Stakeholders in the UK hospitality industry are putting increasing focus on sustainability when it comes to real estate, construction, and finance in order to future-proof their businesses, according to international law firm Bird & Bird.
In terms of real estate and construction, stakeholders are driving the hospitality industry to bring buildings to a net-zero carbon status. Hotels with a lower carbon footprint are protecting against future climate risk while reaping the benefits of lower running costs. But owners and operators see energy efficiency modifications as having a high cost of implementation, with returns only being seen in the long-run. Technology will continue to drive improvements in energy efficiency for both existing and new buildings.
Lenders, too, will help drive the decarbonization of real estate in the hospitality sector in coming years. “Lenders are increasingly paying attention to the sustainability credentials of financed assets, with some lenders able to offer reduced financing costs for projects that meet certain criteria,” Bird & Bird writes.
The UK hospitality sector could potentially save at least $391 million by implementing energy management technologies, according to a 2018 report by Centrica.
The report, Distributed Energy: Powering the future of hospitality and leisure, found that if just 50% of businesses in the sector adopted new energy technology it would boost UK economic growth by $4.7 billion GVA (Gross Value Added) and support 50,000 jobs.
The hospitality and leisure sector is the UK’s third largest employer and spends more than $1.6 billion a year on energy. Businesses have been challenged to improve their energy productivity by 20% by 2030, as set out by the Government’s Clean Growth Strategy.
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February 05, 2021 at 03:06AM
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Hospitality Industry Growth Driven by Focus on Sustainability - Environment + Energy Leader
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