Luxury hospitality pioneer Soneva has been awarded the 2023 Terra Carta Seal from the Sustainable Markets Initiative

Soneva, a trailblazer in the realm of high-end hospitality, has recently been honored with the prestigious 2023 Terra Carta Seal by the Sustainable Markets Initiative. This renowned resort brand, boasting exquisite properties in both the Maldives and Thailand, firmly believes that businesses should serve a higher purpose beyond mere financial gains. Soneva acknowledges that indulging in luxury travel and seeking out extraordinary experiences can harmoniously coexist with a profound commitment to the planet, the environment, and the well-being of its inhabitants. Through its unwavering dedication, Soneva consistently strives to set new standards for responsible tourism.

Companies that have showcased the accomplishment of a significant, extensive project, initiative, or strategy that aligns with one or more of the Sustainable Markets Initiative's ten Terra Carta Articles are honored with the Terra Carta Seal. These Articles serve as the foundation for the Terra Carta, the guiding principle of the Sustainable Markets Initiative. It offers a roadmap and structure to expedite the shift towards an ambitious and sustainable future, with a focus on prioritizing Nature, People, and the Planet in global value generation.

A group of worldwide specialists from various fields, including environmental, business, political, and philanthropic, were responsible for choosing the victors. The Terra Carta Seal, created by Sir Jony Ive, was introduced in 2021 at COP26 by His Majesty King Charles III, who was then the Prince of Wales. The Sustainable Markets Initiative has granted its highly sought-after Seal to 83 companies across the globe since its inception.

The Terra Carta Seal, established by the Sustainable Markets Initiative, acknowledges the commendable efforts of companies that are making significant progress in achieving tangible results towards building a brighter future that benefits us all. The exceptional quality of the projects and initiatives undertaken by these companies serves as a benchmark for all of us as we strive towards a more sustainable tomorrow.

Jennifer Jordan-Saifi, the CEO of Sustainable Markets Initiative, has acknowledged the efforts of companies that are making significant progress in achieving tangible results through the Terra Carta Seal. With COP28 on the horizon, the public, private, and philanthropic sectors will convene at the first-ever Business and Philanthropy Climate Forum to close the gap between aspirations and implementation. The 2023 Terra Carta Seal awardees, who serve as role models and trailblazers, are among the examples that inspire and guide us.

Soneva, renowned for its exceptional commitment to sustainability, stands out as the sole hotel brand within a distinguished cohort of prominent global enterprises to be honored with the prestigious 2023 Terra Carta Seal. Noteworthy recipients of this esteemed accolade encompass Airbus, Carbon Clean, CDPQ, DLA Piper, EY, Haier Smart Home, Hitachi, LanzaTech, Novartis, Orange, Ping an Bank, Pollination, ReNew, Robertson, Siemens Energy, and Sumitomo Mitsui Financial Group, Inc.

Soneva has taken the initiative to create its own Total Impact Assessment (TIA) methodology in order to measure and improve its Environmental Profit and Loss (EP&L) on an annual basis. While there is currently no universally accepted standard for environmental and social reporting in the industry, Soneva's TIA approach considers the concept of "planetary boundaries" to evaluate its social and environmental impact. This assessment encompasses various sources that Soneva has both direct and indirect control over, such as natural capital, human capital, social capital, economic capital, and tax.

Soneva is proud to have received the esteemed 2023 Terra Carta Seal, recognition of our commitment to responsible tourism and our advocacy for the positive impact of travel and tourism on global conservation endeavors. Since 2012, Soneva Resorts has maintained carbon neutrality, and we continue to strive towards leading the way in sustainable practices. Recently, we made a significant investment of USD 9 million in 4.5MWp solar PV and 4.5MWh of battery storage at Soneva Fushi and Soneva Jani, bringing us closer to our goal of sourcing 50% of our electricity from renewable energy sources.

Arnfinn Oines, Social & Environmental Conscience at Soneva, informed that a 2% environmental levy is mandatory for all stays. The proceeds from this levy are directed towards the Soneva Foundation, a non-profit organization that helps to offset both direct and indirect carbon emissions from resort activities and guest flights. Additionally, the foundation supports impactful global projects such as forest restoration efforts in Mozambique and Thailand, coral restoration in the Maldives, reintroducing near-extinct hornbills to Thailand’s Koh Kood island, and distributing fuel-efficient cook stoves in Myanmar.