WTTC Rolls Out Sustainability Guide for Travel Companies

The World Travel and Tourism Council (WTTC) launched a guide for companies in the sector, with the aim of simplifying sustainability reporting and helping to meet goals and evaluations.

WTTC and Oliver Wyman announced the Sustainability Reporting Readiness Guide, a strategic tool to guide companies through compliance timelines and readiness assessments, simplifying the path to sustainable compliance.

This guide is more than just a tool, it is a strategic compass that allows companies to decode the complexities of sustainability reporting, identify relevant compliance standards, assess their data and platform maturity.

The call to action is clear: governments must provide sector-specific guidance and phased requirements to make it easier for businesses to enter this new era of sustainability. This guide provides both the public and private sectors with the direction needed to begin their journey towards reporting in this area.

WTTC and Oliver Wyman also published a new report “Navigating the Sustainability Journey: The Impact of Mandatory Reporting in Travel and Tourism,” designed to address the sector’s challenges.

The report explores the impact 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 Securities and Exchange Commission (SEC), and offers information to effectively navigate the changing regulatory landscape.

According to the report, some travel and tourism companies are not prepared for the impending sustainability compliance standards, so urgent measures are needed, especially regarding complex supply chains and emissions reporting.

Julia Simpson, president and CEO of WTTC, said: “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 providing clarity. “The sector reaffirms its commitment to a cleaner and more resilient world.”

Dan Darcy, director of Oliver Wyman’s Transportation and Services Practice, said: “Sustainability reporting requirements are 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 showing progress, our industry's commitment to a cleaner environment is demonstrated.”

As the sector embarks on this journey towards greater transparency and sustainability, the guide's diagnostic tools allow companies to identify their position on the matter, close gaps and chart a path to compliance and a clean future.