The World Travel & Tourism Council (WTTC) launched a readiness roadmap, to demystify sustainability reporting for the tourism sector.
Presented during ITB Berlin, WTTC and Oliver Wyman announced the Roadmap, which is a tool to guide businesses through tourism sustainability frameworks, compliance timelines, and readiness assessments.
It aims to simplify the process towards sustainable compliance.
It also enables companies to understand sustainability reporting complexities, and identify relevant compliance standards.
The Roadmap gives both the public and private sector the direction needed to begin sustainability reporting.
To accompany the Roadmap, they also released a new report “Navigating the Sustainability Journey: The Impact of Mandatory Reporting on Travel & Tourism”, designed to tackle the sector´s sustainability challenges.
The report explores the impact of the three most influential sustainability reporting frameworks – the Corporate Social Responsibility Directive (CSRD), the International Financial Reporting Standards (IFRS) and the U.S. Securities and Exchange Commission (SEC) Climate-Related Disclosures.
According to the report, some tourism companies are unprepared for sustainability compliance standards, with urgent action needed.
Julia Simpson, WTTC President, said: “Sustainability reporting is no longer negotiable for tourism businesses. It is a challenge we must confront head-on.”
