CINXE.COM

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New regulation is forcing companies to confront this growing risk. Companies need to understand their vulnerabilities and plan how to address them. They should start by assessing their water quantity impacts and setting water use reduction targets that are informed by local conditions. Second, they should assess their water quality impacts and use this assessment to set targets and develop action plans to improve that impact, such as reducing the use of harmful chemicals, investing in recycling technology, and reducing pollutant discharges. Third, companies should engage deeply in water stewardship activities in the basins in which they operate by advocating for watershed protection, or by supporting new water conservation and groundwater sustainability policies. Finally, companies should ensure that water-related risks and opportunities are fully embedded within corporate governance and decision making." data-testid="meta"/><meta name="item-name" content="From Droughts to Floods, Water Risk Is an Urgent Business Issue" data-testid="meta"/><meta name="page-category-name" content="Business and society" data-testid="meta"/><meta name="shopper-attributes" content="state:guest" data-testid="meta"/><meta name="twitter:image" content="/resources/images/article_assets/2022/11/Nov22_09_120374470.jpg" data-testid="meta"/><meta name="article:section" content="Business and society" data-testid="meta"/><meta name="item-id" content="tag:blogs.harvardbusiness.org,2007-03-31:999.341567" data-testid="meta"/><meta property="article:publisher" content="https://www.facebook.com/HBR" data-testid="meta"/><meta property="og:site_name" content="Harvard Business Review" data-testid="meta"/><meta property="og:type" content="article" data-testid="meta"/><meta property="og:description" content="As climate change advances, floods and droughts are now sudden, unforeseen events that increasingly hit areas in quick succession, and this growing variability has caught major corporations unprepared. New regulation is forcing companies to confront this growing risk. Companies need to understand their vulnerabilities and plan how to address them. They should start by assessing their water quantity impacts and setting water use reduction targets that are informed by local conditions. Second, they should assess their water quality impacts and use this assessment to set targets and develop action plans to improve that impact, such as reducing the use of harmful chemicals, investing in recycling technology, and reducing pollutant discharges. Third, companies should engage deeply in water stewardship activities in the basins in which they operate by advocating for watershed protection, or by supporting new water conservation and groundwater sustainability policies. 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DekBylineContainer_standard__Lox1c"><span class="Byline_byline__Fsu0D"> by <a href="/search?term=Jose Ignacio Galindo" class="Byline_author__SdVEf">Jose Ignacio Galindo</a>, <a href="/search?term=Nicolas Wertheimer" class="Byline_author__SdVEf">Nicolas Wertheimer</a> and <a href="/search?term=Jay Famiglietti" class="Byline_author__SdVEf">Jay Famiglietti</a></span></p></div><div class="PublicationDate_standard__rpflO PublicationDate_non-magazine-date-container__Ln4Wl"><span class="PublicationDate_non-magazine-date___Oz7L">November 9, 2022</span></div></div><div class="Standard_hero-image__pLYMe"><div class="Hero_standard__7wZzF"><img class="Hero_img__EpkVw" src="/resources/images/article_assets/2022/11/Nov22_09_120374470.jpg" sizes="(min-width: 64em) 84vw, 100vw" srcSet="/resources/images/article_assets/2022/11/Nov22_09_120374470.jpg 1200w, /resources/images/article_assets/2022/11/Nov22_09_120374470-300x169.jpg 300w, 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New regulation is forcing companies to confront this growing risk. Companies need to understand their vulnerabilities and plan how to address them. They should start by assessing their water <em>quantity</em> impacts and setting water use reduction targets that are informed by local conditions. Second, they should assess their water<em> quality</em> impacts and use this assessment to set targets and develop action plans to improve that impact, such as reducing the use of harmful chemicals, investing in recycling technology, and reducing pollutant discharges. Third, companies should engage deeply in water stewardship activities in the basins in which they operate by advocating for watershed protection, or by supporting new water conservation and groundwater sustainability policies. Finally, companies should ensure that water-related risks and opportunities are fully embedded within corporate governance and decision making.