Sustainable Synergy: Implementation of The Concept of Environmental, Social, Governance Based on The Global Reporting Initiative in The Tourism Industry in Bali
DOI:
https://doi.org/10.59890/ijefbs.v4i5.37Keywords:
Sustainability, Tourism, WellbeingAbstract
The tourism industry is one of the service sectors with a high intensity of resource consumption, ranging from energy, water, to large-scale waste production. This condition places the tourism sector, especially the hospitality industry, as one of the significant contributors to the global carbon footprint, while making it an important subject in the sustainability discourse. The implementation of ESG frameworks in this industry is no longer just a market differentiation strategy, but has transformed into a structural need driven by regulatory pressures, investor expectations, and shifting consumer preferences. This study examines how the hospitality industry in Bali implements ESG parameters based on GRI standards, identifying the intersection of these values with the concept of universal local wisdom that already exists in Bali. This study uses a descriptive qualitative approach with systematic literature review and content analysis methods. This study found an empirical fact that hotels that collaborate GRI's strict standards with the philosophy of local wisdom of Bali Tri Hita Karana are proven to be quite able to enjoy competitive advantage in the form of a more stable occupancy rate from the high spending conscious traveler’s segment. The implementation of ESG in the tourism industry shows a trajectory that leads to institutionalization, no longer just a voluntary initiative. From this perspective, it reflects the paradigm shift from shareholder value to stakeholder value, where environmental sustainability, social welfare, and transparent governance are the priority antecedents for the competitiveness of tourism business sustainability in the future.
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