BSI sees ‘potential for new water stewardship standard’
More than 600 companies tell CDP they are aware of significant supply chain risks linked to water
The British Standards Institute (BSI) is considering creating a new global standard to encourage companies to use water more responsibly.
The influential body said there was “potential for a new water stewardship standard to address some of the barriers and gaps in the current water stewardship landscape”.
Stewarding water, rather than simply managing it, involves addressing risks around its quality or quantity in the context of broader stakeholders.
“In response to the current perceived fragmentation of water stewardship initiatives, tools and methodologies, a new standard could provide consensus on key ideas (such as ‘net-positive water impact’ and ‘replenishment’) and a clearer pathway into water stewardship for non-state actors wishing to engage for the first time,” wrote BSI in a report on the topic.
Current water practices among companies
According to another recent paper, this time published by environmental data platform CDP, one in five companies believe they are exposed to serious water-related business risks.
More than 3,000 firms disclose water information to CDP, of which 623 reported risks in their supply chains that threaten an estimated $77bn-worth of business.
Half the companies told CDP they engaged with suppliers on the issue, including gathering data and collaborating on innovation and education.
Coca-Cola, L’Oréal and Kao Corporation are among 118 companies that have integrated water targets into the remuneration policies of their chief procurement officers.
BSI’s plans
BSI is one of more than 160 members of the International Standards Organisation (ISO), through which national bodies coordinate to develop global standards, and has already spearheaded a number of ISO standards for sustainability and green finance.
In its latest report, BSI identifies “a clear gap” in the current water stewardship landscape for “a standard that could be applied at the level of the whole organisation” rather than site- or asset-specific expectations.
However, it noted that such a standard could be so broad that it could become vague and slippery, leading to greenwashing.
BSI also acknowledged that a new standard could fall flat because companies aren’t sufficiently interested in water, and there is “general fatigue around sustainability standards”.
