With extreme heat, drought conditions and raging wildfires in the headlines around the world, water and water conservation has been top of mind this summer and fall.
We have been talking about water sustainability in terms of corporate sustainability assessment, reporting and risk management for years. But many companies are just now looking at ways to assess their water risk.
If you’re on the sustainability team, there is no better time than right now to make the case for performing a risk assessment and developing a sustainable water strategy to help mitigate business risk.
One of the best ways to speak the language of company leadership is to present risk in terms of dollars and cents.
Monitize how water scarcity may impact revenue
The Water Risk Monetizer is a tool that enables water-dependent businesses to look at their current and future water risks, with direct-impact insight into how water, or water scarcity, will impact revenue. This free financial modeling tool will help water-dependent businesses better understand the current and future value of water.
When supply and demand meet water
A basic human need, water is likely the most under-priced natural resources in the global economy. Water costs to business have the potential to dramatically increase, or be made unavailable for business needs, as public opinion and government policy shift to ensure equal access for basic human consumption.
Businesses can expect the cost and availability of water to increase, and should plan now to incorporate those increased costs, or look for ways to minimize water use, to ensure financial viability in an age of water scarcity.
Understand water risk, plan for water reduction
A monetized water scarcity assessment will help companies identify areas where risk exists today and in the future.
But, performing a cursory risk assessment is just the first step. Next, you’ll need to delve into actionable solutions to mitigate risk before it becomes a revenue loss – supply chain analysis, production technologies, factory siting, R&D strategy, or even product phase-out planning.
Make the case for water conservation, and then push for some real strategic water sustainability strategy.
If you are interested in corporate water management, you'll love our water footprinting tools. Got another water resource to share? Leave a comment, or talk to us on Twitter (@jenniferwoofter).