Accountants urged to brush up water footprinting skills

They may already be under increasing pressure to develop a standard mechanism for measuring the carbon footprint of a company or product, but that has not stopped the global body for accountants, the Association of Chartered Certified Accountants (ACCA), calling on the profession to also start working on methodologies for measuring water footprints.

ACCA has today released a new report entitled Water: the next carbon? calling on firms and their accountancy departments to better track water use and water risks.

The report follows a recent conference hosted by ACCA and WWF-UK, which saw the global professional body sign a memorandum of understanding with the environmental group to work together on assessment of current UK water accounting and reporting processes.

The partnership could result in the development of water-reporting standards, similar to the global IFRS financial reporting standards that ACCA supports.

Vicky McAllister, sustainability advisor at ACCA, welcomed the new report and urged more firms to embrace water-reporting methodologies. "UK businesses should be addressing and reporting on the importance of water resources and management in their operations as well as upstream and downstream activities, one element of which is calculating the water footprint," she said. "WWF UK is considered an expert in this field and the resulting research should yield some interesting results for UK organisations to take on board."

Her comments were echoed by Dave Tickner, head of freshwater programmes at WWF UK, who warned that a failure to address water security issues could undermine firms' long-term competitiveness.

"The sustainable supply of water to all users, including businesses, underpins economic growth, poverty reduction, food and energy security and adaptation to the effects of climate change," he said. "Wise management of this critical natural resource is therefore in all our interests."