While the pandemic has decimated the travel industry, we fortunately continue to see indications of a strong rebound in travel in many, though not all, areas of the globe. However, international travel, especially long haul, will remain depressed for some time. The lack of clear and consistent regulations related to travel have been, and will remain, some of the biggest challenges our industry will face. The pandemic will soon become endemic and pent-up demand that is limited to domestic and regional travel may result in crowded accommodations and higher prices.
If governments and businesses could work together and unlock international travel quicker while maintaining health and safety, both the travel industry and the world’s economy would greatly benefit.
As we look back on a vastly disruptive 2020-21 for the travel industry, which innovations have stood out to you as going the extra mile to provide support, reassurance and clarity to travelers?
There are several. The first example worth noting is the EU Digital Certificate - which identifies travelers as safe through either proof of vaccination or a recent negative COVID test. This was a significant step in the right direction to support the travel industry in Europe, and it is unfortunate that not all governments adopted a similar program as it would have been beneficial if everyone was on the same system.
In terms of our own businesses, last year, Booking.com made it simple for properties to display precautionary COVID-19 measures to travelers seeking this enhanced transparency, while providing online resources to help partners navigate health and safety regulations and traveler preferences. Over 17 million listings on Booking.com’s platform have now implemented health and safety measures.
As travel began to pick up again and countries were slowly reopening their borders, KAYAK developed a heat map that identified the different country and state-level restrictions that were in place for travelers to use as a guide when planning their trips.
These are just a few examples of some great efforts to support travelers and partners alike over the past 18 months.
To what extent was Booking able to collaborate, if at all, with its peers and competitors to provide innovative solutions to critical problems?
For a highly competitive industry that was arguably the hardest hit by the pandemic, there was a unified desire to support customers, partners and employees any way we could. The key, however, was working in unison with governments, stakeholders and intergovernmental organizations to revive travel for the long term. One example of this collaboration was a signed letter of support for the implementation of the EU Digital Certificate by Booking, along with several other travel sites and companies.
While the pandemic disrupted the travel industry significantly - and immediate unified support is still needed - it’s also important for us to remain focused on the long-term health of not just the travel industry, but the world. The pandemic spotlighted the importance of preserving our planet for future generations to also be able to experience it. Last year, we were the first online travel company, among a now broader list of travel companies, to join the UN’s global tourism plastics initiative, which promotes long-term solutions to reduce pollution and waste from disposable plastics, which will ultimately help support a responsible recovery from the impact of the pandemic.
In line with this long-term outlook, last December we pledged our support for the Tech for Good Call initiated by President Macron of France, alongside other tech firms in the EU. Through this pledge, we committed to developing technology in a responsible way, in alignment with the principles outlined by the Tech for Good initiative. Ultimately, we recognize that for technology to be a continued source of human progress, all stakeholders must cooperate to ensure inclusive access and prevent abuse.
Which technological innovation do you believe will have the biggest impact on the day-to-day operations of the travel sector in the coming decade? To what extent will Booking aid in the provision/development/implementation of this innovation?
The pandemic shined a spotlight on the importance of technology, highlighting not just our reliance on it, but also our expectations of it. This could not be more true as it relates to travel. At Booking, we continue to build towards our long-term vision of the Connected Trip, which is essentially a multiproduct offering, including accommodations, flight, ground transportation, attractions, and dining, all connected by a seamless payment network to further remove the friction out of the travel experience. Looking ahead, payment technology specifically will play an increasingly critical role in transforming the travel experience.
Travel is different from nearly every other corner of e-commerce, strictly because of the often massive time gap between financial commitment from a customer booking and the time they actually take their trip. Many people book and pay for their travel up to a year in advance, which introduces a whole host of different variables and financial risks to consider. Markets have vastly different payment practices and methods, and bridging the gap between these helps ease friction and enhances the value we bring as a global intermediary.
