Sustainability reporting is currently carried out by 24% of eligible businesses operating within the Travel & Tourism industry, leaving great potential of up to 76% improvement from these missed opportunities (WTTC, 2017). Sustainability reporting is the reporting of quantitative and qualitative environmental, social and economic data by a company or organization. Topics covered range from energy, water, and waste to workforce, supply chain and community.
Why should hospitality businesses produce a sustainability report?
A sustainability report provides a transparent overview of responsible business activities and their impact, enabling a company to address their risks and opportunities. Furthermore, a business strategy can then be developed with the support of this sustainability report, as the report provides a clear understanding of current and future environmental, social and economic occurrences.
Sustainability reporting also improves brand reputation by adding credibility to business responsible commitments. Stakeholders gain greater confidence in the brand due to clear and transparent communication. Also, stakeholders’ engagement increases with the developed awareness of current and future business activities.
How do you develop a sustainability report?
Sustainability reports vary. Depending on the purpose and audience of the report, a business can align with different reporting guidelines. The Global Reporting Initiative provides the most widely used guideline. Additionally, the report can also include initiatives such as the UN Global Compact principles and/or Sustainable Development Goals and/or Science-Based Targets. There are vast reporting opportunities for businesses.
Considerate Hoteliers can assist hospitality businesses’ sustainability-reporting journey. We can determine the reporting guidelines and material aspects significant to the business, to ultimately deliver an informative and relevant sustainability report. View one of our client’s latest sustainability reports and get in touch to find out more.