International NGO WWF has implemented an upgrade to its Water Risk Filter, an online tool aimed to help companies and financial institutions mitigate water risk to operations and assets.
The Water Risk Filter tool now provides corporates and investors with a new "Respond" tool to guide and ensure that responses adequately address their water risks – from increasing scarcity to extreme floods to growing social conflict and weak regulations, the environmental organization says.
WWF's tool has now developed over 150 different "response" actions. Based on a set of potential mitigation measures, the new Respond functionality offers users – from multinationals to SMEs to financial institutions – a customized and ranked list of recommended actions according to unique water risk profiles.
“Business leaders are finally waking up to the fact that they need to take urgent action to mitigate their water risk or end up with drying and drowned assets – and now they have a tool to help them make the best decisions,” said Stuart Orr, WWF Freshwater Practice Lead.
“The World Economic Forum recently ranked water crises as one of the top five global risks by impact – for the 9th year in a row. But now companies can receive a tailored set of recommended actions to tackle their water risks and safeguard their bottom line: there is no longer any excuse for inaction,” added Orr.
During development WWF worked closely with the multinational fashion company, H&M Group, to refine the Respond section.
“By using water data from over 1000 of our business partners, the new Water Risk Filter Respond section helps us guide and scale up water stewardship efforts in the H&M value chain,” said Shariful Hoque, Water Sustainability Responsible at H&M (Global Production). “Next step is a deep dive to set even more specific textile sector actions on our way to becoming fully circular in our business.”
“Our new Respond section marks a fundamental shift in what the Water Risk Filter can do and how businesses can benefit from it,” said Orr. “By tackling their water risk, companies will also support sustainable development by enhancing the health of river basins and wetlands around the world – and all the communities, cities and nature that depend on them.”