Growth in the travel industry is booming – but so is the need to reduce travel to meet environmental goals
Jun 4, 2024
Travel management companies, hotel chains and airlines declare that business travel is a burgeoning force for good and while corporate travel buyers instinctively know this to be true, for the sake of the planet, they also know we will have to do less of it in the future.
Key takeaways
- Few would dispute that business travel plays a critical role in today’s increasingly interconnected world, acting as a catalyst for innovation, cultural exchange and economic growth;
- On the back of these largely legitimate claims, business travel continues to grow. The global business travel market was worth US$1 trillion in 2022 and is forecast in some quarters to reach US$1.5 trillion by 2028. Hotels are opening at record rates and airlines are rapidly surpassing their pre-pandemic capacities;
- However, the urgency of environmental conservation is also becoming increasingly apparent to the business community as the effects of climate change continue to escalate. One significant area that has been the focus of companies’ attention in their effort to reduce carbon emissions has of course been business travel;
- The environmental impact of frequent business trips is undeniable and even the use of more sustainable travel options to make these trips may not be enough. Companies are increasingly asking themselves whether abstention is more appropriate in some cases than mere sustainability.
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