The Ascott Limited, a lodging business unit that’s wholly owned by CapitaLand Investment (CLI), has unveiled its new sustainability framework, Ascott CARES.
The expanded framework is centred around five pillars, community, alliance, respect, environment and supply chain.
The launch was unveiled after the lodging business was conferred the Recognised Standard by the Global Sustainable Tourism Council (GSTC). Ascott is one of the first hospitality groups to be conferred the GSTC for its adoption of the GSTC industry criteria.
“The sustainability landscape is an ever-changing one, made more complex by the prevailing macroeconomic environment. Recognising that, we need to evolve our approach to sustainability in a more holistic and strategic manner,” says Beh Siew Kim, chief financial and sustainability officer, lodging, CLI and managing director, Vietnam, Cambodia, Myanmar, Japan and Korea at The Ascott Limited.
“As both an owner and an operator, Ascott has the ability to design a strategy that integrates purposeful sustainability goals with financial objectives. We have a strong position that allows us to influence and manage properties throughout their entire real estate lifecycle, beginning from the investment stage, to the design stage, right through to operations,” she adds. “The need for us to accelerate our sustainability initiatives stems from the wider crisis of climate change. The built environment is a key contributor to the climate change crisis and there is much work to be done. As a key player in the lodging industry, every stakeholder has a part to play.”
Units in CapitaLand Ascott Trust closed 0.5 cent lower or 0.52% down at 96 cents on Nov 16.