Harmonizing business practices of events and convention industry through sustainability assessment framework development
The global event and convention industry is singlehandedly one of the largest and most lucrative sectors in business forecasting market size projected at approximately more than two trillion U.S. dollars by 2028. Despite being a significant contributor to global economic growth, the event and conven...
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| Format: | Article |
| Language: | English |
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Elsevier
2024-12-01
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| Series: | Cleaner and Responsible Consumption |
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| Online Access: | http://www.sciencedirect.com/science/article/pii/S2666784324000597 |
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| author | Ilanur Elyssa Bart Aswain Norasikin Ahmad Ludin Hasila Jarimi Kathleen L. Purvis-Robert Norul Hisham Hamid Mohd Zulkifly Mohd Shariff John Burke |
| author_facet | Ilanur Elyssa Bart Aswain Norasikin Ahmad Ludin Hasila Jarimi Kathleen L. Purvis-Robert Norul Hisham Hamid Mohd Zulkifly Mohd Shariff John Burke |
| author_sort | Ilanur Elyssa Bart Aswain |
| collection | DOAJ |
| description | The global event and convention industry is singlehandedly one of the largest and most lucrative sectors in business forecasting market size projected at approximately more than two trillion U.S. dollars by 2028. Despite being a significant contributor to global economic growth, the event and convention industry faces a pressing environmental challenge due to its substantial carbon footprint. Current practices in the industry inadequately address sustainability concerns, leading to a critical gap in integrating environmental considerations into core business models. The lack of sustainability considerations contributes to climate degradation and undermines the industry's long-term success and resilience. This observation signifies the need for a more systematic trajectory toward total decarbonization of the industry through the implementation of sustainable practices across its value chain. This work aims to develop a conceptual framework of sustainability assessment for a case study in the event and convention sector integrating two indicators: greenhouse gas emissions and energy consumption. The result identified a critical gap in current practices regarding the insufficient integration of sustainability assessment into the core financial business models of firms. The authors propose a new approach to address this by integrating economic impact analysis through the employment of the Return of Sustainability Investments – discovered as the most effective sustainability economic impact assessment method in this study. To facilitate optimized implementation, a multilevel strategy framework enabling the adoption of a sustainability assessment is presented in this paper. This paper contributes to improved execution of sustainability assessments, where the framework can be applied in heterogeneous sectors. |
| format | Article |
| id | doaj-art-7baae4e9374948ff8206b1f2ea1b02d3 |
| institution | Kabale University |
| issn | 2666-7843 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Cleaner and Responsible Consumption |
| spelling | doaj-art-7baae4e9374948ff8206b1f2ea1b02d32024-12-19T11:01:01ZengElsevierCleaner and Responsible Consumption2666-78432024-12-0115100226Harmonizing business practices of events and convention industry through sustainability assessment framework developmentIlanur Elyssa Bart Aswain0Norasikin Ahmad Ludin1Hasila Jarimi2Kathleen L. Purvis-Robert3Norul Hisham Hamid4Mohd Zulkifly Mohd Shariff5John Burke6Solar Energy Research Institute (SERI), Universiti Kebangsaan Malaysia (UKM), 43600, Bangi, Selangor, MalaysiaSolar Energy Research Institute (SERI), Universiti Kebangsaan Malaysia (UKM), 43600, Bangi, Selangor, Malaysia; Corresponding author.Solar Energy Research Institute (SERI), Universiti Kebangsaan Malaysia (UKM), 43600, Bangi, Selangor, MalaysiaClaremont McKenna, Pitzer, and Scripps Colleges, W.M. Keck Science Department, 925 N. Mills Avenue, Claremont, CA91711, USAFaculty of Forestry and Environment, Universiti Putra Malaysia (UPM), 43400, Serdang, Selangor, MalaysiaKuala Lumpur Convention Centre, Jalan Pinang, Kuala Lumpur City Centre, 50088, Kuala Lumpur, MalaysiaKuala Lumpur Convention Centre, Jalan Pinang, Kuala Lumpur City Centre, 50088, Kuala Lumpur, MalaysiaThe global event and convention industry is singlehandedly one of the largest and most lucrative sectors in business forecasting market size projected at approximately more than two trillion U.S. dollars by 2028. Despite being a significant contributor to global economic growth, the event and convention industry faces a pressing environmental challenge due to its substantial carbon footprint. Current practices in the industry inadequately address sustainability concerns, leading to a critical gap in integrating environmental considerations into core business models. The lack of sustainability considerations contributes to climate degradation and undermines the industry's long-term success and resilience. This observation signifies the need for a more systematic trajectory toward total decarbonization of the industry through the implementation of sustainable practices across its value chain. This work aims to develop a conceptual framework of sustainability assessment for a case study in the event and convention sector integrating two indicators: greenhouse gas emissions and energy consumption. The result identified a critical gap in current practices regarding the insufficient integration of sustainability assessment into the core financial business models of firms. The authors propose a new approach to address this by integrating economic impact analysis through the employment of the Return of Sustainability Investments – discovered as the most effective sustainability economic impact assessment method in this study. To facilitate optimized implementation, a multilevel strategy framework enabling the adoption of a sustainability assessment is presented in this paper. This paper contributes to improved execution of sustainability assessments, where the framework can be applied in heterogeneous sectors.http://www.sciencedirect.com/science/article/pii/S2666784324000597Corporate sustainabilitySustainability assessment frameworkEvent and conventionEconomic impact assessmentReturn of sustainability investments |
| spellingShingle | Ilanur Elyssa Bart Aswain Norasikin Ahmad Ludin Hasila Jarimi Kathleen L. Purvis-Robert Norul Hisham Hamid Mohd Zulkifly Mohd Shariff John Burke Harmonizing business practices of events and convention industry through sustainability assessment framework development Cleaner and Responsible Consumption Corporate sustainability Sustainability assessment framework Event and convention Economic impact assessment Return of sustainability investments |
| title | Harmonizing business practices of events and convention industry through sustainability assessment framework development |
| title_full | Harmonizing business practices of events and convention industry through sustainability assessment framework development |
| title_fullStr | Harmonizing business practices of events and convention industry through sustainability assessment framework development |
| title_full_unstemmed | Harmonizing business practices of events and convention industry through sustainability assessment framework development |
| title_short | Harmonizing business practices of events and convention industry through sustainability assessment framework development |
| title_sort | harmonizing business practices of events and convention industry through sustainability assessment framework development |
| topic | Corporate sustainability Sustainability assessment framework Event and convention Economic impact assessment Return of sustainability investments |
| url | http://www.sciencedirect.com/science/article/pii/S2666784324000597 |
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