Water’s scarcity and abundance impact the availability and price of goods, the profit of companies, and the vitality of economies. Climate change realities coupled with urban growth, infrastructure demands, and economic constraints create additional pressures on cities, businesses, and water utilities. These circumstances highlight the need for increased awareness about the value of water and its impact on business operations.
The business community is mobilizing investment and expertise to address the growing global water crisis. Companies are investing millions of dollars to create assessment tools of help them appropriately examine the problems, devise cost-effective strategies and solutions, understand the impact of water on their value chains, and improve water use practices and impacts.
Forward-thinking CEOs exhibit a general optimism that sustainable solutions can and will be developed to meet urban water needs. Most support the thesis that the actions we take will require ingenuity, creativity, and a continuous stream of information about the new water reality—one in which we cannot continue to have all the water we want, when we want it and at a relatively low cost.
Terry Mah, CEO and President of Veolia North America, advocates for a “blue model” of growth that helps corporations improve productivity, use less water, and work to find ways to sustainably replenish water sources. “Cities and industries must adopt efficient consumption, higher levels of reuse, and true innovation or risk the consequences. If problems are not at a business-as-usual pace, then our solutions cannot be either. Innovation and speed are required.”
Water is an incredibly precious and powerful resource. Its intrinsic value is far beyond what we pay for it. We can define a new reality by positioning value of water discussions front and center and having what Michael Deane, Executive Director of the National Association of Water Companies, describes as “crucial conversations” that define the real costs associated with delivering a reliable supply of high-quality water.
“During the last 100 years, the water industry has done such an effective job of invisibly and reliably delivering drinking water to the tap at a reasonable cost that we inadvertently diminished the value of the water systems that deliver it…Water saturates every aspect of our life, and it stands to reason that the systems that deliver water are as valuable as the water itself,” Deane notes.
While there may be little agreement on the monetary value of water (though new research is emerging), there seems to be universal consensus on its critical value. Understanding the risks—and the opportunities—places businesses, water utilities, and governments in a more competitive position to lead and succeed in a carbon and water-constrained economy, and ultimately secure a future of water sustainability.