As more countries mandate climate reporting, Tharman Shanmugaratnam says improving water disclosures should not take as long as it did for carbon, and that "double materiality” – versus ISSB’s single materiality approach – is what counts.
The report also cited how subsidies to water-intensive crops, such as rice, cotton and sugarcane, incentivise their cultivation in the most arid parts of the world, like Middle East and South Asia – putting further stress on their water resources.
Additionally, subsidies should be redirected to spur innovations in water-saving technologies, where a larger proportion of solutions are already commercially viable, compared to climate change technologies, he said.“In the case of water, I’d say confidently that at least 75 per cent of the technologies are available.
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