Food companies aren't moving quickly enough to fend off global water crisis, new benchmark report finds

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Oct 28, 2021, 13:08 ET

BOSTON, Oct. 28, 2021 /PRNewswire/ -- Most food companies are not taking the necessary action to reduce their demands and impacts on freshwater resources, further worsening the global water crisis, according to a new report released today by Ceres.

Feeding Ourselves Thirsty, a benchmark analysis of 38 food companies, shows some encouraging signs of progress on corporate water management, but underscores that more work needs to be done by companies to help ensure sustainable water supplies.

"Food companies are lagging in taking the appropriate water action, and are fundamentally unprepared for a more water-stressed world," said Kirsten James, director of water at Ceres. "As Feeding Ourselves Thirsty shows, companies must move more quickly and more boldly to value water and better manage the related risks in their direct operations and global supply chains."

Overall, Ceres' analysis found companies do not have adequate practices in place across categories of water management, including governance structures, risk assessment, target setting and implementation actions.

The top scoring companies by industry were: Coca-Cola (Beverage); Unilever (Packaged Food); Cargill (Agricultural Products); and Tyson Foods (Meat).

"We are pleased to be this year's top scoring company," said Michael Goltzman, Vice President, Global Policy & Sustainability at Coca Cola. "Our 2030 Water Security Strategy focuses on increasing water security for our business, supply chain and in the communities where we operate. Importantly, we prioritize our investments based on an in-depth understanding of water-related risks at a watershed level, contextualizing our targets to address local risks while focusing on the water used to produce our agricultural ingredients."

Feeding Ourselves Thirsty can be used as a guideline for engagement by investor initiatives, such as the Ceres' Valuing Water Task Force, an advisory council of major investment funds, financial institutions and banks.

"My job as the Illinois State Treasurer is to prudently invest the money entrusted to my office," said Illinois State Treasurer Michael Frerichs, who is a founding member of the Valuing Water Task Force. "Given the growing threats of climate change to the companies in which we invest, as well as the ways flooding and droughts have impacted Illinois' agricultural community over the years, I have to consider water as a material risk when upholding my duties. Investors have a direct interest in advancing better water management practices that both protect our investments and the people in our communities."

Contact:
Miranda Cawley
[email protected]

SOURCE Ceres