2024: the turning point for doing business

Energy and Environment Alliance (EEA) Chief Executive Ufi Ibrahim discusses the significant shift in 2024 from voluntary sustainability initiatives to mandatory Environmental, Social, and Governance (ESG) reporting in the hospitality and lodging industry. It emphasizes that the introduction of mandatory climate disclosure requirements is expected to profoundly impact global financial markets and business practices. The transition, driven by historical precedents and warnings from financial leaders, aims to tackle misinformation and greenwashing.

2024 marks the irrevocable departure from voluntary sustainability initiatives to mandatory environmental, social and governance (ESG) reporting and disclosure. This turning point will change the way we do business across the hospitality and lodging industry.

Up to now, sustainability compliance requirements have primarily focused on energy, be it the Buildings Energy Act in Germany, the Law on Energy and Climate in France, the Buildings Control Act in Singapore or the minimum energy efficiency standards and energy performance certificates in the United Kingdom. Coupled with the huge spike in energy costs, such regulation has encouraged improvements in energy efficiency and thereby, the operational carbon performance of many hotels and serviced apartments.

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HYB 2024 Hospitality ESG Edition

The global hospitality sector is at a crossroad when it comes to implementing sustainability. Consumers demand trustworthy information while regulators and investors expect transparent disclosure on sustainability performance. Owners, brands and managers aim to mitigate the sector’s footprint thus reaping the financial and reputational benefits. Industry players that fail to adopt a sustainability strategy or fall short in the implementation stage may struggle to remain competitive in the long term. Industry experts and researchers identify key areas where sustainable innovation can have the greatest impact, developing new technologies and solutions to address sustainability challenges, and creating policies and incentives that encourage the adoption of sustainable practices. The HYB 2024 Hospitality ESG Edition aims to unlock the sustainability innovation stack by highlighting the range and interconnectedness of sustainable technologies, systems, and practices that can be combined in a holistic way that creates a more sustainable hospitality ecosystem.
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