Hospitality stakeholders: Why is COP26 important?
24 experts shared their view
Two-weeks of negotiations in November 2015 led to the Paris Agreement. The culmination of 20 years of discussions, concessions and compromises. Is the Paris Agreement an important document to the hospitality industry? Without a doubt. Science-based targets driving the industry decarbonisation efforts are based on the 2°c (1.5°c) threshold as per the agreement.
COP26 in Glasgow will see countries submitting new or updated targets which is an integral component of the Agreement. A good time to take stock of how much (or little) has been achieved since 2015. Despite the pandemic, the International Energy Agency predicts that emissions are on course to surge, reversing the 2020 decline (-5.8%) due to the pandemic [1, 2]. No wonder many are asking: when are we going to get it right? [3].
It is with desperation that reports [4, 5] are published indicating that some large, global corporations with proclaimed climate commitment, are actively impeding stricter legislations (on fuel, carbon etc.) through lobbying. Regulation is a core component (as many argued and discussed here a few months ago: Sustainability-driven legislation: setting the right conditions for hospitality?) to ensuring a level-playing field as it is sending a decisive message that climate emergency must be dealt with, with all tools we have available.
For hotel development and operations, it is a mixed bag which can actually lead to new opportunities. In the bag are the regulatory and transition risks for inefficient assets, imminent carbon market systems for buildings, a decreasing costs of capital for sustainability-driven investment and access to cheaper technologies (e.g. market for photovoltaic).
So from your stance, experience and position, why is COP26 important? Why should our industry care? There has been talk also in this panel (see The (Green) Recovery Imperative: Hospitality Re-Set Or Bouncing Forward?) about post-COVID-19 green recovery. Is this happening and can COP26 foster this somehow?
- [1] IEA (2021). Global CO2 emissions rebound by nearly 5% in 2021, approaching the 2018-2019 peak. International Energy Agency: Global Energy Review 2021. https://www.iea.org/reports/global-energy-review-2021/co2-emissions
- [2] IEA (21 April, 2021). Global carbon dioxide emissions are set for their second-biggest increase in history. International Energy Agency. https://www.iea.org/news/global-carbon-dioxide-emissions-are-set-for-their-second-biggest-increase-in-history
- [3] DW News (24 September, 2021). Fridays for Future demand an end to empty promises. Deutsche Welle News. https://www.dw.com/en/fridays-for-future-demand-an-end-to-empty-promises/av-59303592
- [4] Milman, O. (01 October, 2021). Apple and Disney among companies backing groups against US climate bill. The Guardian. https://www.theguardian.com/us-news/2021/oct/01/apple-amazon-microsoft-disney-lobby-groups-climate-bill-analysis
- [5] CERES (2021). Despite ambitious corporate pledges, major U.S. companies shy from climate policy lobbying, new report finds. https://www.ceres.org/news-center/press-releases/despite-ambitious-corporate-pledges-major-us-companies-shy-climate
What do we need to achieve according to the official COP 26 website, four country objectives adapted to the hospitality industry (1) :
1. Secure global net zero by mid-century and keep 1.5 degrees within reach
In collaboration investors and operators need to come forward with ambitious 2030 emissions reductions targets that align with reaching net zero by the middle of the century thanks to clear objectives, action plans and KPIs.
2. Adapt to protect communities and natural habitats
In collaboration with local authorities and communities, hotel investors and operators need to actively protect and restore ecosystems surrounding their properties, but also contribute to building defences, warning systems and resilient infrastructure and favour local and responsible agriculture to avoid loss of their businesses, livelihoods and even lives.
3. Mobilise finance
Together, lenders and investors have to support hotel groups in shifting their priorities to long term investments and decisions to secure global net zero over short term revenues and profits.
4. Work together to deliver
As per 1, 2 and 3, collaborate, communicate and challenge each other within the industry - from investors to operators, from young to older generation, from front staff to CEOs, from local communities to guests - to shift together toward a mindset and perspective that are adapted to the current climate emergency.
We can only rise to the challenges of the climate crisis by working together as an industry that is in a unique position to create new travel dreams, different desirable food experiences and purposeful working conditions all around the world.
(Text in italics comes from COP26 official website)