UAE Business: How ESG principles shaping future of tourism and hospitality – Gulf Digital News

UAE Business: How ESG principles shaping future of tourism and hospitality – Gulf Digital News

Tourism and hospitality sector can no longer shy away from accelerating ESG principles. ESG has a pivotal role to play in driving the sustainability agenda forward, says Dr Maryam Ali Ficociello, Chief Governance Officer at TRSDC, in an Op-Ed article.

If not kept in check, greenhouse gas emissions could reach a record high by 2023. At the same time, it’s predicted that climate change could wipe as much as $23 trillion from the annual global economic output by 2050.

Environmental, Social and Governance (ESG) considerations are no longer niche topics constrained to the boardroom. It is something that impacts us all.

That is why the need to address these issues is increasingly permeating into consumer values, and the tourism sector is no exception here. More and more tourists are adopting new attitudes towards responsible travel and expressing strong preferences for destinations that demonstrate a sustainable ethos. Attention is also being given to how developers benefit local communities, thus acknowledging their social responsibilities.

These trends stand as a stark reminder that the tourism and hospitality sector can no longer shy away from accelerating ESG principles. Be it across governments, corporations, or investors, ESG has a pivotal role to play in driving the sustainability agenda forward.