World Tourism Day 2023: Investing in People, Planet, and Prosperity
The world is changing, and so is the way we travel. As we celebrate World Tourism Day in 2023, the United Nations World Tourism Organization (UNWTO) has chosen a theme that resonates deeply with the current global landscape: "Tourism and green investment." This theme emphasises the urgent need to redirect tourism investments towards a more sustainable and responsible future for the benefit of all, focusing on People, Planet, and Prosperity.
Rethinking Tourism in the Wake of COVID-19
The COVID-19 pandemic disrupted the tourism sector like never before. Borders closed, flights were grounded, and destinations emptied. It forced us to rethink the way we travel, the impact of tourism on local communities and ecosystems, and the need for responsible and sustainable tourism.
Amid this crisis, the UNWTO recognised an opportunity to redefine the course of tourism investments. The disruption caused by the pandemic has given us a unique chance to recalibrate the direction of the tourism industry towards a more sustainable future—one that not only nurtures economic growth but also respects the environment, empowers local communities, and ensures accessibility for all.
Tourism and the Sustainable Development Goals (SDGs)
The Sustainable Development Goals, or SDGs, represent the United Nations' roadmap for creating a better world by 2030. These 17 global goals encompass a broad range of critical issues, from eradicating poverty and hunger to ensuring environmental sustainability and promoting inclusive tourism and economic growth. Tourism, as a powerful global industry, has a significant role to play in achieving these goals.
Investing in People
Tourism is built on the foundation of people—both the travellers who seek memorable experiences and the workforce that makes these experiences possible. Looking ahead, the tourism sector will require millions of skilled workers by 2030, including hospitality graduates and individuals with specific vocational training. This presents a compelling case for investing in education and skills development within the industry.
Furthermore, it is crucial to recognise the importance of enabling people with disabilities to travel. Accessible tourism is not just a matter of convenience; it's a matter of equity and inclusivity. By investing in accessible infrastructure, services, and training, we can ensure that people with disabilities have the same opportunities to explore the world, breaking down barriers and fostering a more inclusive tourism industry. Vacayit believes strongly in investing in people and accessible experiences above and beyond just infrastructure.
Investing in the Planet
Tourism's impact on the environment cannot be ignored. The need to reduce emissions and adopt sustainable practices is paramount. Fortunately, this need for sustainability also presents an incredible investment opportunity. The green building sector in emerging market cities alone is estimated to require £24.7 trillion in investment by 2030, with hotels, resorts, and restaurants accounting for a substantial portion of this figure.
Moreover, tourism should seize opportunities to invest in innovative solutions and technologies aimed at decarbonising the sector and building climate-resilient infrastructure. By embracing sustainability as a core value, the tourism industry can become a leader in environmental stewardship.
Investing in Prosperity
Innovation, technology, and entrepreneurship are the driving forces of prosperity in the tourism sector. Digitalisation and innovation programs are essential to upskill the workforce, particularly young people and women, who are critical to the industry's growth.
Furthermore, fostering entrepreneurship and creating opportunities for innovation are vital components of tourism's future. This involves supporting startups, promoting sustainable tourism practices, and encouraging creative thinking to address the challenges and opportunities of the industry.
It's also important to emphasise the significance of fostering diverse founders in entrepreneurship. Companies with diverse employees and founders not only bring a variety of perspectives but also tend to create better, more inclusive tourism buinesses. At Vacayit, for instance, we are proud to have a female founder and a diverse workspace, reflecting our commitment to diversity and inclusivity in the tourism industry.
Key Topics to be Addressed:
These topics are to be addressed during this years World Tourism Day (direct from UNWTO). Let us know your insights into these topics in the comments.
How can governments promote international and private investments; and how can they improve regulations and incentives concerning human capital development?
What steps can the private sector take to address the emerging investment needs of the tourism sector vis-a-vis education?
How to close the financing gender gap and accelerate access to capital in both domestic and international markets for women entrepreneurs
How to motivate policymakers and investors to support increased investment in greening the tourism sector
How to accelerate climate innovation; how to invest in new technologies, business models, and practices to facilitate the emergence of new climate solutions
What are the financial investment mechanisms and instruments available to support innovation, technology and entrepreneurship?
How to promote ease of doing business, how to better develop investment policies and how to embrace new innovative financial mechanisms and solutions to address emerging and complex challenges
A Call to Action
On this World Tourism Day 2023, let's make a resounding call to action. It's time for the international community, governments, multilateral financial institutions, development partners, and private sector investors to come together around a new tourism investment strategy.
At Vacayit we believe that redirecting our investments towards People, Planet, and Prosperity, we can build a tourism industry that not only enriches economies but also preserves the environment, empowers communities, ensures accessibility for all, and embraces diversity. It's an investment in the future we all share—a future of sustainable, inclusive, and responsible tourism.