At Booking, the goal is to make it easy for anyone, anywhere in the world to pay for their travel or do business on our platform when and how they want. A few months ago, we announced the creation of a new internal FinTech business unit to facilitate seamless access to the company’s global travel marketplace for both customers and partners. As a truly global e-commerce company with business operations in nearly every country and city on the planet, the vision behind creating this new business unit was to make buying and selling travel-related products and services through millions of cross-border, cross-currency transactions taking place daily, truly easier for everyone.
Can you comment on the importance of “proof of vaccines” to the travel sector?
Proof of vaccination is important to the travel sector because it fosters safe travel, allowing the industry to recover while we all collectively work together to end this pandemic - and the key to ending this pandemic is through widespread distribution of vaccines. That is the only way we will move forward, and in the process, save countless lives. The recent decision by the U.S. government to allow non-essential travel to the US for only those who are vaccinated will likely encourage some people to get vaccinated in order to visit.
There are many countries that require vaccinations to prevent the spread of disease, so this is not a novel tactic to ensure travelers are deemed safe and people are protected. For international travel to rebound, proof of vaccinations will continue to be critical for border restrictions to loosen, allowing more people to experience the world once again.
Want to know more?
Glenn Fogel will be speaking further at Reuters MOMENTUM (Oct 27-29) on the intersection of technology and travel in a post-pandemic world. The impact of the pandemic on the travel industry has been unprecedented. While travel has begun to rebound in certain parts of the world, the uncertainty of the virus continues to impact travel recovery - affecting millions of people around the world. Eventually, the pandemic will end, but COVID will likely remain a part of our reality indefinitely. In this conversation, Booking Holdings' CEO Glenn Fogel will discuss the role technology has played in the travel recovery, and the role it will continue to play as COVID becomes more and more a part of our daily realities in the future.
For more information, and to secure a free ticket to attend visit our website here
About Reuters MOMENTUM
Running October 27-29, Reuters MOMENTUM brings together more than 25,000 executive attendees to hear from the world's most influential technologists, policymakers, NGOs and business leaders. Content is curated exclusively for Reuters MOMENTUM, with the event producer pushing every speaker to reveal real insights and invaluable business intelligence attendees. Ultimately, the producers aim to ensure that attendees gain the tools, tips, strategies, tactics and best practices they need to impact lives through innovation and future-proof their businesses.
Furthermore, access to the event and content platform was launched early, allowing attendees to consume the actionable takeaways they need to succeed right now.
Developed in collaboration with Reuters award-winning newsroom, Reuters MOMENTUM is broadcast live to share strategies towards a better future as society gets ready for the 'next normal' after a period of unrivalled disruption. All sessions are recorded and made available on-demand to attendees shortly after broadcast.
Confirmed attendees include global chief executives, chief information officers, chief technology officers, chief innovation officers, chief people officers and their teams from some of the world's largest and most influential companies.
The virtual summit has four central, interlinked content pillars: Society, Economy, Sustainability, Trust & Ethics. For more information on the event, visit https://reutersevents.com/events/momentum/.
This article has been developed ahead of Transform Food & Agriculture USA 2024 (October 8-9, Minneapolis)
1. Adapting Regulatory Frameworks for Effective Scope 3 Emissions Management: A Path Forward for Farmers
The agricultural industry plays a critical role in global efforts to address climate change, especially when it comes to the management of Scope 3 emissions – those generated not directly by the farm but through the supply chain and product lifecycle. As the world turns its focus to reducing carbon footprints, farmers are at the forefront of these changes. Yet, as regulations continue to evolve, it's crucial that they strike a balance, ensuring meaningful environmental impact while addressing the concerns of farmers and incentivizing sustainable, practical practices.
One of the biggest challenges farmers face with current environmental regulations is that they can often be overly rigid or one-size-fits-all. While the goals of reducing emissions and improving sustainability are admirable, the practicalities of implementation on farms can be complex. Farming is a diverse industry, with operations varying widely based on region, crops and available resources. Regulations that do not account for this diversity may fail to encourage the adoption of sustainable practices.
