Is the travel industry ready for mandatory emissions reporting?

Travel companies, regardless of their size, will soon encounter the growing shift from voluntary to mandatory sustainability reporting

The inaugural wave of stringent mandatory regulations for sustainability reporting is set to come into effect in 2024, with the introduction of new EU sustainability guidelines necessitating the largest companies operating within the bloc to initiate the collection of greenhouse gas emissions data.

Key Highlights

• In the past, sustainability departments within numerous travel and tourism firms were primarily focused on branding, marketing, and operational matters, rather than accounting or data collection;
• However, compliance with rigorous sustainability reporting transcends mere accounting practices and entails a broader shift in organizational culture. Sustainability teams cannot tackle this impending challenge in isolation;
• Another significant challenge confronting the industry pertains to data collection. The extensive and fragmented value chains of many companies in the sector make it not only challenging to ensure timely data aggregation but also to maintain the accuracy of emissions-related information.

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