Low level of strategic planning or corporate ambition on key water stewardship metrics raises risk level, the report says. Despite increasing recognition that water risks cannot be tackled in isolation, just 6 percent of companies have targets or goals for community engagement, 4 percent for their supply chains, 3 percent for water management and 1 percent for transparency. Not a single company reports a public policy target and 15 percent of companies fail to meet water discharge regulations.

Water risks threaten metals and mining companies’ growth prospects — but companies that are taking action now to manage water are better financial performers, according to analysis published in July from CDP and Eurizon Capital.

Correction: Due to a CDP error, an earlier version of this article incorrectly said the report is based on data provided to CDP at the request of investors representing $87 trillion.