To meet ambitious 2050 net-zero emissions targets set by regulators in the E.U., U.S., and Canada, hotel companies will need to address sustainability in 2024, starting with new construction, using IoT technology.
Embodied carbon in the construction and renovation of buildings is a significant contributor to global emissions, with hotel construction accounting for another 2 percent of global carbon emissions, bringing the total footprint of the hospitality industry to 3 percent, according to the EHL Business School in the Hotel Yearbook 2023.
For example, constructing hotels made of timber, reused materials, or even opting for major renovations over new builds can heavily decrease GHG emissions. At the same time, avoiding deforestation and disruption to natural wildlife and ecosystems through regenerative tourism goes a long way.
In 2024, hotel companies, especially in the luxury sector, will need clear greenhouse gas (GHG) emissions reductions strategies in place for new construction, as financial valuation and consumer sentiment are increasingly linked to sustainability practices. By implementing IoT technology, hotels can work back from current measurements to determine how to approach new hotel builds, how to approach modifying current hotel practices, and how to market these new strategies to consumers.
Sustainability in construction will require a highly automated tech solution for transparency in deriving measures, monitoring progress and sharing data.