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financial reporting drives accountability and comparability. “But in sustainability, bottom-up data simply does not exist. Financial tools don’t capture this stuff. So we need new tools, and that is where Timm comes in. It uses techniques that already exist to measure impacts, and it uses welfare economics [to ask] what would society at large charge or pay if they knew the full costs or value of those impacts.”


Boardroom-ready data “Timm is a decision-making tool. Sustainability data was largely qualitative and not pulled into one place. With Timm, we can get everything into a single denomination in a form the boardroom can understand. “We’ve spent five years developing it, running pilots. Timm has been used in all sorts of sectors, but this is the first time in the travel sector. “We focus on big impacts and study these in four areas – social, environmental, economic and tax.” For example, in studying the economic


impact of hotels, Tui Travel’s Timm project will examine the impact on the local economy, or as Preston puts it: “What is the net bottom line?” Preston said: “Everyone talks about the economic impact of tourism in a destination and the travel industry as a force for good, but how do you measure it? What are the trade-offs?” He added: “If the idea is that the industry does good in a destination, shouldn’t you be managing that? “This is about reputation and licence to operate: 75%-80% of the market


PWC’S OFFICE


PwC’s office near London Bridge provides an example in sustainable construction. Features include: l‘Intelligent’ lifts that use energy created going down to power the lift when it goes up


lFan-less, water-cooled air conditioning powered by recycled chip fat from a local supplier


lRecyclable floor tiles fixed by suction pads that mimic a gecko’s foot so there is no glue


lA boardroom lit by multiple lights that total just 21 watts


capitalisation [the market value] of a business is intangible and a lot of it is based on reputation or trust. Some things don’t go straight to the bottom line, but they might be beneficial in recruitment or in licensing and can translate into business value.”


Destination impact However, the underlying issues are much bigger. Preston said: “We’re using up the planet’s resources – that is becoming increasingly obvious. Whatever you look at – the sea, the rivers, the atmosphere – it’s all finite. The sooner we build that into decision-making, the quicker we can solve the problem.” Preston’s message on climate change


is: “Read the science – then draw your own conclusion.” He said: “If you look at the IPCC report (Intergovernmental Panel on Climate Change) produced by some 700 scientists from around the world, they conclude that it


MALCOLM PRESTON


lMalcolm Preston set up PwC’s travel practice in 1995


lIn 2007, he and 200 PwC colleagues attended a three-day Cambridge University leadership course in sustainability


lNow he heads a PwC sustainability and climate change team of 120, made up of scientists, engineers, economists and “one or two” accountants


is happening and they give it 95% certainty that it is caused by human activity.” Yet he insisted: “PwC does not preach or


campaign. Business is the solution. There are huge opportunities for those that find the innovative solutions we need.” He suggests travel companies ask themselves: “Are you ‘net’ positive in a destination? If you aren’t, in the long-term you aren’t sustainable. “Destinations will do their own trade-offs:


they may be happy for tourism to use water if it creates jobs, but what if tourism doesn’t create so many jobs and uses up all the water?” Preston said: “Ultimately, I would like to see this project develop as a destination- management tool – a total-impact destination management tool.” ❯ The Travel Foundation AGM on Thursday this week was due to hear a report on the Tui Travel Timm project in Cyprus.


PwC’s office includes many sustainability features


86 • travelweekly.co.uk — 4 Septembert 2014


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