</span></span></section><div class="TranslateMessage_translate-message__iUF3m"><a class="Anchor-module_anchor__uhpem TranslateMessage_link__KubhN TranslateMessage_translate__mUd5F" href="/2022/11/from-droughts-to-floods-water-risk-is-an-urgent-business-issue?language=es" data-analytics="lang-es">Leer en español</a><a class="Anchor-module_anchor__uhpem TranslateMessage_link__KubhN TranslateMessage_translate__mUd5F" href="/2022/11/from-droughts-to-floods-water-risk-is-an-urgent-business-issue?language=pt" data-analytics="lang-pt">Ler em português</a></div></div><div class="Standard_left-rail__qnsPO"><ul class="PageUtils_container-left__whOYQ PageUtils_standard__FTgtj"><li class="PageUtils_list-item__HK3pt PageUtils_vertical__SqN7k"><a class="PageUtils_item-button__UHILB" href="https://twitter.com/intent/tweet?&original_referer=&ref_src=twsrc%5Etfw&related=twitterapi%2Ctwitter&tw_p=tweetbutton&url=" target="_blank" rel="noopener noreferrer" data-analytics="share-on-x"><img src="/assets-mfe-articles/_next/static/media/Twitter.7ac71c2c.svg" aria-hidden="true" alt="" width="24" height="24"/><span class="PageUtils_utility-name__y5qBD PageUtils_standard__FTgtj">Post</span></a></li><li class="PageUtils_list-item__HK3pt PageUtils_vertical__SqN7k"><button class="PageUtils_item-button__UHILB" type="button" data-analytics="share-on-facebook"><img src="/assets-mfe-articles/_next/static/media/Facebook.f94faecd.svg" aria-hidden="true" alt="" width="24" height="24"/><span class="PageUtils_utility-name__y5qBD PageUtils_standard__FTgtj">Post</span></button></li><li class="PageUtils_list-item__HK3pt PageUtils_vertical__SqN7k"><button class="PageUtils_item-button__UHILB" type="button" data-analytics="share-on-linkedin"><img src="/assets-mfe-articles/_next/static/media/LinkedIn.c9a4114a.svg" aria-hidden="true" alt="" width="24" height="24"/><span class="PageUtils_utility-name__y5qBD PageUtils_standard__FTgtj">Share</span></button></li><li class="PageUtils_list-item__HK3pt PageUtils_vertical__SqN7k"><button class="PageUtils_item-button__UHILB" type="button" data-analytics="open-save-flyout"><img src="/assets-mfe-articles/_next/static/media/Save.635e3a71.svg" aria-hidden="true" alt="" width="24" height="24"/><span class="PageUtils_utility-name__y5qBD PageUtils_standard__FTgtj">Save</span></button></li><li class="PageUtils_list-item__HK3pt PageUtils_vertical__SqN7k PageUtils_standard__FTgtj"><a class="Anchor-module_anchor__uhpem PageUtils_item-button__UHILB" href="/product/from-droughts-to-floods-water-risk-is-an-urgent-business-issue/H07BJZ-PDF-ENG" rel="noopener noreferrer" target="_blank" data-analytics="buy-reprint-link"><img src="/assets-mfe-articles/_next/static/media/BuyCopy.088ae0cd.svg" aria-hidden="true" alt="" width="24" height="24"/><span class="PageUtils_utility-name__y5qBD PageUtils_standard__FTgtj">Buy Copies</span></a></li><li class="PageUtils_list-item__HK3pt PageUtils_vertical__SqN7k PageUtils_standard__FTgtj"><button class="PageUtils_item-button__UHILB" type="button" data-analytics="print-article"><img src="/assets-mfe-articles/_next/static/media/Print.61d005bb.svg" aria-hidden="true" alt="" width="24" height="24"/><span class="PageUtils_utility-name__y5qBD PageUtils_standard__FTgtj">Print</span></button></li></ul></div><div class="Standard_content__mghDk"><p class="Paragraph_text__yGFNO" data-first-paragraph="true">When companies think about risk, most of them don’t think about water. Historically, water has been available even in areas prone to drought, and flooding followed a fairly predictable pattern. But as the climate warms, the world is beginning to see more extremes — and that often means too little or too much water. Water scarcity contributes to wildfires, but other problems, too: As the water table drops, the quality of the water degrades, often leading to increasing concentrations of minerals and salts that are expensive to treat or can even make the water unusable. On the other extreme, more violent storms are already making flooding a new risk in areas that didn’t worry about it before. Floods and droughts are now sudden, unforeseen events — and increasingly hit areas in quick succession.</p></div><div class="Standard_right-rail__tTaUI"><div class="Standard_right-rail-content__Y1Qwu"><div data-testid="ad-container"><div data-testid="ad" id="right-ad" class=""></div></div><div class="right-rail-piano-container advertising PianoAd_ad__m1O2b" data-testid="piano-ad-container"></div><div class="ecommerce-module"><div data-analytics="placement-right_rail3" data-testid="container"></div><div class="RelatedTopics_container__2Nkb4 RelatedTopics_standard__UaUNv"><span class="RelatedTopics_related-topics__zEjID RelatedTopics_standard__UaUNv">Read more on <a href="/topic/subject/business-and-society?ab=articlepage-topic" class="RelatedTopics_topic-link__u_bsi"><strong>Business and society</strong></a> or related topics <a href="/topic/subject/risk-management?ab=articlepage-topic" class="RelatedTopics_topic-link__u_bsi"><strong>Risk management</strong></a>, <a href="/topic/subject/sustainable-business-practices?ab=articlepage-topic" class="RelatedTopics_topic-link__u_bsi"><strong>Sustainable business practices</strong></a> and <a href="/topic/subject/environmental-sustainability?ab=articlepage-topic" class="RelatedTopics_topic-link__u_bsi"><strong>Environmental