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World Travel & Tourism CouncilCONTENTSFOREWORDEXECUTIVE SUMMARYMOVING FROM VOLUNTARY TO MANDATORYSTAKEHOLDER DEMANDS ON SUSTAINABILITYUPCOMING MANDATORY REGULATIONSSUSTAINABILITY AS A COMPETITIVE ADVANTAGESUSTAINABILITY OPPORTUNITIES AT THE SECTOR LEVELSUSTAINABILITY OPPORTUNITIES AT THE COMPANY LEVELCOMMON CHALLENGES FACING TRAVEL & TOURISMSECTOR-SPECIFIC CONSIDERATIONSSUSTAINABILITY READINESS ROADMAPSUSTAINABILITY REGULATION APPLICABILITY SELF-ASSESSMENTSUSTAINABILITY MATURITY SELF-ASSESSMENTRECOMMENDATIONS BY THEMEACKNOWLEDGEMENTSABBREVIATIONSAPPENDIX 1: COMPANY ARCHETYPES AND ILLUSTRATIVE RECOMMENDATIONSAPPENDIX 2. REGIONAL ADOPTION OF CLIMATE-RELATED DISCLOSURE STANDARDS28REFERENCES 234557991011131516182025262731 World Travel & Tourism CouncilFOREWORDEvery major corporate governance shift in history has followed a simple pattern: firstcrisis, then action. The last change came in 2008. The financial crash was a crisis ofcorporate governance, in which power was concentrated in all the wrong places. Whatfollowed was an overhaul of financial regulation that transcended countries and sectors,on a scale scarcely seen since.This time, the crisis is planetary. Global temperatures are rising and ecosystems are atrisk. In response, governments and institutions are making changes to the way companiesdisclose their sustainability information. Tourism is no exception, and travel providerswill soon face mandatory requirements for which many are unprepared.Working across borders poses a unique challenge. The global footprint of tourismmeans travel providers are subject to a huge array of governance and reporting rules,sometimes spanning a dozen countries and destinations, each with wildly differentregulatory requirements. Even companies working in a single jurisdiction may findthemselves facing mixed compliance demands based on their subsidiaries and partnersin the supply chain. With limited time and resources, companies find themselvesconsumed by a thick fog of conflicting legal, financial, and strategic advice.Standardised reporting will transform how the sector works. In the meantime, businessesneed the best advice they can get. At the WTTC, we’ve collated expertise from leadersin sustainability and corporate governance around the world to create a single sourceof guidance for Travel & Tourism. This report, in partnership with Oliver Wyman, has asingle goal: to demystify the plethora of sustainability reporting requirements for theTravel & Tourism sector. It covers three regulatory bodies: the European Commission, theUS Securities & Exchange Commission, and the International Sustainability StandardsBoard.New sustainability requirements are a once-in-a-generation shift in Travel & Tourism.It is a change commensurate with both the scale of the climate problem, and the rolethe private sector must play. We have all seen the crisis. Now, we need the action.Companies must assess their obligations, urgently prepare, and demonstrate theirefforts not only to investors and policymakers but increasingly to customers too. Atrisk are the priceless experiences and destinations our industry and customers holddear. Otherwise, history warns us, the next crisis will not be far off.Julia SimpsonPresident & CEO,World Travel &Tourism CouncilVirginia MessinaSVP,Advocacy &Communications,World Travel &Tourism Council 3Mike MatheisPartner,Oliver WymanScot HornickPartner,Oliver Wyman World Travel & Tourism CouncilEXECUTIVE SUMMARYThe climate crisis is urgent. Around the world, natural disasters are becoming moreextreme and species are being wiped out. In response, governments and financialinstitutions are making changes to the way companies disclose information abouttheir sustainability practices. Tourism is no exception, and in the coming years travelproviders will face a growing number of environmental laws and regulations. Voluntaryframeworks have established a foundation for the industry to build upon and movebeyond, as regulatory bodies are shifting to mandatory data collection and disclosure.Many of these efforts are a step in the right direction. But Travel & Tourism companiesface a distinct challenge: because our sector is defined by its ability to work acrossborders, companies typically operate under many local and national jurisdictions atonce. They have broad supply chains that might include dozens of small operators,and the sector has faced a consistent lack of guidance about the variations betweendifferent laws and reporting requirements. This can make compliance tricky. To help,this report analyses the three major sustainability disclosure frameworks that haveemerged:•Europe’sCorporate Social Responsibility Directive (CSRD);•TheInternational Financial Reporting Standards (IFRS), affecting jurisdictionsincluding Australia, Brazil, Canada, Hong Kong, Nigeria, Singapore, and the UK;•And theSecurities and Exchange Commission(SEC)Climate-RelatedDisclosures in the US.For those unsure where to begin, this report also features aS