Water is the new oil at Davos

Posted by: Jennifer L. Schenker on January 24

Water is the oil of the 21st century. It is becoming more and more scarce and yet we can not do with out it, so it is rising to the top of the agenda at the World Economic Forum in Davos this year. A whole series of sessions on the topic are scheduled.

A panel including UN Secretary-General Ban Ki-moon told attendees on January 24 that water issues now poses a risk to economic growth, human rights, health, safety and national security. Business leaders are taking the message to heart. On January 26 senior executives from a variety of large companies, including Coke, Nestle, Texaco, and Dow Chemical will meet with academics and non-governmental organizations to forge an action plan for the coming year. The goal is securing a “watertight future” by looking at ways to offset the rapid urbanization, industrialization, changing diets and climate change which are aggravating the effects of the planet’s unsustainable water use. For many businesses, significant disruptions are already being caused by water issues, says Dominic Waughray, director of the World Economic Forum’s environment initiative.“This is not just a developing world problem,” he says. “We have to find ways to make water use more efficient.”