<p>58% Indian travel companies poised to increase ESG investments using tech, says report</p>
58% Indian travel companies poised to increase ESG investments using tech, says report

58 per cent of Indian travel companies are set to increase their ESG investments in 2024 compared to the previous year, according to a report by Amadeus, a technology provider in the travel industry.

Amadeus commissioned research among 80 senior sustainability decision makers across India and seven segments of the travel industry to gain insight on ESG ambitions, priorities, and challenges.

The study highlighted that 91 per cent of respondents indicated technology is important to help organizations achieve environmental sustainability objectives, with 89 per cent saying the same for social objectives.

Notably, 34 per cent respondents identify technology solutions removing CO2 from the atmosphere as having the highest potential to expedite environmental sustainability.

In response to the evolving demands of travelers who seek experiences aligning with their sustainability values, the study reveals a growing optimism within the global travel industry regarding the UNWTO-proposed goal of reaching net zero by 2050.

A substantial 79 per cent of ESG decision-makers believe the industry can attain this target. Within this cohort, 43 per cent express confidence in achieving it without adjustments, while 36 per cent acknowledge the need for urgent acceleration.

The key to realizing these ambitions lies in proactive measures, with 92% of surveyed individuals having a step-by-step strategy in place or planning to implement one in 2024 to achieve environmental sustainability objectives.

Despite the positive outlook, the study identifies barriers to implementing environmental, social, and governance initiatives. Cost tops the list at 41 per cent for environmental commitments, followed by C-suite buy-in (40 per cent), and a lack of technology and knowledge (26 per cent).

For social initiatives, lack of knowledge (35 per cent) and C-suite buy-in (34 per cent) are the primary barriers, along with a deficiency in technology (30 per cent). Governance initiatives face obstacles such as a lack of knowledge (40 per cent), complex legal obligations (31 per cent), and insufficient guidance from industry bodies (29 per cent).

About the survey: Conducted by Opinium Research from September to October 2023, the survey included 896 senior decision-makers responsible for sustainability and ESG across various travel sectors and markets.

  • Published On Jan 24, 2024 at 08:57 AM IST

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