Tourism’s restart and recovery from the biggest crisis in its history provides an opportunity to redefine and recalibrate the direction and focus of investments in the sector. UNWTO has made this a core priority for the years ahead, recognising the vital need for both traditional and non-traditional investments in order to build greater sustainability and secure long-term resilience.
During 2023, culminating in World Tourism Day (27 September), UNWTO placed the focus on Tourism and Green Investments, reflecting the growing consensus among tourism stakeholders as to how the future of the sector will depend on its ability to balance the needs of People, Planet and Prosperity. The global tourism sector urgently needs to diversify away from the traditional investment framework to a new one where people (education), the planet (sustainability) and prosperity (innovation) are at the center.
Firstly, for people: Tourism has long been recognised as a global economic powerhouse, generating substantial employment opportunities, and driving economic growth. In 2019, tourism accounted for a staggering 1 in 10 jobs worldwide. However, the significance of investing in people, particularly in education, has never been more crucial than it is today. As many as 25% of all tourism workers possess only low-level qualifications and the International Labor Organization (ILO) estimates that around approximately 900,000 tourism jobs will require vocational training by 2030. Investing in tourism education is not just a financial commitment, then, but a strategic imperative. As the sector continues to evolve and expand, ensuring there is a well-trained, empowered, and diverse workforce will be key to its long-term success, economic impact, and sustainability.
And then for the planet: The green transformation of tourism is essential, not just for the planet, but also for the sector itself, for boosting competitiveness and increasing resilience. Green investments and innovation must play a leading role in supporting this transformation. Indeed, investment and financing have the potential to play a pivotal role in supporting the transition to low-carbon, resource-efficient and socially inclusive tourism development. Tourism is a cross-cutting industry with wide impacts on sectors including transport, buildings, agriculture and trade. Greening tourism will allow for the sector’s growth, environmental conservation, and social well-being to be mutually reinforcing – with green tourism creating new, green jobs, supporting the local economy and reducing poverty.
Finally, an investment in tourism is an investment in prosperity. Investments in innovation and digitalisation have a multiplier potential to not only strengthen strategic large global and regional projects but also stimulate tourism recovery and safeguard jobs. Smaller enterprises (MSMEs) account for around 80% of all tourism businesses. They are the dynamic engines that drive tourism’s growth and sustainability, and they need support in the shape of investments, primarily directly from venture funds. Alongside this, governments also need to recognise the growing importance of digital nomads in today’s global workforce, and also the huge potential of women entrepreneurs to transform tourism and drive the sector’s inclusive growth.
Tourism’s restart and recovery from the biggest crisis in its history provides an opportunity to redefine and recalibrate the direction and focus of investments in the sector. UNWTO has made this a core priority for the years ahead, recognising the vital need for both traditional and non-traditional investments in order to build greater sustainability and secure long-term resilience.
During 2023, culminating in World Tourism Day (27 September), UNWTO placed the focus on Tourism and Green Investments, reflecting the growing consensus among tourism stakeholders as to how the future of the sector will depend on its ability to balance the needs of People, Planet and Prosperity. The global tourism sector urgently needs to diversify away from the traditional investment framework to a new one where people (education), the planet (sustainability) and prosperity (innovation) are at the center.
Firstly, for people: Tourism has long been recognised as a global economic powerhouse, generating substantial employment opportunities, and driving economic growth. In 2019, tourism accounted for a staggering 1 in 10 jobs worldwide. However, the significance of investing in people, particularly in education, has never been more crucial than it is today. As many as 25% of all tourism workers possess only low-level qualifications and the International Labor Organization (ILO) estimates that around approximately 900,000 tourism jobs will require vocational training by 2030. Investing in tourism education is not just a financial commitment, then, but a strategic imperative. As the sector continues to evolve and expand, ensuring there is a well-trained, empowered, and diverse workforce will be key to its long-term success, economic impact, and sustainability.
And then for the planet: The green transformation of tourism is essential, not just for the planet, but also for the sector itself, for boosting competitiveness and increasing resilience. Green investments and innovation must play a leading role in supporting this transformation. Indeed, investment and financing have the potential to play a pivotal role in supporting the transition to low-carbon, resource-efficient and socially inclusive tourism development. Tourism is a cross-cutting industry with wide impacts on sectors including transport, buildings, agriculture and trade. Greening tourism will allow for the sector’s growth, environmental conservation, and social well-being to be mutually reinforcing – with green tourism creating new, green jobs, supporting the local economy and reducing poverty.
Finally, an investment in tourism is an investment in prosperity. Investments in innovation and digitalisation have a multiplier potential to not only strengthen strategic large global and regional projects but also stimulate tourism recovery and safeguard jobs. Smaller enterprises (MSMEs) account for around 80% of all tourism businesses. They are the dynamic engines that drive tourism’s growth and sustainability, and they need support in the shape of investments, primarily directly from venture funds. Alongside this, governments also need to recognise the growing importance of digital nomads in today’s global workforce, and also the huge potential of women entrepreneurs to transform tourism and drive the sector’s inclusive growth.
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