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The urgency of climate change is more evident than ever, as emphasised by the 2021 Intergovernmental Panel on Climate Change (IPCC) report. Travel & Tourism is strongly affected by its impacts, but as many other sectors, is also an important emitter of greenhouse gas (GHG) emissions, thereby actively contributing to climate change. It is therefore of utmost importance to decarbonise the sector as quickly as possible and reach net zero by 2050. In this journey, businesses play a crucial role given their investment potential and ability to affect positive change across entire value chains. For this reason, this report is aimed at private sector stakeholders, with special focus on selected industries, namely accommodations, tour operators, aviation, cruise, and online travel agencies (OTAs) & travel agencies (TAs). The report aims to offer a better understanding of the status quo of climate action of Travel & Tourism businesses within selected industries, as well as current challenges, opportunities and needs. It also provides a decarbonisation corridor framework demonstrating what net zero journeys could look like for different types of businesses and gives guidance and recommendations on potential climate action.