sustainability</strong></a></span></div></div></div></div><div class="Standard_author__Ke782"><div data-analytics="end-of-article" data-testid="container"></div><aside class="AuthorBioList_container__qBo_1 AuthorBioList_standard__9lH5w"><div class="AuthorBio_author-info-item__0G_0z AuthorBio_standard___hh_q"><div class="AuthorBio_image-container___c3yQ"><div class="AuthorBio_author-picture__2ElG9">JG</div></div><div class="AuthorBio_author-bio-container__u5vHF"><a class="AuthorBio_author-name__VPl47" href="/search?term=Jose%20Ignacio%20Galindo&amp;search_type=search-all">Jose Ignacio Galindo </a><span class="AuthorBio_biography__CPmNZ"> is the co-founder and CEO of Waterplan, a San Francisco-based tech company providing the most advanced climate platform to monitor and mitigate water risk. Originally born in the Patagonian city of Ushuaia, Jose holds a master’s in engineering from ITBA and is a Y Combinator and Stanford GSB Alum.</span></div></div><div class="AuthorBio_author-info-item__0G_0z AuthorBio_standard___hh_q"><div class="AuthorBio_image-container___c3yQ"><div class="AuthorBio_author-picture__2ElG9">NW</div></div><div class="AuthorBio_author-bio-container__u5vHF"><a class="AuthorBio_author-name__VPl47" href="/search?term=Nicolas%20Wertheimer&amp;search_type=search-all">Nicolas Wertheimer </a><span class="AuthorBio_biography__CPmNZ"><span class=""> is the co-founder of Waterplan, the first SaaS Climate water risk platform. He is also the founder of Proyecto Agua Segura (Safe Water), which provides safe drinking water to around 200,000 people in vulnerable communities, and delivered 3,260 water projects in Latin America with successful business indicators. 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New regulation is forcing companies to confront this growing risk. Companies need to understand their vulnerabilities and plan how to address them. They should start by assessing their water \u003cem\u003equantity\u003c/em\u003e impacts and setting water use reduction targets that are informed by local conditions. Second, they should assess their water\u003cem\u003e quality\u003c/em\u003e impacts and use this assessment to set targets and develop action plans to improve that impact, such as reducing the use of harmful chemicals, investing in recycling technology, and reducing pollutant discharges. Third, companies should engage deeply in water stewardship activities in the basins in which they operate by advocating for watershed protection, or by supporting new water conservation and groundwater sustainability policies. Finally, companies should ensure that water-related risks and opportunities are fully embedded within corporate governance and decision making.\u003c/p\u003e","topics":["Business and society","Risk management","Sustainable business practices","Environmental sustainability"],"primaryTopic":"Business and society","content":"\u003cp\u003eWhen companies think about risk, most of them don’t think about water. Historically, water has been available even in areas prone to drought, and flooding followed a fairly predictable pattern. But as the climate warms, the world is beginning to see more extremes — and that often means too little or too much water. Water scarcity contributes to wildfires, but other problems, too: As the water table drops, the quality of the water degrades, often leading to increasing concentrations of minerals and salts that are expensive to treat or can even make the water unusable. On the other extreme, more violent storms are already making flooding a new risk in areas that didn’t worry about it before. Floods and droughts are now sudden, unforeseen events — and increasingly hit areas in quick succession.\u003c/p\u003e","authors":[{"name":"Jose Ignacio Galindo","bio":"Jose Ignacio Galindo is the co-founder and CEO of Waterplan, a San Francisco-based tech company providing the most advanced climate platform to monitor and mitigate water risk. Originally born in the Patagonian city of Ushuaia, Jose holds a master\u0026#8217;s in engineering from ITBA and is a Y Combinator and Stanford GSB Alum."},{"name":"Nicolas Wertheimer","bio":"\u003cdiv class=\"\"\u003eNicolas Wertheimer is the co-founder of Waterplan, the first SaaS Climate water risk platform. He is also the founder of Proyecto Agua Segura (Safe Water), which provides safe drinking water to around 200,000 people in vulnerable communities, and delivered 3,260 water projects in Latin America with successful business indicators. He is a member of the Global Shapers Community and of the Youth Congress of Sustainable Americas, a social entrepreneurship lecturer, and received Chivas Venture Finalist recognition.\u003c/div\u003e"},{"name":"Jay Famiglietti","bio":"Jay Famiglietti is a professor of hydrology, Executive Director of the Global Institute for Water Security at the University of Saskatchewan, and incoming Global Futures Professor at Arizona State University. 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