Challenging companies to manage water risks in their value chains
Companies and their value chains are the world’s largest water users. Global water crises such as water scarcity and pollution cause notable risks for companies’ operations. Water risks may relate to the availability and quality of water, company reputation or ineffective and unjust regulation. In the end, all of these factors affect the profitability of business.
Even though the state of Finnish water resources and their management is primarily good, Finnish companies and their subcontractors also operate in areas that suffer from various water-related challenges. The companies may play a central role and have remarkable responsibility in solving these challenges.
Aalto University, Natural Resources Institute Finland, the Ministry of Agriculture and Forestry, the Ministry of the Environment, VTT Technical Research Centre of Finland and WWF Finland have established a Water Stewardship Commitment as a part of Society's Commitment to Sustainable Development in order to support the water stewardship work of Finnish companies.
The commitment challenges Finnish companies to identify the water risks in their value chains, to ensure sustainable water use at theirs and their subcontractors’ operation locations as well as to develop sustainable water use and management in collaboration with other water users and stakeholders.
‘Companies cannot solve the water-related challenges alone. The founders of the commitment promote sustainable water use and management in their own operations and encourage companies to develop their water-related practices', says Aalto University Postdoctoral Researcher Suvi Sojamo. ‘The commitment was founded to support companies’ water stewardship work, and we hope that a collaboration network and new research and development projects will emerge around it.’
Sojamo’s doctoral thesis focused on the role of water-using companies in water security, management and governance. She has been involved in the water stewardship guideline and best practice development both in Finland and internationally.
Dr. Suvi Sojamo
Project Coordinator, Postdoc Fellow
Water & Development Research Group
+358 50 325 4415