Urgency to move towards Net Zero emissions
The fight against climate change has reached a critical juncture. Despite global efforts, the world remains off-track to meet key climate targets by 2030. Greenhouse gas (GHG) emissions continue to rise, extreme weather events are becoming more frequent, and vulnerable ecosystems are under unprecedented strain. Scientists warn that without urgent action, the window to limit global warming to 1.5°C, which is the threshold to prevent the most catastrophic impacts, may soon close. Achieving net zero emissions is an imperative for governments, businesses, and individuals alike.
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The fight against climate change has reached a critical juncture. Despite global efforts, the world remains off-track to meet key climate targets by 2030. Greenhouse gas (GHG) emissions continue to rise, extreme weather events are becoming more frequent, and vulnerable ecosystems are under unprecedented strain. Scientists warn that without urgent action, the window to limit global warming to 1.5°C, which is the threshold to prevent the most catastrophic impacts, may soon close. Achieving net zero emissions is an imperative for governments, businesses, and individuals alike.
Among other sectors, Travel & Tourism faces the challenge of both being heavily affected by climate change and a significant emitter of GHG. Contributing to 9.1% of global GDP, the Travel & Tourism sector is estimated to support 348 million jobs worldwide in 2024. In fact, tourism is the major source of economy for many countries.
Rapid decarbonisation is critical to reach Net Zero by 2050. Organisations, including small and medium enterprises (SMEs) are central to this effort, as their investments can drive positive change. This report focuses on private sector leaders, with special emphasis on selected industries, namely accommodations, tour operators, aviation, cruise, and travel agencies – both online (OTAs), and traditional (TAs).
Why sustainability is key
A recent study found that about 83% of global travellers have confirmed that sustainability is important to them, while 75% have expressed the willingness to travel sustainably in the next 12 months. 55% said that they are willing to pay a premium for more sustainable travel options. From 2019 through to April 2024, 246 million travellers chose low-emission flights on Skyscanner showing there is an increasing demand for sustainability.
The private sector has a crucial role to play as the largest source of potential investment for green transitions. Therefore, they have the responsibility to proactively participate in driving the decarbonisation of the entire Travel & Tourism sector. Through policy discussions, cross-disciplinary and global collaboration, and targeted education, they play an even greater role as enablers.
Adopting sustainable practices can enhance business performance by lowering energy consumption and costs, improving fuel efficiency, reducing waste, boosting risk preparedness, and driving brand awareness and revenue growth. These benefits can, in turn, strengthen a company's competitive edge and make it more appealing to consumers, employees, and investors.
Efforts to decarbonise
In the recent years, efforts have ramped, changing focus from carbon neutrality towards a true Net Zero future. This means bringing GHG emissions down to zero or balancing any remaining emissions by removing them from the atmosphere. As of 2023, among 90 countries, including top emitters like China, the United States, and India, have set Net Zero targets. In the private sector, around 26% of organisations have given commitments to decarbonise, which is in line with Net Zero.
9,000 companies, 50 regions and 1,100 cities across 146 countries have become a part of the UNFCCC-backed Race to Zero Campaign. The Race to Zero SME Climate Hub also has over 6,800 members who have pledged to halve emissions by 2030 while over 2,700 companies have joined the Science Based Targets initiative (SBTi).
Achieving Net Zero is more than a goal; it is a necessity for the survival of our planet and future generations. Every step we take today from adopting renewable energy, innovating sustainable technologies, or simply changing our consumption habits brings us closer to a greener, more resilient world. Together, we hold the power to turn ambition into action and action into lasting change.
