The travel and tourism sector, amidst recovery from the COVID-19 pandemic, is facing a transition to mandatory sustainability and emissions reporting, beginning in 2024 due to new EU sustainability rules.
With countries globally adopting similar rules, a report by WTTC and Oliver Wyman indicates many stakeholders are not prepared to comply. Travel and tourism is considered responsible for 8.1% of global emissions, but the sector exhibits varying levels of readiness, with 80% comprising smaller entities lacking resources, Breaking Travel News reports.
The compliance landscape is complex, with the fragmented nature of value chains making accurate, timely data collection a challenge. Mandatory regulations, however, offer potential benefits through preservation efforts, with the sector standing to lose significantly from environmental crises.
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