia Simpson, WTTC President and CEO.
WTTC says that 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 companies are unprepared for the imminent sustainability compliance standards with urgent action needed, especially concerning complex supply chains and Scope 3 emissions reporting.
“Sustainability reporting requirements are a significant challenge for travel and 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,” says Dan Darcy, Principal with Oliver Wyman’s Transportation and Services practice.
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.
