Facing the Reality of Climate Risks: The Impact on Our Water Resources | Insights by Melinda Ratkai

Climate change is a real threat to our environment and health. It affects many areas, from businesses to economies. Earlier this year, Accor, a major hotel group, pulled out of two investments in Mykonos. They cited concerns about water shortages and wildfires as reasons for their decision. This highlights a shift in how hotels view risks associated with climate change.

One important tool for addressing these risks is called double materiality analysis. This approach looks at two key perspectives: how environmental issues impact a company and how the company’s actions affect the environment and society. From a financial standpoint, it helps businesses understand how issues like water scarcity or flooding could disrupt their operations or increase costs. On the other hand, it shows how their activities might lead to problems like water pollution or ecosystem damage. By assessing both sides, companies can prioritize risks, set measurable targets, and design effective strategies. For instance, they might invest in water-saving technologies or train staff on sustainable practices.

To deal with these challenges, hotels need a mix of strategies. Collaboration between businesses, local communities, and public policies is vital for reducing water-related climate risks. A recent survey found that 75% of travelers are more inclined to choose hotels committed to sustainability. This trend reflects a growing awareness among consumers about the importance of responsible practices in tourism.

Education is also crucial. Teaching guests about responsible consumption can make a significant difference. Moreover, training hotel staff on these tools and strategies will empower them to actively contribute to sustainability efforts. As part of this initiative, the Research Centre area Hospitality Business at Hotelschool The Hague is organizing an Executive Masterclass on double materiality analysis titled “Anticipate, Adapt, Advance: Detecting and Managing Hotel Risks with Double Materiality.” This program aims to equip professionals with essential knowledge and skills.

The conversation about climate risks continues to grow. With increasing awareness and new regulations, hotels are under pressure to adapt. It’s not just about compliance; it’s about staying relevant in a rapidly changing world. A proactive approach to climate risks can lead to a more resilient, sustainable future for both businesses and their communities.

For more insights, check out these articles on Accor’s hotel cancellations and the CEO’s remarks on climate change.

Nina de Graaf
Hotelschool The Hague

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