WTTC Launches Tool to Guide Businesses Through the ‘Jungle’ of Sustainability

The World Travel and Tourism Council (WTTC) on Wednesday launched a pioneering readiness roadmap, aiming to simplify sustainability reporting in the Travel & Tourism sector.

Launched during the ITB Berlin 2024 trade show, WTTC and American management consulting firm Oliver Wyman announced the Sustainability Reporting Readiness Roadmap, a strategic tool to guide businesses through sustainability frameworks, compliance timelines, and readiness assessments, simplifying the journey towards sustainable compliance.

According to the WTTC, the roadmap is a “strategic compass”, enabling companies to decode sustainability reporting complexities, identify relevant compliance standards, and evaluate their sustainability data and platform maturity.

Call to action

WTTC President & CEO Julia Simpson. Photo source: WTTC

“Governments must offer sector-specific guidance and phased requirements to ease companies into this new sustainability era,” the WTTC said.

The roadmap provides both the public and private sector the direction needed to begin their journey of sustainability reporting.

WTTC President & CEO Julia Simpson highlighted that sustainability reporting is “no longer negotiable” for Travel & Tourism businesses.

“It is a challenge we must confront head-on… Our roadmap serves as the trusted navigator through the intricacies of sustainability reporting, acting as a guide and providing clarity,” she said, adding that the new tool is not merely about meeting regulatory requirements but about propelling businesses towards sustainable growth and resilience.

Sustainability reporting requirements: A challenge but essential

Dan Darcy, Principal with Oliver Wyman’s Transportation & Services practice. Photo source: WTTC

Dan Darcy, Principal with Oliver Wyman’s Transportation & Services practice, said that although the sustainability reporting requirements are a “significant challenge” for Travel & Tourism companies, they are essential for protecting the destinations, ecosystems, and communities that inspire travellers.

“By setting ambitious goals and showing progress, we will prove our industry’s commitment to sustainability,” he said.

Alongside the roadmap, WTTC and Oliver Wyman also release a new report “Navigating the Sustainability Journey: The Impact of Mandatory Reporting on Travel & Tourism”, designed to tackle the sector´s unique sustainability challenges.

The report explores the impact of the three most influential sustainability reporting frameworks on the sector – the Corporate Social Responsibility Directive (CSRD), the International Financial Reporting Standards (IFRS) and the U.S. Securities and Exchange Commission (SEC) Climate-Related Disclosures – and offers insights to navigate the changing regulatory landscape effectively.

According to the report, some Travel & Tourism companies are unprepared for the imminent sustainability compliance standards, with urgent action needed, especially concerning complex supply chains and Scope 3 emissions reporting.

The new report can be seen here.