While the concept of responsible business has been around for some time now, it is only since the turn of the century that it has evolved into a benchmark—the environmental, social and governance (ESG) performance—against which companies are being constantly scrutinised for their commitment towards the environment and the people they work with. The tourism industry is no exception.
“Given the direct interactions between tourism industry operators, the environment, and communities the importance of ESG in tourism cannot be overstated,” states the United Nations World Tourism Organisation (UNWTO) in an article titled ESG Framework for Tourism Business. It explains sustainable tourism as making optimal use of environmental resources and conserving natural resources and biodiversity, respecting the socio-cultural authenticity of host communities and ensuring viable, long-term economic operations, including stable employment and contributions to reducing poverty.
The value of ESG reporting for businesses in the tourism sector has been observed in areas like attracting and retaining customers, risk and regulation management, acquiring access to sustainable finance or investor relations management, the UNWTO article says. The ESG metrics relevant for the hospitality industry include climate change mitigation and adaptation; diversity and inclusion, which is measured as the percentage of racial, ethnic and gender diversity at executive and middle level management; waste management and governance, it adds. The Global Hotel Decarbonisation Report 2017 states that the hotel industry will have to reduce its carbon emissions by 66% by 2030 and by 90% by 2050, taking 2010 as the baseline.
هذه القصة مأخوذة من طبعة October 2023 من Outlook Business.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة October 2023 من Outlook Business.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
'Automation is Redefining Efficiency and Precision in Jewellery Manufacturing'
Increasing brand consciousness and awareness among consumers is helping expand the organised jewellery retail industry. MP Ahammed, chairman of Malabar Group, discusses prominent trends in the jewellery industry
BATTLE TO WIN THE AI RACE
In Supremacy, Parmy Olson tells the astonishing and behind-the-scenes story of the battle between the world’s two leading artificial intelligence firms, OpenAl and DeepMind and the continuing rivalry of its founders Sam Altman and Demis Hassabis respectively
A LEADER WHO EMPOWERS
Anshul Arzare, MD and CEO of YES SECURITIES, wants to ensure a workplace where employees not only contribute to the company's vision but also feel content
EV Unplugged
Electric vehicles are crucial to India’s climate change plan. But reliance on China for imports and technology constraints remain hurdles the sector needs to overcome
Every Lamborghini Owner is a Brand Ambassador
Regional director of Automobili Lamborghini, Francesco Scardaoni, talks to Prachi Khanna about the brand’s approach to fostering a sense of community among its vehicle owners. Edited excerpts
NO ZEST FOR ZED
A government initiative to green MSMEs is not finding enough takers
SMALL PLANTS, BIG TROUBLE
Climate-triggered stress is placing an unprecedented burden on small businesses. But a lack of access to climate aid hinders the sector's ability to adopt greener methods
'We Think About the Rider More Than Any Other Company
Rapido co-founder Aravind Sanka talks to Neeraj Thakur and Deepsekhar Choudhury about how flexibility and fair pay helped his company disrupt the Ola-Uber duopoly. Edited excerpts
LABOUR PANGS
Rising cost of living in a fast-growing economy is making workers restless
'Hustle is No Virtue'
It has become fashionable to talk about the verb “hustle” these days, especially in professional settings.
