WTTC launches sustainability guide for tourism businesses

20-03-24

The World Travel & Tourism Council (WTTC) has launched a guide for companies in the industry to simplify sustainability reporting and help meet targets and assessments.

WTTC and Oliver Wyman announced the Sustainability Reporting Readiness Guide, a strategic tool to guide companies through compliance deadlines and readiness assessments, simplifying the path to sustainable compliance.

This guide is more than a tool, it is a strategic compass that enables companies to decipher the complexities of sustainability reporting, identify relevant compliance standards, and assess the maturity of their data and platforms.

The call to action is clear: governments must provide sectoral guidance and tiered requirements to ease companies into this new era of sustainability. This guide provides both the public and private sectors with the necessary guidance to begin their journey towards reporting in this area.

The report explores the impact of the three most influential sustainability reporting frameworks in the industry: the Corporate Social Responsibility Directive (CSRD), International Financial Reporting Standards (IFRS) and Climate Related Disclosures Securities and Exchange Commission (SEC), and offers insights for effectively navigating the changing regulatory landscape.

According to the report, some travel and tourism companies are unprepared for impending sustainability compliance regulations, and urgent action is needed, especially with regard to complex supply chains and emissions reporting.

As the industry embarks on this journey towards greater transparency and sustainability, the guide's diagnostic tools enable companies to identify where they stand on this, close gaps and chart a path towards compliance and a clean future.