The chief executives of some of the world's largest companies have this week urged the G8 to step up efforts to tackle water scarcity and improve sanitation in developing countries, arguing that the water crisis afflicting many parts of the world represents a business as well as a humanitarian threat.
In an open letter to the G8 leaders signed by the heads of 19 multinationals, the group calls on G8 leaders to redouble efforts to meet water-related development goals and work closer with businesses to help address water issues.
The signatories, including the chief executives of Diageo, Nestlé, PepsiCo, Coca-Cola and Dow Chemical, also urge G8 countries to increase investment in clean water and sanitation programmes in the developing world by ensuring that allocations for such projects increase as a percentage of all official development assistance.
Citing a recent UN report that argues that the costs to sub-Saharan African economies of not having basic universal access to water and sanitation represent about five per cent of gross domestic product, the letter claims that poor water supplies are damaging business prospects in the developing world.
"It is increasingly clear that lack of access to clean water and sanitation in many parts of the world causes great suffering in humanitarian, social, environmental and economic terms, and seriously undermines development goals," the letter states, adding that "water is not just an environmental issue – it is a poverty and development issue, an economic issue, and therefore a business issue".
