WORLDWIDE: The Ascott Limited unveils sustainability framework after achieving the Recognised Standard by the GSTC.
As a member of Global Sustainable Tourism Council (GSTC), Ascott is one of the first hospitality groups to achieve this GSTC-Recognised Standard status for its adoption of the GSTC industry criteria for sustainable tourism.
GSTC-Recognised means that a sustainable tourism standard has been reviewed by GSTC technical experts and the GSTC Assurance Panel, and deemed equivalent to the GSTC Criteria for sustainable tourism.
According to the GSTC website, this means that the “GSTC has verified that the standard aligns with the GSTC Criteria and that any additional clauses do not contradict GSTC Criteria requirements.” You can read more about that here.
To mark this milestone, Ascott unveiled Ascott CARES, a sustainability framework that aligns its growth strategy with environmental, social and governance (ESG) considerations alongside GSTC Criteria.
The expanded framework is centred around five pillars representing the acronym CARES – Community, Alliance, Respect, Environment and Supply Chain.
Beh Siew Kim, chief financial & sustainability officer, lodging, CapitaLand Investment and managing director, Vietnam, Cambodia, Myanmar, Japan and Korea, The Ascott Limited said: “The sustainability landscape is an ever-changing one, made more complex by the prevailing macroeconomic environment. Recognising that, we need to evolve our approach to sustainability in a more holistic and strategic manner. As both an owner and an operator, Ascott has the ability to design a strategy that integrates purposeful sustainability goals with financial objectives. We have a strong position that allows us to influence and manage properties throughout their entire real estate lifecycle, beginning from the investment stage, to design stage, right through to operations.”
The Ascott CARES framework evolved from a hygiene and safety programme that was first introduced in May 2020, during the pandemic. It has since been strengthened to extend the culture of care and hospitality to the community and environments within which it operates through its business and across its supply chain as part of its sustainability framework.
Ascott CARES is aligned with CapitaLand’s ‘Sustainability Master Plan’ pillars and will be rolled out across all of Ascott’s managed and branded properties.
Beh Siew Kim added: “The need for us to accelerate our sustainability initiatives stems from the wider crisis of climate change. The built environment is a key contributor to the climate change crisis and there is much work to be done. As a key player in the lodging industry, every stakeholder has a part to play.”
Alongside the new framework, Ascott has also announced its supporting targets, which will be progressively achieved from 2023, with target completion by 2030.
Ascott has taken further steps to establish a robust sustainability governance structure with its Sustainability Leadership Council (SLC).
Co-led by Ascott’s chief executive officer, Kevin Goh, and chief financial & sustainability officer, Beh Siew Kim, Ascott’s SLC exercises oversight of sustainability and climate risks, and determines the strategy and goals for the company. These strategies are driven by the Corporate Sustainability team, in collaboration with regional and property leaders who facilitate the execution of programmes within the local market.
You can read more about Ascott CARES here.
SAN reported recently how CapitaLand Ascott Trust has partnered with the International Finance Corporation to launch IFC’s sustainability-linked bond.
