There is no denying that the world has been turned upside down by the pandemic, and that includes our way of doing business. As a global community, we must work together to build a better, more sustainable future and make that our new normal. Corporations can and should lead the way by changing how businesses operate as it can have the most significant impact. Businesses, investors, civil society organisations, international development networks, and national governments must collaboratively approach and contribute to solutions that can help achieve the 17 SDGs by 2030. Waiting around is not an option. Currently, 844 million people globally are living without access to clean water, while a staggering 2.3 billion are without access to a decent toilet. In addition, 2.1 billion people worldwide lack access to safe, readily available water at home, and 4.5 billion lacks safely managed sanitation. It is projected that two-thirds of the world’s population will be living in water-stressed areas by 2025, a problem pandemic, climate change, and population growth will only exacerbate. Achievement of SDG-6 requires massive commitments from governments as well as businesses. The business community must be at the heart of the solution. Corporations are impacted and directly impact water resource quality through their activities, primarily through water consumption and discharge into natural water resources. In water-stressed areas, these impacts are more acutely seen and felt. According to UNGC, 90 per cent of water consumed in the world today is used for agricultural or industrial purposes, highlighting the crucial role that businesses must play in promoting the responsible use and effective governance of global water resources. It is estimated that to achieve SDG targets related to water and sanitation, annual investment as high as $45 billion is required and a significant portion is expected to come from the private sector. Businesses need to understand the impact of their activities on the local ecosystems and communities and take actions for sustainable use of water resources. Disclosure on water consumption unlocks the power of corporate action to address our water challenges. We have seen that year-on-year, more companies are showing initiatives in improving water use efficiency, water quality, water ecosystems and Water, Sanitation and Hygiene (WASH) services. This will help improve collaborations with governments, businesses, NGOs, and communities to devise strategies and programmes and make a huge difference in achieving SDG-6. India has more to gain from achieving the SDG goals, especially SDG-6. This is due to water’s crosscutting nature in achieving other goals. People in India are already experiencing effects of the climate crisis. The country faces more extreme events than the global average, which causes huge human and financial losses. Hence, businesses in India have a critical role to play in transforming the country to be more sustainable and also to build India’s competitiveness and inclusivity. They need to focus on opportunities to provide a low-carbon environment for growth that helps secure resilient livelihoods and profits. Companies that prioritise India’s sustainable development in their growth strategies stand to benefit in the coming decade. Key challenges: Many businesses integrate SDGs as a way to improve their brand reputation. However, recently there have been many corporations pursuing SDGs as a strategic agenda. But there are some barriers and challenges that need to be addressed to have more involved and collective integration of SDGs, especially SDG-6 by corporations in India. These include:
