Net Zero by 2040
In 2023, Hostelworld became a signatory to the Climate Pledge and made a commitment to operating as a Net Zero company by 2040. Since then, we have deployed resources to a transition plan to assess how we can complete our journey. The journey to net zero involves reducing greenhouse gas emissions from our own global operations, choosing the right partners who themselves are also committed to sustainability and have also put in place plans to be net zero by 2030 to 2040, assisting our hostels in their sustainability initiatives and investing in climate action projects to offset remaining emissions.
In 2024 we took another step on this journey by setting a target for our scope 3 emissions, excluding emissions associated with hostel activities, excluded on the basis that we do not have an accurate and complete baseline for reporting. The inclusion of these emissions and setting a target for their reduction is the next challenge on our journey to net zero.
Setting Targets for our Emmissions
In 2021 we set a target for our scope 1 and scope 2 emissions, in accordance with Science Based Targets Initiative criteria. We surpassed the target set, and in 2022 we set an annual target to maintain scope 1 and 2 emissions, below 30 tCO2e.
In 2024 we set a target for our scope 3 emissions. Over the near-term we have set a target to reduce our scope 3 emissions by 37.5% in 2035 in comparison with 2023, and in the long-term we have set a target to reduce our scope 3 emissions by 90% in 2040 in comparison with 2023. To reduce scope 3 emissions, we will continue to partner with third parties who also have SBTi targets in place, we will review our existing lease arrangements to identify low carbon workspaces and refine our company travel policies.
Taking Climate Action
Each year Hostelworld apply for and have been awarded South Pole’s climate action label which has evolved over time as regulations have evolved. In 2023 Hostelworld received South Pole’s ‘Funding Climate Action’ label which has evolved in the current year to ‘Taking Climate Action.’
The Taking Climate Action certifies that a company’s carbon footprint is measured, reduced, and compensated annually. The Taking Climate Action label is approved by CO2Logic and validated by Vinçotte (Member of Group Kiwa), an independent third-party auditor and partner (who Hostelworld do not have engagement with). Each label is validated the first year then at least every 3 years. This adds an extra layer of credibility to the label which is key in light of the increasingly demanding European Directives with regards to Green Claims. The label is awarded following completion of the following 5 steps:
The label has different levels ranging from bronze to gold, with level awarded dependent upon the scope of calculation and the ambitiousness of the reduction targets. Hostelworld have been awarded a silver entity accreditation. A silver entity means that all direct and indirect emissions from scope 1 and scope 2, as well as the indirect emissions linked to fuel and energy-related emissions, waste from operations, business travel and employee home-work commuting have been calculated and targets set.
