New Paper Calls for Urgent Business Action to Mitigate and Manage Water-Related Risks of Climate Change

March 20, 2020, Oakland, California — A paper released today by the Pacific Institute and partners presents the case for more urgent action from the business community to mitigate and manage the water-related risks of climate change, including precipitation shifts and extreme drought, which are intensifying around the world. By demystifying common barriers to action and presenting examples from businesses making effective changes on the ground, Corporate Water Resilience in an Uncertain Future shows how businesses can effectively adapt to physical risks of a shifting climate, while helping to mitigate further effects of climate change. Around the globe, businesses are experiencing the adverse physical effects of climate change, from increased operational costs and disrupted production to social unrest in communities in which companies operate. These climate impacts are most prominently expressed through changes in the water cycle; according to data reported to CDP, changes in precipitation and extreme drought have been the most common physical risks of climate change thus far. A growing number of companies recognize the imperative to manage the risks of climate change. Yet more urgent action is needed. To build resilience to our changing climate and thrive into the future, businesses will need to effectively consider, mitigate, and adapt to the water-related risks of climate change to their core operations, supply chains, surrounding communities, and broader networks. The paper was produced by the Pacific Institute, in partnership with the UN Global Compact’s CEO Water Mandate, which the Pacific Institute serves as Co-Secretariat for, along with CDP, Suez, and WBCSD. The partner organizations worked with companies to understand the physical risks of climate change and how to address these risks. In documenting actions implemented to date, the authors aim to raise awareness and enable more companies to build their water resilience. Learn more and download the discussion paper here.