By Rohit Kochar,
Founder, Executive Chairperson & CEO, Bert Labs
In an era defined by the imperative of sustainability, industries worldwide are at crossroads, seeking innovative ways to harmonize growth with environmental responsibility. The travel industry stands at a pivotal juncture, where sustainability is steering transformative change with more and more travellers opting for sustainable travel solutions, be it for business or leisure. Through the analysis of energy efficiency, Digital Twins, groundbreaking HVAC advancements, and carbon footprint reduction across diverse sectors, we unearth profound insights into the revolutionary capabilities of technology as we collaboratively attempt for a more environmentally conscious and sustainable tomorrow.
Energy Efficiency
Energy efficiency is the foundational principle for the journey towards sustainability across industries. Energy efficiency emerges as a beacon guiding the travel industry’s transformation. From airlines to hotels, businesses are investing in innovative technologies to minimize energy consumption and reduce carbon emissions. The adoption of fuel-efficient aircrafts and eco-friendly practices within hotel operations signifies a commitment to balancing growth with environmental responsibility. With billions being allocated for energy-efficient solutions, the travel industry exemplifies the integration of sustainable practices into its core operations. This commitment is evident in global financial allocations, which are projected to reach trillions in investments across industries by 2030.
Digital Twins and Adaptive Learning
India’s Digital Twins market size was estimated to be worth USD 2.59 billion in 2022 and during the forecast period between 2023 and 2029, it is projected to grow at a CAGR of 62.3%, reaching a value of USD 76.67 billion by 2029. Understand that the major growth factors are cloud computing, IoT, and artificial intelligence. The rise of Digital Twins technology has ushered in a new era of precision and adaptability. Digital Twins are revolutionizing the way travel entities operate and innovate. By creating virtual replicas of physical assets, such as airports and buildings infrastructure, the industry gains insights that foster optimization, predictive maintenance, and resource allocation. Reinforcement Learning, a key driver along with Digital Twins capabilities, empowers these virtual counterparts to evolve in response to real-world scenarios. This translates to minimized operational inefficiencies, reduced wastage, and a heightened ability to respond to dynamic travel demands.
Elevating Passenger Comfort, Lowering Carbon Footprint
The Indian HVAC market size was at USD 7.8 billion in 2021 and is projected to reach USD 29 billion by 2030, growing at a CAGR of 15.8%. Incidentally, this growth is due to infrastructure development, technological advancements, and the rising tourism activities across the country. The travel industry’s commitment to sustainability extends to passenger comfort within transportation hubs. HVAC systems can be controlled by advanced technology to optimize energy consumption while creating a pleasant environment for travellers, maximizing thermal comfort. From smart temperature controls to energy-efficient lighting, these innovations exemplify the industry’s dedication to reducing its carbon footprint. By maximizing efficiency in terminal facilities, airports and travel hubs align their operations with global sustainability goals.
Commitment to Carbon Reduction
In 2022, aviation accounted for 2% of global energy-related CO2 emissions, having grown faster in recent decades than rail, road, or shipping. As international travel demand recovers following the pandemic, aviation emissions in 2022 reached almost 800 MT CO2, about 80% of the pre-pandemic level. Carbon reduction is a shared goal that unites the travel industry in its pursuit of a greener future. The International Air Transport Association (IATA) projects that airlines will invest heavily in sustainable aviation fuels and carbon offsetting initiatives. This underscores the industry’s commitment to align with global agreements like CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) and steer towards carbon-neutral growth. Travel industry players are projected to invest substantial funds in initiatives that counterbalance their carbon emissions.
Case Study: Airports as Catalysts
Airports serve as a microcosm of sustainable travel practices. Many airports are renewable energy installations, efficient waste management, and low-impact designs. These initiatives showcase the industry’s holistic approach to sustainability, where eco-friendly practices are woven into the fabric of daily operations. The monetary savings generated by these practices emphasize the economic viability of sustainable airport operations while ensuring passenger and airline community comfort.
Championing Sustainability: A Holistic Approach
There is a strong push from stakeholders to disclose various initiatives businesses are taking to address ESG issues. Industries are seizing the opportunity to champion sustainability as a holistic approach to growth. Through synergistic efforts, they aim to align economic prosperity with ecological health. While specific strategies and technologies may vary across sectors, the underlying ethos remains constant: a commitment to leveraging innovation for a sustainable future. By embracing energy efficiency, harnessing the power of Digital Twins, revolutionizing HVAC systems, and investing in carbon reduction, industries are coalescing around a shared vision of progress that respects our planet’s boundaries. The growing trend of interest in non-financial performance and reporting worldwide is reflected among Indian corporates too. The most common means of ESG or sustainability reporting among companies in India is through the publication of annual sustainability reports and integrated annual reports, based on the GRI Standards and the Integrated Reporting Framework respectively.
By prioritizing the above themes, the travel sector is forging a path toward responsible growth that prioritizes the planet’s well-being. As the industry aligns with global sustainability goals and collaborates to invest in greener practices, it paints a picture of a future where travel and environmental stewardship coexist harmoniously. Through innovation, investment, and unwavering commitment, the travel industry is not only shaping the future of travel but also demonstrating that sustainable practices are the bedrock of a thriving industry.
