With increasing numbers and types of water users, there is a risk that responsibility and accountability for water risks becomes further fragmented and water resource management is put on hold.
Of the world’s 276 international river basins, 60 per cent lack co-operative management frameworks and yet, with increasing scarcity, water prices and conflicts over access to water are likely to increase.
What can businesses do?
It has been established that two-thirds of UK businesses do not measure or monitor their water use and 85 per cent have set no reduction targets. Businesses have the opportunity to lead the way as water stewards by, for example, promoting practices in their supply chains, such as rain water harvesting or more efficient irrigation. Stakeholders must work together to build management strategies that address increasing water demand and secure water dependencies. Businesses with a sound understanding of water risks can also demonstrate themselves as a more attractive investment. Understanding different perspectives and needs as well as measuring the costs and risks for a variety of sectors can facilitate collaborative opportunities by identifying synergies and subsequent beneficial solutions.
