Investing Green, Sustaining Dreams!

Today marks World Tourism Day, an annual global celebration observed on September 27th. This occasion serves as a reminder of tourism’s profound significance in the realms of society, culture, politics, and economics. This year, World Tourism Day 2023 embraces a forward-thinking theme: “TOURISM & GREEN INVESTMENTS.”

As the tourism sector makes a remarkable recovery, nearing its pre-pandemic state, the United Nations World Tourism Organization (UNWTO) grabs the opportunity to create awareness and encourage targeted investments in People, Planet, and Prosperity, encouraging Sustainable, Responsible, and Resilient Tourism for the Future.

Even post-pandemic, tourism remains one of the world’s largest industries, contributing a substantial 7.6% to the global GDP in 2022. Recognized as a key sector for the global economy, tourism needs support through international and private investment. However, the industry must prioritize sustainable development through green investments.

The landscape of tourism has undergone a transformation catalyzed by the impact of COVID-19. Responsible travel now stands as the future, with a growing eco-consciousness among global travelers, who are increasingly concerned about the natural environment and eco-friendly practices adopted by their hosts.

The concept of green investment in tourism primarily centers on three pillars: People, Planet, and Prosperity.

Investing in People:

In 2019, tourism employed one in every ten individuals worldwide. In India, the Tourism and Hospitality sector provided 79.86 million direct and indirect jobs in the fiscal year 2019-20 20 as per the 3rd Tourism Satellite Account. Investing in tourism education is a top priority, empowering host communities with the skills needed for a sustainable future through tourism.

Invest in Planet:

Urgent investment is needed to support the green transformation of the tourism sector to combat climate change’s effects. For instance, there is a $1.5 trillion investment opportunity in developing green buildings for the hospitality sector by 2030. The tourism industry must actively contribute to the time-bound implementation of the Sustainable Development Goals (SDG2030) and support green transformation for the future.

Invest in Prosperity:

Encouraging innovation and entrepreneurship through investment in digitization and innovative programs is a strategic priority. This approach benefits young people, particularly women, who constitute 54% of the total workforce in tourism. Both private and public sectors must increase investments in programs that facilitate and incentivize entrepreneurship and innovation in the tourism sector.

In India, initiatives like “Travel for Life,” introduced by the Ministry of Tourism, Government of India on March 8, 2023, under Mission LiFE is playing a significant role in facilitating sustainability in tourism. This program aims to bring about widespread behavioral change among tourists and tourism businesses, thereby significantly contributing to environmental protection and climate action. It aligns with India’s G20 priority of Green Tourism under the Tourism Working Group.

The concept of green investments will undoubtedly play a pivotal role in shaping sustainable tourism in unexplored and emerging regions, such as Eastern South Asia. The Eastern and Northeastern regions of India, along with its sub-Himalayan neighbors Nepal, Bhutan, and Bangladesh, offer life-changing experiences through shared border opportunities, rapidly emerging as global destinations. Increased attention to green investments promises long-term benefits, fostering the exchange of ideas and experiences and inspiring positive changes through tourism in this region.