It’s important to balance environmental goals with the economic realities farmers face. High costs associated with new practices or technologies can be a significant barrier, even for those committed to environmental stewardship. Therefore, incentive structures must be designed to mitigate these costs and support a gradual, financially feasible adoption of new practices.
For example, the U.S. Treasury Department’s recent proposed rule on eligibility for the new Sustainable Aviation Fuel (SAF) tax credit stipulates that to qualify, farmers must implement no-till farming, use cover crops and apply energy-efficient fertilizers. While these practices are beneficial and align with environmental goals, requiring all three simultaneously may not be practical or economical for most farms.
Crop insurance policies are another critical aspect of the agricultural sector, a risk management tool that helps farmers manage unknowns and maintain the viability of their operations. Many of our clients at Compeer Financial use crop insurance as an integral risk mitigation tool in the farm-to-fork value chain. However, current USDA crop insurance guidelines can limit the adoption of certain sustainable practices, such as cover crops. These guidelines can be restrictive, as farmers face challenges in integrating cover crops without adequate insurance support. Choosing between environmental sustainability and maximizing farm profits is not a fair option. To manage this risk, additional protection should be layered into crop insurance programs. Bridging the gap will require feedback, advocacy and research within the network that supports producers and the next generation of land stewards.
At Compeer Financial, we are committed to working alongside our clients and industry partners to address these challenges. Our goal is to ensure regulations are based on sound science and that incentives are flexible, allowing farmers to contribute positively to environmental goals while remaining economically viable. As carbon and sustainability targets evolve, a nuanced approach that respects the complexities of farming and fosters genuine progress is essential. Collaboration with farmers, industry experts and policymakers is key to creating effective and equitable regulations that support our shared goals.
2. Balancing Productivity, Sustainability and Profitability in Farming
Farming has always been a delicate balance, where the mission is to nourish a growing global population while safeguarding our planet’s precious resources. As a farmer-owned cooperative, Compeer Financial understands that our role extends beyond financing—we are committed partners on the journey toward long-term success in agriculture. But as we look to the future, one critical question remains: How can farmers increase productivity and reduce environmental impact while maintaining profitability?
Agriculture’s history is a story of continuous improvement. From the dawn of mechanization to the current era of precision farming, each advancement has been driven by the need to boost productivity and efficiency. Today, farmers have access to a remarkable array of tools, including remote sensing, artificial intelligence and precision analytics. These technologies offer new opportunities to optimize crop inputs and fine-tune management decisions in ways that were unimaginable a generation ago. However, the challenge lies not only in adopting these innovations but also ensuring they make financial sense. It’s essential to evaluate new technologies not just for their potential to improve efficiency, but also for their return on investment to ensure they bolster the farm’s financial health and build a sustainable business.
A significant barrier to adopting new practices and technologies can be the economic feasibility. Farmers operate in a high-risk environment, where factors such as unpredictable weather patterns and volatile commodity prices can significantly impact their bottom line. For innovations to gain traction, they must offer clear environmental benefits coupled with tangible economic advantages. And above all, profitability ensures business longevity.
Data is the cornerstone of modern agriculture, empowering farmers to make well-informed decisions. Yet, the process of collecting and analyzing data can be daunting. Tasks like soil sampling are resource-intensive, costly and laborious. Gathering the right data to make accurate decisions is a major hurdle.
To address these challenges, innovations must focus on simplifying data collection and enhancing data sustainability. Streamlining data processes can better track agricultural footprints and enable farmers to implement new practices more effectively while learning from their experiences. For instance, imagine a system that accurately tracks a farm’s soil health and market value. Compeer is partnering with Delta Institute to explore new ways of tying soil health and land valuation together – making sense for farmers, appraisers and lenders throughout the Midwest. Since farmland often represents a significant asset, landowners have a vested interest in adopting sustainable practices. An accepted sustainability scoring system could provide a fair and useful way to assess and reward these efforts, aligning environmental stewardship with economic benefits.
