Business Water Risk Costs ‘Far Outweigh The Cost Of Action’
A new report has warned that the majority of companies are unable to prove that they’re taking sufficient action to combat the most urgent water-related issues and minimising the associated risks, with over a third increasing water withdrawals and over 95 per cent unable to provide evidence of progress being made against pollution targets.
The CDP’s 2020 Global Water Report has revealed that $301 billion of business value is now at risk because of challenges where water stewardship is concerned – but it would take companies just $55 billion to mitigate the risks and introduce adaptation schemes.
The organisation – which is a non-profit charity that runs a global disclosure system to aid in the management of environmental impacts – is now calling for better measurement and disclosure of the risks related to water, as well as further investment in mitigation and adaptation initiatives, in order to avoid major financial risk.
However, the report did showcase some best practice case studies, with some companies succeeding in reaching net zero water withdrawals by replenishing the same amount of water being withdrawn.
Other brands, such as Mars and Samsung, succeeded in increasing investment in innovations to reduce water usage, while assisting with the transition to zero pollution.
Cate Lamb, global director of water security with CDP, said: “The water crisis must be approached with the same urgency and innovation as the covid-19 crisis – and the business case for action is clearer than ever. We can turn this situation around, but we need much more transformative action.
“As investors pay closer attention to companies’ management of water risks, CDP is calling for all companies to develop ambitious targets to reduce water withdrawals and eliminate water pollution, including net-zero water targets. Companies must take bold action now to transform their business models.”
It will become increasingly important for businesses across all industries and sectors to reduce their water usage and consumption – even here in the UK, famous for its rainy climate.
One of the best ways to immediately make a significant reduction in the amount of water you use is to switch water supplier, something that businesses in England have been able to do since April 2017.
Switching means you are more likely to be able to find a supplier that suits the particular needs of your business, with experience of working with companies in your niche or sector.
You can also arrange for a water audit to be carried out across your entire site, so you’re able to identify vulnerable areas on your premises and introduce the appropriate water-saving measures as and when required. If you’d like to find out any more of the above, get in touch with SwitchWaterSupplier.com today to see how we can help.