by Mia Taylor
Last updated: 4:36 PM ET, Thu October 19, 2017
The World Travel & Tourism Council is calling on the travel industry to step up its sustainability reporting efforts and play a larger role in global issues such as reducing poverty and protecting the environment.
The call comes in conjunction with a new report from the WTTC that details the latest trends in sustainability reporting and identifies which governments and stock exchanges are mandating the reports.
"We know that travel and tourism has a significant role to play in reducing poverty, protecting the environment, and contributing to the inclusive and sustainable growth the (United Nations Sustainable Development Goals) aspire to," Gloria Guevara, WTTC president & CEO, said in a statement.
"Sustainability reporting, that is integrated into financial reports or presented as a separate activity, shows commitment to and progress against these goals."
The WTTC's new reporting recommendations are part of the organization's effort to help the tourism industry contribute to the United Nations' Sustainable Development Goals, which outline a path toward global sustained, inclusive economic development. The UN goals were agreed upon by 193 countries in 2015.
While reporting on sustainability efforts in the travel and tourism industry is common, it is not necessarily mainstream according to the WTTC. The report also notes that:
-Reporting is more routine among the industry's largest publicly traded companies, though the majority of multinationals still do not report, as many are privately held.
-Travel and tourism's uniqueness as an industry may help explain the gap in reporting progress. The industry encompasses businesses of all size, from small- and medium-sized enterprises to Fortune 500 companies, and everything along the scale in between.
Most intriguingly, the report identifies which sectors of the travel industry are already engaged in sustainability reporting and identifies how much of each sector does so.
For example, by the WTTC's measure, about 35 percent of the airline industry is currently providing sustainability reports, 21 percent of the accommodations industry, eight percent of the cruise industry and 16 percent of travel agency/operators.
The WTTC report includes a 12-step guide or toolkit so companies can track the issues of climate change, community, energy, governance, waste generation and diversion, water and more.
Recent research conducted among WTTC members found that sustainability is a top priority for the industry. The sustainability reporting practices outlined by the WTTC provide a way for companies to monitor progress and share best practices.
"As regulatory and market pressures continue to increase the need for reporting prevalence, depth, and quality, companies of all sizes - both public and private - also have a story that they can tell about how their responsible practices benefit their stakeholders," the report states. "Reporting on these formally enables companies to connect the dots among various activities across their organization, and create continuous improvement opportunities."
Regardless of revenue, employee count, or geographic reach, every organization should have a sustainability strategy, states the report.
"As a sector which accounts for 10 percent of the world's GDP and generates 202 million jobs, we have a responsibility to ensure that growth is sustainable," Guevara said.
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