Climate Investment Strategy: ASI Reisen Case Study

As one of Europe’s leading active travel operators, ASI Reisen runs guided and self-guided hiking, trekking and adventure holidays in more than 100 countries worldwide. As a B Corp and Travelife-certified operator, sustainability has long been embedded in trip design, local community collaboration, and impact measurement.

This commitment has also highlighted a complex tension familiar to many responsible tour operators. You’ve measured your emissions. You’ve invested in certified offsetting projects. You’ve communicated your approach transparently. On paper, you’re doing the right things.

And yet, a question lingers: is it enough?

For years, climate strategies in travel have centred on a relatively straightforward model - calculate emissions, reduce where possible, and compensate for what remains. That framework has helped move the industry forward. It has created accountability where, in many cases, there was none.

But as the climate conversation evolves, many operators are beginning to ask harder questions about impact, scale and long-term effectiveness. ASI Reisen faced these exact questions. And in 2025, the company decided to completely rethink its approach.

Reduction Still Comes First

Before discussing climate investment, it's important to be clear about one principle: reduction remains the foundation of any credible climate strategy.

ASI Reisen calculates and publishes the carbon footprint of all ASI Originals trips, including flights, accommodation, activities, and in-destination transport. Transparency matters, but only when accompanied by meaningful action.

That work happens at product level. 

• Itinerary Reviews: Each year, product teams review itineraries in detail to analyze transport choices, distances traveled, and opportunities to lower emissions without compromising the travel experience.
• Practical Adjustments: Over time, this process has driven tangible changes, such as removing highly carbon-intensive activities (e.g., helicopter transfers), increasing public transport utilisation where infrastructure allows, and designing itineraries that spend more time in a single location rather than frequently moving between destinations.

Aligning Climate Goals with Local Value

Interestingly, climate benefits often align with other sustainability goals.

Carbon is not the sole metric tracked; alongside emissions, local value added is calculated - representing the percentage of the trip price that remains within the destination economy through accommodation, guiding, food, and local services.

Both figures are published for every ASI Originals trip, and the two metrics frequently move in tandem. For instance, extending a trip by a day improves the ratio between travel emissions and time spent in the destination, while simultaneously increasing the share of spending that benefits local businesses and communities.

In other words, lower-carbon travel and higher local benefits frequently point in the same direction. This synergy has become a crucial lens for decision-making - a topic explored in depth in this ASI Reisen case study on local value creation.

Moving Beyond Traditional Offsetting

For several years, Gold Standard-certified carbon offsetting was included as a standard component of every trip. The projects were credible, and costs were integrated directly into the trip price rather than being left as an optional add-on. This represented a serious commitment that the company views with pride.

The shift away from that model was not driven by concerns about project quality. Instead, it came from a growing recognition that offsetting alone addresses only part of the challenge.

Traditional offsetting is largely retrospective. It compensates for emissions that have already occurred. What it does not necessarily do is accelerate the development of the technologies, infrastructure and business models needed to reduce future emissions at scale.

As an industry, we often talk about decarbonisation. But decarbonisation requires more than balancing carbon accounts. It requires systemic change. This realisation prompted ASI Reisen to explore how climate contributions could play a more active role in supporting the transition itself.

From Carbon Compensation to Climate Investment

Rather than simply replacing one offsetting provider with another, the operator took a step back to develop a comprehensive framework for evaluating climate impact investments. 

Working with a green finance specialist, ASI Reisen assessed potential funds across different areas:

• The robustness of impact measurement and reporting 
• The experience and expertise of the fund team 
• The quality and diversity of the partner network 
• Portfolio construction and risk management 
• Strategic alignment with the company's own climate objectives 

Ultimately, ASI Reisen chose to partner with the Green European Tech Fund (GET Fund), which invests in early-stage companies developing solutions that can contribute to long-term decarbonisation. The fund's portfolio spans areas such as: low-emission mobility, energy efficiency, energy storage, sustainable materials and climate adaptation technologies.

Rather than compensating for emissions after the fact, these businesses work to transform the systems that generate those emissions in the first place. This distinction was central to the company's new strategy.

Lessons Learned So Far

The practical mechanics of the approach have shifted. Separate offsetting fees are no longer included within trip prices. Instead, climate investment occurs at the corporate level as part of a broader sustainability strategy. Based on the regular reporting on portfolio performance and climate impact from GET, ASI Reisen continues to evaluate how those outcomes can be measured and communicated transparently.

What remains unchanged is the commitment to measurement, reduction, and openness, which ASI Reisen demonstrates through:

• Public reporting on trip-level carbon data;
• Ongoing review of products through a climate lens; and 
• Transparent communication on the evolving nature of the strategy

How to report on climate investment impact is something the industry as a whole is still working out. ASI Reisen’s new climate strategy leads by example, showing a strong commitment to transparency, with a focus on establishing a precise methodology rather than defaulting to metrics that look clean but say little.

A Reflection for Fellow Operators

Ambros Gasser, CEO ASI Reisen

If there is one lesson to share with industry peers, it is that discomfort can be useful.

Many operators feel uneasy about relying solely on offsetting. That instinct is worth exploring. Not because offsetting projects lack value. Many deliver meaningful environmental and social benefits. But because compensation on its own is unlikely to be sufficient as a long-term climate strategy.

The more difficult work lies in building a broader approach - one that combines rigorous measurement, genuine emissions reduction and investment in the systems that need to change.

Progress often starts with asking better questions. Questions about effectiveness, scale and accountability. Questions that are sometimes uncomfortable, but ultimately lead to stronger decisions. 

Further insights into the rationale behind this strategic shift can be found in this interview (article in German) with ASI Reisen CEO Ambros Gasser. 

ⓒ Photos by ASI Reisen