In summary, the road to a prosperous and sustainable agricultural future is paved with continuous improvement and adaptation. While technology and innovation are vital, their success depends on aligning with economic realities. At Compeer Financial, we are committed to supporting farmers through this evolving landscape. We believe in investing in both innovative practices and robust data systems to ensure that sustainability and profitability go hand in hand. Together, we can build a future where agriculture thrives while respecting and preserving the environment. This strategic integration of innovation supports robust farm operations and builds a foundation for future success in a rapidly evolving industry.
Together, we can build a future where agriculture thrives while respecting and preserving the environment. This strategic integration of innovation supports robust farm operations and builds a foundation for future success in a rapidly evolving industry.
3. Navigating the Future: Addressing Challenges in Agriculture and Rural America
As we look toward the future of agriculture and rural America, it’s clear we face significant challenges – both regulatory and societal – that require innovative thinking and strategic investment. At Compeer Financial, we are committed to transforming these challenges into opportunities that will sustain and enhance the vitality of the communities we serve.
Building Sustainable Infrastructure
One of our key areas of focus is ensuring the long-term sustainability of rural communities through strategic infrastructure investments. Infrastructure is the backbone of rural communities, and without it, agriculture and other sectors cannot thrive. We are committed to investing in projects that do more than maintain the status quo; we are driving change by embracing technologies and practices that can fundamentally transform rural America.
In Moose Lake, Minn., Compeer worked with eight funding partners – local banks, credit unions, government entities and grant makers – to create a financing package to modernize the local hospital. In Cumberland, Wis., we partnered with local banks and USDA to update a local healthcare campus that has helped attract new physician talent to the area. We’ve successfully collaborated with community banks and others 63 times to bring hospitals and nursing homes to rural communities.
Additionally, broadband connectivity is no longer just a convenience – it’s essential for modern farming, education and health care in rural areas. Compeer Financial is working closely with policymakers and local governments to advocate for and fund the expansion of rural broadband networks. This effort is critical to ensuring our rural communities are not left behind in the digital age.
Climate Smart Incentives
Another significant area of focus is on making sustainable farming practices more attainable. Farmers are stewards of their land and want to be a bigger part of the solution; however, the investment required to implement some approaches can be limiting.
Compeer Financial is creating pathways to accessibility through credits, incentives and investments. In addition to solar and carbon referral programs, Compeer may soon offer low-interest equipment loans using low-cost capital provided from the EPA’s Greenhouse Gas Reduction Fund. Equipment for cover cropping, no-till or reduced tillage, precision fertilizer application and automation and monitoring technology would be eligible. Compeer is also collaborating with major consumer packaged goods, processor companies and other agricultural partners to align incentives to further promote adoption.
With access to updated, modernized and affordable equipment, our clients will be positioned to reduce carbon and methane gas emissions, lower energy use and enhance soil and herd health – without negative impacts to their livelihood.
Preparing for Disruption
As we navigate these challenges, we’re also keeping a close eye on niche technologies and policy shifts that could disrupt the food and agriculture landscape. From advancements in precision agriculture and biotechnology to changes in trade policy and food safety regulations, the landscape is constantly evolving.
Compeer Financial is committed to staying at the forefront of these developments. We’re investing in research, technology and partnerships that will allow us to anticipate and adapt to these changes, ensuring our clients are not just prepared, but positioned to lead in the new agricultural economy.
By focusing on sustainable infrastructure, climate-smart incentives, and preparing for technological and policy disruptions, we’re confident we can continue to support the vitality of rural America and the success of our clients for generations to come.
4 - Building Resilience: How Compeer Financial is Preparing Agriculture for the Future
Throughout my career at Compeer Financial, I’ve been dedicated to advancing the success and sustainability of agriculture and rural communities. As the president and CEO of this farmer-owned financial cooperative, which is part of the Farm Credit System, I am proud of how we’ve strategically embedded innovation into the core of our organization to address today’s challenges and anticipate future opportunities.
