There are also regional differences in priorities, according to views collated by King’s Business School and the Energy and Environment Alliance.
Over 250 hospitality leaders shared their thoughts on ESG issues as part of a major study.
The research has informed the development of an ESG Executive Education Hospitality Programme, which is now opening to its second cohort of participants.
Among the barriers to progress and investment identified were:
The proliferation of different reporting standards
Other stakeholders’ scepticism and lack of engagement with ESG
Concerns over the reaction of guests
A lack of skills and knowledge both within the industry and among potential advisors
One research participant wrote: “It’s hard to measure and compare performance and assess value. This makes it complicated to align key stakeholders and to convince others with an appropriate calculation on payback”.
Nearly three-quarters (73%) of leaders identified reporting and benchmarking as one of the top three areas that they would like ESG education to focus on.
Others raised the issues of conflicting priorities among the industry’s stakeholders.
According to one interviewee: “Most hospitality brands are focused on guest satisfaction and dissatisfaction, not looking at sustainability.”
Many leaders were concerned at the quality of ESG advice available to them.
“It’s sometimes difficult to find the right advisors who are knowledgeable and able to help companies think holistically, as opposed to focusing on a certain subject or on certifications or labels,” one research participant said.
The research also indicated regional differences in priorities, with European leaders emphasising energy-related initiatives more than in other regions.
Ufi Ibrahim, CEO of the Energy and Environment Alliance said: “Leaders in the sector are well aware of the urgency of ESG questions and are clear that a common approach will be a major driver of change.”
“Building a rigorous understanding of the issues is a critical part of that change process.”
Dr Marc Lepere, Head of ESG & Sustainability for Executive Education, Kings Business School added: “The common theme of our research was the desire to cut through confusion and contradiction.
“We are delighted to be working with the EEA that will ultimately result in better-informed and more focused conversation and collaboration.”
Tags: Dr Marc Lepere, ESG, Ufi, Hospitality, Energy and Environment Alliance
