There is an “urgent need” for the hospitality industry to reduce its carbon footprint, as research found hotels exceed the global average for CO2 emissions.
The CBRE Hotels Research found hotel companies generally prioritise energy efficiency, carbon emission, water conservation and waste reduction in their climate-related initiatives. While improvements have been made, CBRE’s report noted that there is a greater need for consistent reporting within a standard framework for stakeholders to benchmark their performance in relation to ESG targets.
The UK ranked among the lowest users of energy per occupied room in the hotel industry, according to the study. The highest energy users per occupied room on the list are the United Arab Emirates, Saudi Arabia, Japan and Vietnam.
The report went on to outline several countries and their ESG tactics, adding that the UK and Europe are a “global leader in tackling climate change” with “ambitious emissions-reduction targets.”
CBRE’s reporting also highlighted Asia Pacific’s patchwork of ESG tactics among its top hotel groups, with Singapore and Australia leading the charge for carbon neutrality.
With the growing need and interest in more sustainable and responsible ESG solutions in the hospitality industry, CBRE’s reporting described an optimistic outlook for future performance within the industry. The company also suggested hotel industry stakeholders should familiarise themselves with ESG legislation, initiatives and trends, to make a more meaningful effort and impact.
However, it warned that slower economic growth in countries like the EU, UK and Asia Pacific could slow near-term progress.
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