Agriculture is dynamic and constantly evolving, and it is critical our organize innovate alongside these industry transformations. While producing food, fuel and fiber is crucial, agriculture also plays a vital role in sustaining communities and supporting local economies. My leadership philosophy at Compeer emphasizes developing a culture of innovation and forward-thinking. True progress necessitates embracing transformative ideas and cultivating teams with a growth-oriented mindset. We focus on long-term strategic planning grounded in thorough research, which enables us to better serve our clients and equip them for future success.
One critical insight I’ve gained is the importance of balance. In pursuing innovation, it is essential to carefully evaluate risks, assess team capacities and consider broader economic conditions. Striking the right balance between advancing new ideas and preserving our foundational strengths ensures sustainable growth and alignment with our clients’ needs and market dynamics.
Another insight is that transformation requires collective engagement – it cannot happen in isolation. Transformation involves the team, partners and clients. At Compeer, we emphasize clear and consistent communication of our vision, ensuring everyone understands the direction, the significance and feels included in the journey. This approach involves not only articulating our goals but also actively soliciting feedback and curating a sense of shared ownership among all stakeholders.
Our commitment to forward-thinking is fundamental to our success. We continuously explore emerging trends, technologies and global dynamics to understand their potential impacts on our clients and organization. This proactive stance positions us—and our clients—to remain resilient in the face of change.
Innovation extends beyond internal operations; it also encompasses our engagement with and advocate for our clients. For instance, last year, I had the privilege of testifying before a U.S. Senate subcommittee – an opportunity to represent Compeer Financial, but more importantly, to amplify the voices of farmers and rural communities in an impactful way. Whether influencing the Farm Bill or engaging with policymakers, advocacy remains a critical element in ensuring our clients’ needs are heard and addressed.
Investing in the future of agriculture is another cornerstone of my leadership approach at Compeer. The organization has made significant investments in rural America through grants, scholarships and other financial commitments that support vital resources within these communities. Our commitment to transformative thinking drives us to explore innovative methods of providing capital in rural areas that extend beyond traditional corporate giving and financing practices. This often involves assuming different risk parameters, but it is essential for supporting our clients’ ongoing growth and success.
I am confident the insights I’ve gained throughout my leadership journey will continue to guide the organization. By maintaining steadfast commitment to innovation, advocating for our clients and strategically investing in the future, we are not merely responding to change, but actively driving it. This proactive approach ensures both Compeer Financial and the clients we serve are well-positioned to thrive in the ever-evolving and constantly changing landscape.
Want to know more?
Jase Wagner is speaking at Reuters Events: Transform Food & Agriculture USA 2024 in Minneapolis from October 8-9.
To deliver on stated scope 3 and food security commitments, it’s never been more important for food multinationals to achieve greater alignment on strategic goals, impacts frameworks, and innovation investment.
Now is the time to accelerate a holistic transformation. Will you join us?
Forward thinking food executives are expected to navigate these challenges, yet it’s clear that success cannot be achieved by working in silos. Instead, our shared exposure to unprecedented complexity demands that collaboration be at the heart of our global transformation journey. Only then can we urgently catalyze, empower, then scale the innovations that are essential to long term food security.
For this reason, Reuters Events: Transform Food USA 2024 (October 8-9 | Minneapolis) will challenge the world’s most influential food decision makers to break down the structural barriers to transformation at scale and unlock a viable roadmap to a net positive food future for all.
Register with the code TRANSFORMVOICES to save $200 on any ticket now.
Over two days, our innovative breakout-driven forum will provide executives with the trusted platform needed to break down barriers, think differently, and develop an implementable strategy for holistic transformation in all food categories.
Leveraging insights from impactful interviews, and expertly moderated panels, our attendees will work to unlock new insights, revise stakeholder strategies, and a develop a toolkit for driving meaningful innovation in supply chains and take advantage of net positive business opportunities at scale.
Join us this fall to unlock the innovation mindsets, strategies and technologies that’ll secure a more sustainable and resilient food future for all.
