Businesses will ramp up investments in environmental, social and governance (ESG) initiatives next year, according to a survey conducted by Amadeus.
The survey highlighted that 89% of ESG decision makers believe the industry can hit the UNWTO-proposed target of net zero by 2050.
Social sustainability is a priority, with 94% either currently active or planning to be involved in initiatives that impact beyond their organisation.
The company surveyed 896 senior sustainability decision makers across nine markets and seven segments of the travel industry to gain insight into ESG ambitions, priorities and challenges.
Almost half (46%) of respondents anticipate more ESG investment in 2024 than last year, while 90% of those surveyed have a step-by-step strategy in place to help them achieve environmental sustainability objectives or are planning to implement one next year.
Barriers to delivering sustainability targets were identified, with 40% citing cost as the biggest hurdle for environmental commitments, followed by lack of technology and knowledge (30%), as well as C-suite buy-in (25%).
Generative AI was also thought to be the technology with the highest potential to accelerate environmental sustainability (33%), guiding travellers to more sustainable options.
Jackson Pek, SVP and Group General Counsel at Amadeus, said: “As the travel industry continues to navigate the complexity of delivering on ESG targets, I’m encouraged by the optimism and the commitments being put in place – from investments to strategic planning to technological solutions.
“At Amadeus, we’re working to embed ESG at the core of our business, supporting travel players on their journey to becoming more efficient and enabling travellers to make more informed choices. Together, we can make travel more sustainable.”