Sustainable tourism is described as economically viable while not depleting the resources on which tourism’s future depends, mainly the surroundings and the fabric of hosting society.
Till the end of the last decade, tourism was regarded as a lucrative industry with few entry barriers, a nearly universal welcoming from authorities, and, for the most part, few efficient policy standards to consider the environment.
However, the tourism industry has ushered in a period in which public and private sector leaders and many local people were enthralled by the prospect of making fast money from exploiting what were once thought to be freely accessible resources.
Considering all this, enforcing ESG standards for sustainability in the tourism industry is crucial. Let’s understand why.
Sustainability and Tourism
When we talk about ESG, it is more about sustainability encompassing many topics, including ecological system security, environmental sustainability, resource quality, the valuation of ecological assets, and the identification of limitations imposed by the complexities of environmental variables.
- Sustainability makes the best possible use of natural resources, which are a critical component of tourism aspects, preserving important ecological processes and contributing to the preservation of natural biodiversity and ecology.
- Sustainability leads to intercultural tolerance and understanding by respecting the socio-cultural authenticity of host societies, preserving developed, living cultural heritage and traditional values.
- Sustainable offers enhanced economic viability by ensuring equitable socio-economic benefits to the community, such as secure jobs and income-earning prospects, welfare care to host populations, and reducing poverty.
Sustainability also necessitates consideration of externalized costs, the environment, and their effect on the tourist industry. The consideration of axioms that characterize sustainability serves as the foundation for evaluating the types of externalities. It’s about taking into account a variety of long-term factors that will influence tourism economic growth.
Can Tech Help?
Tourism influences the climate, economy, and society. Sustainable tourism focuses on enhancing positive impacts while minimizing negative ones. And as a global community, we can achieve it with technology offering different standards of ESG applications to help industry leaders apply sustainability rules smoothly.
Incorporating digital technology into the tourism sector (which involves all companies that directly offer products or services to promote business, pleasure, or hobbies far from the domestic surroundings) leads to profound changes in how the world engages in business, interacts, and evolves on a global scale.
Tourism providers will take advantage of many new opportunities brought on by digitization. Around the same time, competitiveness is heating up, and businesses must keep up with digital technology to stay competitive. Aside from this, ESG standards are essential to abide by. Let’s see how.
It is important to understand that promoting sustainable travel is not only a public responsibility, and governments should strictly impose green rules.
Although tourism has been universally praised for its benefits, there is an increasing awareness to view tourism in its natural context.
To recognize that tourism and the climate are inextricably linked and to strengthen the meaningful connection between tourism, the environment, and poverty alleviation, it is necessary that we promote ESG standards.