Hacking on Water Shortage

csrasia

Concerning about one of the global developmental issues caused by climate change and rising sea levels which is water crisis, this issue will be addressed at the upcoming CSR Asia Summit 2015 which is the annual leading conference on corporate social responsibility in Asia whereby industry experts and business leaders will be gathering and assess how water scarcity and deteriorating water quality could have a lasting effect upon all businesses.

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Making relations with the concern, The World Economic Forum’s Global Risks 2014 report was published as a report of assessing 31 risks that are global in nature and have the potential to cause significant negative impact across entire countries and industries which are grouped under five categories – economic, environmental, geopolitical, societal and technological, then measured in terms of their likelihood and potential impact.

One of the key outcomes of the report is water crises is the third highest risk of concern to global development due to significant proportions of Asian coastal areas that are highly vulnerable to flooding resulting from climate change and sea-level rise.

The impact of the water crisis does not affect the local stakeholders of these countries solely. According to CDP Global Water Report 2014, 70% of respondents reported that water poses a substantial risk to their business. Corporations that do not employ water management face economic losses and risks as well as water shortages which affect business operations.

While a large number of Asian companies have implemented programs to tackle greenhouse gas (GHG) emissions, and other environmental impacts of their operations, similar efforts to conserve, manage or obtain water are found to be lacking.

This is further supported by findings from the 2014 Channel NewsAsia Sustainability Ranking, where less than one fifth (17%) of companies demonstrated water management programmes. These included strategies for water reuse and recycling, along with targets for reduction of water use with deadlines. Lack of water management efforts by corporations will thus affect the nation’s economy adversely.

The ranking, now in its second year, is a joint initiative between Channel NewsAsia, CSR Asia and Sustainalytics, and identifies and celebrates regional leaders in corporate sustainability which also lists the Top 100 sustainable companies in Asia and highlights the Top 20 Asian companies, as well as the Top 3 companies in each economy.

Themed Strategic Value Creation, the CSR Asia Summit 2015 will take place from 7 to 8 October 2015, at Royale Chulan Hotel Kuala Lumpur, Malaysia which will look into ways business strategies can bring shared value to business, community and society.

The results of the 2015 Channel NewsAsia Sustainability Ranking will also be announced at the Summit on 7 October 2015 as territories covered in the ranking include China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand. This sustainability ranking aims to trigger the thought process amongst Asian corporates to identify and address sustainability issues that are most relevant to their business and local stakeholders.

More information about CSR Asia can be referred here and information about the CSR Asia Summit 2015 can be referred here. Live updates about the Summit can be referred on Twitter with the hash-tag #CSRASIA15.

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