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CSR was once the poster child of the corporate world, the term
ESG has earned itself somewhat Vogue status – the purported gold standard for striving towards a sustainable future. But to reach that final step of becoming ESG-compliant , we first need to understand what it means. In this regard, there are two crucial considerations in deciphering the word ESG for hotels:
An imbalanced scale. The E in ESG often hoards the limelight. While environmental needs are undeniably the most pressing (and efforts in this area are more measurable), however, social and governance factors too are important pieces to the ESG puzzle.
● Investors in commodities have tended to stress the importance of economic cycles
● But decarbonisation and renewable electricity generation could continue to fuel rising prices for copper, platinum group metals and nickel
Environmental activism has become mainstream. A new report by the University of Oxford and United Nations Environment Programme shows $341bn (€290bn) has been set aside for green initiatives by the world’s 50 biggest economies, in $14.6trn of announced stimulus.
That 2.5% of overall GDP may seem trivial but it comes on top of longer-term commitments. Once the emergency funding of businesses and jobs abates as the COVID-19 crisis ebbs, it may be increased significantly. The European Green Deal Investment Plan has earmarked €100bn in spending annually. Boris Johnson, the British prime minister, wants to make the UK “the Saudi Arabia of wind”.
1. Background: the European Green Deal
On 11 December 2019, the European Commission (the
Commission ) presented the European
Green Deal (the
Green Deal ), with the
aim that European Union becomes the first climate – neutral
bloc in the world by 2050. To this purpose, European Union will be
transformed into a modern, resource-efficient and competitive
economy where there will be no net emissions of greenhouse gases by
2050 and the economic growth will be decoupled from resource
use.
Reaching this target requires consistent actions to be taken by
all sectors of the European Union economy, including:
investing in environmentally friendly technologies;
supporting industry to innovate;
decarbonizing the energy sector;