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The travel industry is a story of boom and bust and boom again, generating US$10 trillion dollars according to the World Travel and Tourism Council. Its impact is vast and impressive, accounting for 11.4% of global GDP, and creating 1 in 10 jobs pre-pandemic.
But the pandemic shone a light on how precarious tourism and hospitality jobs can be, being the first to shut and the last to reopen, with many looking to retail as an alternative employer which is a major challenge.
The other elephant in the room is the size of the industry’s carbon footprint, accounting for between 8% to 11% of global carbon emissions, amounting to 4 to 5 billion tonnes of carbon, that is substantial and brings with it a major sense of responsibility for the impacts that are left behind by visitors. Demand is fuelled and stoked by disposable income and low cost carriers, OTAs and short term rentals ie business models that put travel at the disposal of 2 billion international visitors.
With that said, the majority of global brands are declaring a climate emergency and signing the Glasgow Declaration that was announced at COP21 or joining the Science Based Targets Initiative. The declaration focuses on five key pillars: measure, decarbonise, regenerate, collaborate and finance with over 840 signatories.
With the 2030 target to halve emissions on the near horizon, the time for action is now so sign up to accelerate your sustainable transformation to meet the 2050 target of net zero emissions. This is one case of where you need to be in it, to win it working in partnership.