The World Travel & Tourism Council (WTTC) launched a guide for companies in the sector, with the aim of simplifying sustainability reporting and assisting in meeting targets and assessments.
The WTTC and Oliver Wyman, who announced the Sustainability Reporting Readiness Guide, said it is a strategic tool to guide companies through compliance timelines and readiness assessments, simplifying the path to sustainable compliance.
According to those responsible for the document, this guide is a strategic compass that allows companies to decode the complexities of sustainability reporting, identify relevant compliance standards, assess their data and platform maturity.
They further believe that governments should provide industry-specific guidance and tiered requirements to facilitate companies’ entry into this new era of sustainability.
This guide, they say, provides both the public and private sectors with the necessary direction to begin their sustainability reporting journey.
Navigating the Sustainability Journey
They also released a new report, “Navigating the Sustainability Journey: The Impact of Mandatory Reporting in Travel & Tourism,” designed to address industry challenges.
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 the U.S. Securities and Exchange Commission’s (SEC) Climate Related Disclosures, and offers insights for “effectively” navigating the changing regulatory landscape.
According to the report, some travel and tourism companies are unprepared for sustainability compliance standards, so urgent action is needed, especially with regard to complex supply chains and emissions reporting.
As such, Julia Simpson, president and CEO of WTTC, said, “Sustainability reporting is no longer negotiable for travel and tourism companies. It is a challenge we must meet. Our guide serves as a reliable navigator through the complexity of reporting and providing clarity. The industry endorses its commitment to a cleaner, more resilient world.”
Source: Arecoa.com
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