{"id":6069,"date":"2018-03-23T16:18:58","date_gmt":"2018-03-23T11:18:58","guid":{"rendered":"http:\/\/www.cawater-info.net\/all_about_water\/en\/?p=6069"},"modified":"2018-03-27T16:33:22","modified_gmt":"2018-03-27T11:33:22","slug":"5-things-companies-can-do-to-grow-in-a-water-stressed-world","status":"publish","type":"post","link":"http:\/\/www.cawater-info.net\/all_about_water\/en\/?p=6069","title":{"rendered":"5 Things Companies Can Do to Grow in a Water-Stressed World"},"content":{"rendered":"

There are more than 10 water stewardship frameworks meant to help companies mitigate risk and plan sustainably in a water-constrained world, but there is much more companies can be doing, write industry leaders Paul Reig and Will\u00a0Sarni.<\/em><\/p>\n

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IN A WATER-STRESSED\u00a0world, there\u2019s a powerful\u00a0business case\u00a0for companies to manage this essential resource sustainably, engage in\u00a0water stewardshipand drive collective action. As a shared resource, water provides diminished benefits to all if each user acts only in their own self-interest. Addressing today\u2019s wicked water problems \u2013 including droughts, dwindling groundwater and failing infrastructure \u2013 will require coordinated, collective\u00a0responses.<\/p>\n

Companies across sectors, nonprofits, disclosure initiatives, industry associations and investor groups recognize this challenge and have responded with a range of water stewardship frameworks \u2013 in fact there are now more than 10 corporate water stewardship frameworks. These aim to guide companies to mitigate risk and support long-term sustainable growth in the face of growing water\u00a0crises.<\/p>\n

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Despite the magnitude of the problem and plenty of guidance, 70 percent of\u00a0companies disclosing to\u00a0CDP\u00a0Water, a nonprofit that tracks corporate action on water,\u00a0have board-level oversight of water. And only 20 percent say they have a comprehensive understanding of their water risk. This discrepancy raises the question of\u00a0whether the private sector is prepared\u00a0to sustain business growth and create value in a world of water\u00a0stress.<\/p>\n

There are five emerging trends that inform actions companies can take to help deliver on existing water stewardship frameworks and commitments while reducing risk, boosting resilience and adding value for their\u00a0stakeholders.<\/p>\n

1. Invest in Data, Then Analyze and Disclose\u00a0It<\/h2>\n

Companies require data to tell them where access to water is needed, at risk and financially relevant across their value chains, from raw material sourcing to consumer product use. Data doesn\u2019t have to be perfect to be useful: In the absence of observed data, models and estimates will\u00a0do.<\/p>\n

But without any water data, decision-makers are putting water security, infrastructure and conservation investments at risk. Once data is collected, a company\u2019s benefits can be doubled by disclosing it. Companies that share this information build trust and assure stakeholders that they have strategies to support long-term performance. Facebook is one of many taking the lead. To manage water efficiency,\u00a0Facebook created publicly available dashboards\u00a0to monitor, in real time, water use effectiveness at all their data centers\u00a0worldwide.<\/p>\n

2. Set Priorities for Internal and External\u00a0Action<\/h2>\n

With access to data, companies can quickly set priorities for investments in water stewardship across their value chains, internally and externally. Documenting this information and sharing it publicly will create accountability and ensure board-level decisions result in concrete actions where they\u2019re needed the\u00a0most.<\/p>\n

For example, the\u00a0General Mills Water Policy\u00a0helps ensure the ongoing strength of the business, the\u00a0Mars Inc. Water Stewardship Position Statement\u00a0outlines the company\u2019s ambition to sustain growth while reducing water stress and\u00a0Nestle\u2019s Siting Framework\u00a0guides the company\u2019s siting process to create environmental, social and economic value for the business and\u00a0communities.<\/p>\n

3. Incorporate Water Into a Business Growth\u00a0Strategy<\/h2>\n

In addition to improving water management, companies are increasingly incorporating water into their business strategies by developing new products and services that help solve water\u00a0challenges.<\/p>\n

For example,\u00a0P&G\u00a0aims to provide\u00a01 billion consumers access to more water-efficient products,\u00a0Unilever is accelerating product innovation\u00a0to meet the needs of consumers in water-scarce regions and the Coca Cola Company\u2019s\u00a0Replenish Africa Initiative (RAIN)\u00a0is improving access to clean water to support sustainable development in a rapidly expanding consumer\u00a0market.<\/p>\n

4. Embrace\u00a0Innovation<\/h2>\n

The key to progress, particularly in times of crisis,\u00a0is innovation. In the water sector, digital information networks and new technology, such as the increasing number of smart devices, are driving more efficient water use by industrial and domestic customers, improved water utility asset management and reduced need for water in agriculture. Because the\u00a0benefits of sustainability-driven innovation\u00a0are well known, leading companies are embracing water innovation to protect the planet and increase the bottom\u00a0line:<\/p>\n