Just as with climate change, water is also subject to dual materiality.
On the one hand, we have an impact on the water cycle in the places we operate through the water we withdraw, consume, and discharge. Whilst on the other hand, we depend on the water cycle, exposing us to risks and providing us with opportunities. This dual materiality requires two different types of responses.
We address our impacts on the water cycle first and foremost through monitoring the quantity and quality of the water we withdraw, consume, and discharge. We disclose the key parameters hereof in our annual report and all other material values through our CDP Water disclosure. The next step will be setting water related targets for our direct operations and in our value chain. We are currently in the process of identifying what the most effective water targets for us would be. We do this as part of our participation in the Corporate Engagement Program of the Science Based Targets Network.
To identify our exposure to water related risks we use two different tools for our primary assessment. Specifically for water, we use the WRI Aqueduct Water Risk Atlas to identify the water stress and risk levels of our production locations and key (agricultural) raw materials. Aimed not solely at water but extremely relevant nonetheless is the use of scenario analysis in line with the TCFD recommendations. Focusing on climate change these scenarios also take into account changing precipitation and evaporation patterns and other potential alterations of the water cycle that could have potentially significant impacts along our value chain.
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