Clint Flores, Head of the ESG Department at Bank of Valletta, has told hospitality stakeholders that the sector must embrace sustainability and use their commitment to environmental, social and governance factors as a “powerful competitive advantage”.

Speaking during the presentation of the Malta Hotels and Restaurants Association (MHRA) Hotel Performance Survey for the second quarter of 2023, which was supported by audit firm Deloitte and BOV, Mr Flores said the industry “cannot continue to impinge on the environment to the detriment of current and future generations”.

Key to these efforts, he said, are the setting of science-based target initiatives and systems to track and replace carbon emissions.

These can lead to benefits for hospitality operators, improving cost effectiveness by reducing energy bills.

Mr Flores explained that “the increase in the influx of tourists is constantly exerting pressure on Malta’s infrastructure, including water, energy, and waste systems.”

He predicted that these impacts “will be more visible in the coming years due to the physical risks associated with climate change,” and urged hoteliers to be more innovative and devise systems and operations to reduce the impact on these elements.

Such measures include the introduction of renewable energy structures to mitigate climate change, as well as water catchment and purification systems when designing new hotel structures to adapt to climate change.

Similarly, waste recycling and other alternatives to transit to sustainable energy systems must be explored, he said.

“These practices must aid in the transitioning to a circular economy and reduce the impact on the main systems.”

“One of the advantages of Malta’s small size is proximity,” said Mr Flores.

“This can play a determining role if the main players in the industry come together with a collective aim to become future-proof and collaborate towards industry-wide initiatives.

“Decreasing the impact on the environment helps achieving the UN Sustainable Development Goals faster, while ensuring that stakeholders and the public are properly informed about their initiatives to fulfill their corporate responsibility,’ he concluded.