OUR CARBON FUND

Funding The Travel Corporation‘s path to decarbonization.

The Travel Corporation (TTC) and our family of 40 award-winning travel brands is committed to reaching net zero GHG emissions across the value chain by 2050 from a 2019 baseline year. Our net zero targets have been validated by the Science Based Targets initiative. This ambition is backed by our Climate Action Plan, which commits us to Measure, Reduce, Restore, and Evolve.

In order to reduce emissions to achieve our verified near-term, long-term, and net zero science-based targets, in 2022, we announced our industry-first Carbon Fund which will finance our transition to a low-carbon business. The fund is generated by brand contributions based on whether they are a low, medium or high emitter, and will be dedicated to investments selected for their ability to decarbonize our travel brands. We will publicly report on this fund in our annual Impact Report.

Our decarbonization plan is focused on five key areas of the business:

♦ Reducing energy use and transitioning to low-carbon technology at our Red Carnation Hotels

♦ Reducing fuel emissions from our Uniworld ships

♦ Securing zero emission vehicles for our Tour Brands

♦ Generating and utilizing renewable energy across all offices and facilities

♦ Reducing the footprint of our trips in collaboration with our supply chain and destinations

In September 2023, we announced the first round of investments and fund allocations for our Carbon Fund, which will be implemented at the start of 2024. These projects were submitted by business leaders across TTC and funding was selected based on carbon savings potential. All projects are assessed and reviewed by a cross-brand and departmental selection committee:

HVO biofuel: Contiki and Atlas Reizen
Renewable Energy Certificate (REC) purchases for North America offices
Solar panels for Bondi office and Bourke Rd., Alexandria office, in Australia

HVO FUEL: CONTIKI & ATLAS REIZEN

Beginning in 2024, a subset of Contiki‘s coaches will operate on HVO biofuel, 100% produced from certified feedstock that is labelled as waste or residue. Contiki has identified the partner Goodfuels, manufacturer and supplier of HVO biofuel. This will reduce Contiki’s trip emissions by 20% in Europe where HVO biofuel is available.

The use of biofuels will be overseen by Contiki’s sister brand and coach supplier in Europe, Atlas Reizen, which will purchase 600,000 litres of HVO biofuel (its maximum amount due to availability currently limited to Scandinavia and Benoloux). This will enable Atlas Reizen to reduce emissions by 1,836 tonnes CO2e, (from 2019 levels,) resulting in a 39% reduction in emissions for Atlas Reizen.

RENEWABLE ENERGY CERTIFICATES (RECS): NORTH AMERICA OFFICES

Renewable Energy Certificates (RECs) certify the ownership of one megawatt-hour (MWh) of electricity generated from a renewable source. RECs are used to address Scope 2 electricity emissions by investing in renewable energy to help transition the local grid to a cleaner one, with best practice being to source RECs in the same country where the emissions are created.

We are sourcing 100% renewable electricity for four properties including three offices in North America: TTC’s USA offices in Cypress and Encino, California; and our Toronto, Canada office, as well as Old Town, our entertainment district in Kissimmee, Florida. Hudson Energy has been identified as a provider who offers RECs in the USA and Canada, providing coverage for these facilities.

RECs will be purchased annually and added to our electricity consumption at these four locations. Based on our 2022 electricity consumption, purchasing RECs will allow us to avoid 554 tonnes CO2e, an approximate 4.8% reduction in TTC’s overall Scope 2 emissions.

SOLAR ENERGY PRODUCTION AUSTRALIA: BONDI, BOURKE RD.

We are expanding our solar generation capabilities at two offices in Australia:

♦ 60kW sollar installation at 35 Grafton Street, Bondi Junction. This is expected to generate approximately 74,000kWh of electricity per year, which will be consumed on-site, reducing the property’s reliance on traditional energy sources. The electricity generated will specifically power the Server Room.

♦ 100kW sollar installation at 82-86 Bourke Road, Alexandria, which is estimated to generate approximately 120,000kWh of electricity per year.

When combined, these two projects will save 153 tonnes of CO2e annually. Since the solar panels will power limited areas of the office, this is a minimal reduction but contributes to our ambition of reducing our reliance on the grid and generating clean energy.

With these projects being implemented in 2024, we are currently evaluating potential projects for the next round of Carbon Fund allocations.

ENERGY AUDITS AT RED CARNATION HOTELS

In 2023, we worked with an external consultant to conduct energy audits at six Red Carnation Hotels in London. The outcome of these audits was a report that demonstrated how Red Carnation Hotels can reduce its carbon footprint in line with TTC’s decarbonization pathway. Proposed solutions range from the replacement of gas boilers to lighting retrofits. The Red Carnation team will assess these investments and implement where feasible, ahead of 2030.

NEW ESG REPORTING TOOL

In 2023, we identified the need to replace our carbon reporting software with a more holistic ESG reporting system. The new tool will track our brands’ progress on sustainability, as well as the group’s environmental performance and GHG inventory. Investing in this tool is critical to measuring and tracking progress against our 11 How We Tread Right sustainability goals and validated science-based targets.

OUR PROGRESS

Our annual Impact Report details progress made by The Travel Corporation’s family of brands against the 11 goals of our 5-year sustainability strategy How We Tread Right, launched in September, 2020. Learn more >