The Value of Water for Business
United Nations Global Compact
Event description
Companies around the world are increasingly recognizing the value of water and the serious financial impact that water scarcity poses to their businesses. A 2020 report from the Carbon Disclosure Project (CDP) estimates that some $301 billion of business value is at risk due to water scarcity, pollution and climate change.
The Water Resilience Coalition (WRC), whose corporate members boast a $2.8 trillion total market capitalization, is an initiative of the UN Global Compact CEO Water Mandate. The CEO Water Mandate provides a framework for companies to take action on water and provides peer-learning opportunities for all. The CEOs involved in the WRC focus on finding climate-smart water solutions that address water stress. The Coalition aims to positively impact water in 100 basins worldwide and to secure sustainable access to drinking water and sanitation for 100 million people by 2030.
During this event we learned that enhancing corporate water leadership doesn’t just make sense from an ethical point of view – it’s also vital from a business point of view. Businesses are set to lose millions unless they act now.
As stated by Starbucks’ Chief Sustainability Officer, Michael Kobori, collective action is essential. “Water is a shared resource – therefore the challenges and solutions to the water crisis must be addressed collectively. One company alone cannot protect a whole basin, but joining forces with other companies and organizations can have a major impact.”
Collective action is also central to tackling the fundamental issue of water policy and governance where company and non-company voices can work together to address systemic barriers that impede water security.
Water is also tied to key social issues, for example as Gap Brand’s President and CEO, Mark Breitbard stated, “Water is critical to the health and well-being of the people who make our products, the majority of whom are women (80%). Women face a disproportionate burden from lack of water resources in those regions.”
Moderator:
Antony Currie
Reuters Breakingviews
Speakers:
Jason Morrison
Head, CEO Water Mandate & President, the Pacific Institute
Mark Breitbard
President and CEO, Gap Brand
Michael Kobori
Chief Sustainability Officer, Starbucks
Kelly Ann Naylor
Vice-Chair, UN-Water
Sanda Ojiambo
CEO and Executive Director of the UN Global Compact
Faith Lawrence
Country Coordinator, Natural Resources Stewardship Programme South Africa, GIZ
Paul Fleming
Water Manager, Microsoft
Closing Remarks:
Doug Baker
Executive Chairman of the Board, Ecolab