WTTC’s guide for travel and tourism companies

The World Travel and Tourism Council (WTTC) has unveiled a comprehensive guide tailored for companies within the sector, aimed at simplifying sustainability reporting and aiding in the achievement of goals and assessments.

Dubbed the Sustainability Reporting Readiness Guide, WTTC, in collaboration with Oliver Wyman, described it as a strategic tool to navigate companies through compliance timelines and readiness assessments, thereby simplifying the journey towards sustainable compliance.

According to the creators of the document, this guide serves as a strategic compass, enabling companies to decipher the intricacies of sustainability reporting, identify relevant compliance standards, and evaluate their data and platform maturity.

They also emphasized the necessity for governments to offer sector-specific guidance and phased requirements to facilitate companies in transitioning to this new era of sustainability.

Highlighting the guide’s significance, they indicated that it furnishes both the public and private sectors with the essential direction to initiate their journey towards sustainability reporting.

In tandem with the guide’s release, WTTC and Oliver Wyman published a new report titled “Navigating the Sustainability Journey: The Impact of Mandatory Reporting in Travel and Tourism,” aimed at addressing the sector’s challenges.

The report delves into the repercussions of the three most influential sustainability reporting frameworks in the sector: the Corporate Social Responsibility Directive (CSRD), the International Financial Reporting Standards (IFRS), and the Commission’s Climate-Related Disclosures of the US Securities and Exchange Commission (SEC). It offers insights to navigate the evolving regulatory landscape effectively.

According to the report’s findings, some travel and tourism companies are ill-prepared for sustainability compliance standards, necessitating urgent measures, particularly concerning complex supply chains and emissions reporting.

Julia Simpson, President, and CEO of WTTC, emphasized, “Sustainability reporting is no longer negotiable for travel and tourism companies. It is a challenge that we must face. Our guide serves as a trusted navigator through the complexity of reporting and provides clarity. The sector reaffirms its commitment to a cleaner and more resilient world.”

Dan Darcy, Director of Oliver Wyman’s Transportation and Services Practice, echoed similar sentiments, stating, “Sustainability reporting requirements pose a significant challenge for travel and tourism businesses. These requirements are essential to protect the destinations, ecosystems, and communities that inspire travelers. By setting ambitious goals and demonstrating progress, our industry’s commitment to a cleaner environment is showcased.”

As the sector embarks on the journey towards greater transparency and sustainability, the diagnostic tools within the guide enable companies to identify their position on the matter, address gaps, and chart a course towards compliance and a sustainable future.