What is the issue?
Water management and resource development must also be included in the corporate agenda, just like the carbon footprint.
What is the need?
- Water footprint - Industrial societies thrive on an extensive use of water to run their manufacturing facilities.
- These industries discharge large quantities of water from their sites and leave a worrying water footprint.
- Water crisis - A recent report has pointed out that around 75 million Indians have no access to safe drinking water supply.
- Water supply in India for long has been dependent on two principal sources — rivers and groundwater.
- Sadly, Indian rivers continue to shrink as a result of gross industrial pollution.
- Also, growth in population over the decades has resulted in the depletion of groundwater resources, leading to a water crisis.
- Indian government has announced a water index to rank states on the merit of their water management capabilities.
- Beyond this and other such government efforts towards water conservation, India needs the contribution of the industrial entities.
How can corporates contribute?
- Companies - Companies need to first assess their water footprint or the total volume of freshwater that is used for company operations.
- Corporates can adopt a three-pronged sustainability approach of reducing, recycling and replenishing water resources.
- Metering, monitoring and controlling water usage at manufacturing facilities and commercial establishments can be a good start.
- By proactively reducing the water footprint, companies can also turn water into a competitive advantage.
- CSR - Investments must be channelized towards Corporate Social Responsibility endeavours.
- Corporates can educate rural communities on traditional methods such as rainwater harvesting and groundwater restoration.
- They can also focus on empowering farming communities with water efficient techniques like drip irrigation.
- Collaborations- Partnering with private institutes and universities for research on water management and resource development will be critical.
- Fostering relations with local water administrators and researchers could also be promoted.
- Assessment - The objectives of an organisation should be aligned in consideration with wider values of people, planet and profit.
- Accordingly, corporates need to revise the way an organisation’s success is measured.
- It should necessarily include the sum total of all actions in economic, environmental and social areas.
- The assessment should take into account, both positive and negative impact by adopting strategic projects and measuring the impacts.
- The renewed emphasis on clean water and sanitation are essential for achieving the sustainable development goals.
- It is also crucial in resolving the looming water crisis and keeping up the government's ‘water for all’ promise.
Source: Financial Express
