Posted on Thursday 3rd of December, 2015
The Soneva Sustainability Report 2014-15 publishes the results of Soneva’s first Total Impact Assessment.
In an effort to measure the total impact the company has on the natural world and on the communities in which it operates, Soneva has conducted the first Total Impact Assessment (TIA) of the company as a whole. It is the first time an evaluation of this magnitude has ever been commissioned in the hospitality industry.
Recognising that a company’s performance should be assessed as its total contribution to society, Soneva commissioned the TIA to provide a holistic view of the environmental, human, social, economic and fiscal dimensions of the business. It measures the impact in five categories – Natural Capital, Human Capital, Social Capital, Economic Capital and Tax – and allows the company to quantify and monetise it in a language that translates to standard business performance metrics.
Societal contributions are traditionally measured in terms of the goods and services that companies provide, and the resulting returns they earn in order to compensate capital for its risk. However, this metric alone does not gauge the total impact that company activities have on the natural world and on the communities in which they operate.
“We wanted to help our investors experience our impacts in a language they understand, so we developed the Soneva Total Impact Assessment which translates our sustainability impacts to a business measure,” says Sonu Shivdasani, Founder and CEO of Soneva. “We want to tell them very clearly that we measure our sustainability returns as highly as our financial returns. We also believe that our guests will be inspired by this as we are truly committed to reducing our impact on the environment.”
Soneva’s TIA aims to go further than traditional sustainability reporting by assessing both the impact of the company’s direct activities and also that of its supply chain. Metrics categorised by land use, water consumption, energy consumption and CO2 emissions are used to measure the true cost of the ecosystem services provided to the food and beverage products utilised at the resorts.
Soneva developed a methodology for an Environmental Profit and Loss (EP&L), or supply chain impacts, which together with the resort and guest travel emissions makes up the natural capital segment of the evaluation. Natural capital is effectively offset against the company’s positive impacts through human and social capital and economic and tax contributions to provide the total impact.
“Our methodology is openly available in our TIA report as we want this to be a tool for the whole industry. We will constantly be refining and improving our methodology and there are plans to introduce measurements for design and build the next time. But we also welcome any feedback for improvement,” says Shivdasani.
The sustainability report also details initiatives and partnerships aimed at creating wider social and environmental change. Collaboration with organisations such as World Travel and Tourism Council, International Tourism Partnership, The Long Run and NGO partners are on-going, and Soneva fosters global connections among experts through its annual SLOW LIFE Symposium.
Download the Soneva Sustainability Report 2014-15.
Read the Soneva Sustainability Report 2013-14.
The Soneva Sustainability Report 2014-15 publishes the results of Soneva’s first Total Impact Assessment. [caption id="attachment_3317" align="alignleft" width="780"] Photo: Cat Vinton[/caption] In an effort to measure the total impact the company has on the natural world and on the…... more
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