WTTC calls for $65 billion annual investment to protect coastal tourism from climate change
29-11-24
As part of the Oceans Action Day during COP29 in Baku, Azerbaijan, the World Travel & Tourism Council (WTTC) urgently called on world leaders to invest $65 billion annually to protect coastal and marine tourism from growing climate risks. This investment is broken down into $30 billion for direct emissions reductions and $35 billion for climate adaptation efforts.
The report “Climate and Ocean: Quantifying Coastal and Marine Tourism and Destination Protection,” developed in collaboration with Iberostar Group and Oxford Economics, highlights that in 2023 coastal and marine tourism generated $1.5 trillion for the global economy and supported 52 million jobs. However, it also contributed 0.8% of global greenhouse gas emissions, equivalent to 390 million tons of CO₂, underscoring the need for immediate measures to mitigate its environmental impact.
Coastal regions, especially Small Island Developing States (SIDS) and Pacific coastal areas, face increasing threats due to climate change, including sea level rise, extreme weather events and coastal erosion. These conditions have led to significant displacement and economic losses, highlighting the urgency of investments in climate action.
The WTTC report supports the Coastal Tourism Breakthrough initiative under the leadership of the Marrakech Global Climate Action Alliance and the UN High Level Climate Champions. This initiative seeks to mobilize non-state actors to advance the goals of the Paris Agreement, focusing on key sectors such as marine conservation, maritime transport, ocean renewable energy, aquatic food and coastal tourism. It is estimated that accelerated actions and investments in these sectors could reduce greenhouse gas emissions by up to 35% and contribute to a resilient, nature-positive, net-zero emissions future by 2050.
Julia Simpson, president and CEO of WTTC, emphasized, “Coastal and marine tourism is a lifeline for millions of people around the world, generating $1.5 trillion for the global economy. But it is on the front line of climate change. Protecting our coasts and marine life is not just an environmental necessity; it is a social imperative.” Simpson urged governments, development organizations and industry to act immediately to safeguard these vital resources.
Gloria Fluxa, vice president and chief sustainability officer of the Iberostar Group and chair of the WTTC Sustainability Committee, said, “It is never too late to act. To safeguard our industry, its people and the ecosystems we depend on, we must focus on mitigating our operations, transforming supply chains and investing in nature-based solutions for climate adaptation. Decarbonization and adaptation are essential investments to build a resilient, nature-positive tourism model.”
The report also highlights climate solutions that are having a positive impact. For example, Visit Scotland has invested significantly in renewable energy and low-carbon infrastructure to reduce emissions. In Thailand, the Mangrove Action Project in Nai Nang demonstrates how mangrove restoration can protect coastlines and increase resilience.
WTTC calls on governments, businesses and communities to join together to protect coastal and marine tourism destinations. With dedicated investments in mitigation and adaptation, these unique regions can continue to thrive economically while preserving their natural beauty for future generations.
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