The Energy & Environment Alliance (EEA) has launched a groundbreaking global consultation to redefine the landscape of hotel sustainability. This ambitious initiative, spearheaded by the EEA’s newly formed Taskforce on Hotels & Lodging Sustainability Standards, aims to establish a unified framework for measuring and reporting on the environmental and social impact of the hospitality industry.
The Taskforce is determined to develop comprehensive standards for sustainability benchmarks, financial performance metrics, and industry-wide practices tailored specifically for the hotel and lodging sector. A key objective is to influence how hospitality assets are valued, recognizing the growing demand from investors for transparent and comparable sustainability reporting.
To ensure global alignment, the Taskforce will closely collaborate with internationally recognized frameworks like the International Accounting Standards Board (IASB), International Financial Reporting Standards (IFRS), and the International Sustainability Standards Board (ISSB). These frameworks, particularly IFRS S1 and S2, require companies to disclose significant information on climate risks and sustainability prospects. As these standards gain broader adoption worldwide, the Taskforce’s work will provide crucial investment-grade information for global markets.
The Taskforce held its inaugural meeting recently, featuring a keynote address by Corey Walrod of the ISSB. The first regional roundtable is scheduled for the Annual Hotel Conference on September 30th, marking the start of a comprehensive process to address the urgent need for robust financial sustainability reporting in hospitality.
Comprised of renowned economists and experts from institutions like King’s College London, BREEAM, and the Carbon Risk Real Estate Monitor (CRREM), the Taskforce brings critical expertise in decarbonization pathways and building standards to the table. Their input will ensure that the proposed standards are effective and universally applicable.
The consultation will be carried out in three key phases: Recognizing the diverse and global nature of the hospitality industry, the Taskforce will engage a wide range of stakeholders through regional roundtables at major global conferences. Regular updates on the progress will be shared with the media to ensure transparency and engagement.
This initiative marks a pivotal moment in the evolution of sustainable hospitality. By developing a globally recognized framework for assessing and reporting on sustainability performance, the Taskforce aims to empower investors to make informed decisions while driving positive change within the industry.
