Preparing for and adapting to new climate realities will be one of the defining challenges of the 21st century. Recognizing the considerable environmental, social, and economic value at stake due to worsening water stress and climate change, the private sector has come together to create the Business Alliance for Water and Climate (BAFWAC).
BAFWAC asks companies to commit to:
- Analyzing and sharing water related risks to implement collaborative response strategies.
- Measuring and reporting water use data
- Reducing impacts on water in operations and throughout the value chain.
The innovative areas where the private sector can drive corporate action and where BAFWAC is building a community of best practice of tools and resources are:
- Circular water management
- Climate-resilient agriculture
- Natural infrastructure
So far, over 40 companies with $650 billion in annual revenues have made this commitment. BAFWAC’s target is to reach 100 signatories with representing $1 trillion in revenues by 2018.
BAFWAC was jointly launched by CDP, the CEO Water Mandate, SUEZ, and the World Business Council for Sustainable Development in December 2015 and has since been endorsed by the United Nations Framework Convention on Climate Change. Each year, BAFWAC tracks and reports the progress of signatory companies towards the commitment at the UNFCCC Conference of Parties.
The Business Alliance for Water and Climate works closely with We Mean Business to drive action on water and climate issues. The We Mean Business water commitment is equivalent to the BAFWAC commitment.