Lucy Gaffney, a prominent voice in the field of biodiversity and sustainability, recently shared her insights on the forthcoming Corporate Sustainability Reporting Directive (CSRD) and its implications for the travel and tourism industry. As the CSRD comes into effect, it mandates that all large companies and listed companies (excluding micro-enterprises) report sustainability information in accordance with European Sustainability Reporting Standards (ESRS) in their annual directors’ reports.

Understanding CSRD Reporting Requirements

The CSRD aims to harmonise sustainability reporting across the EU, ensuring that environmental, social, and governance (ESG) matters are given the same importance as financial reporting. This directive is part of the broader European Green Deal and the EU Action Plan for Financing Sustainable Growth. For the travel and tourism industry, this means a significant shift towards more transparent and comprehensive sustainability practices.

Positive Impacts and Financial Benefits

The travel and tourism industry have a unique opportunity to make a positive impact on biodiversity while also reaping financial benefits. By adopting sustainable practices, businesses can not only comply with regulatory requirements but also attract eco-conscious travellers, reduce operational costs, and enhance their brand reputation.

Nature Strategy for Business

Gaffney’s approach to a Nature Strategy for Business involves integrating biodiversity considerations into business operations. This includes conducting materiality assessments to identify and prioritise ESG topics that are most relevant to the business and its stakeholders. The double materiality approach, required by the CSRD, ensures that companies consider both financial materiality (how ESG issues impact financial performance) and impact materiality (the external impacts of the company’s operations on society and the environment).

Engaging and Passionate Advocacy

Lucy Gaffney is known for her engaging and passionate advocacy on sustainability. Her insights provide a roadmap for businesses in the travel and tourism sector to not only comply with new regulations but also to lead the way in sustainable tourism. By focusing on biodiversity and sustainability, these businesses can contribute to a healthier planet while also achieving long-term financial success.

You can listen to her interview on The Hotel Podcast from Aró Digital Strategy here

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Alan Rowe
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 alan.rowe@aro.ie
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