Water is one of the critical factors of ESG (Environment, Social, and Governance). Fresh and clean water is increasingly endangered despite being considered a plentiful renewable resource mainly due to population growth and economic activity leading to an increase in water demands and pollution.
According to United Nations, if current consumption and production patterns do not change, there will be a 40% shortfall in water supply by 2030. Companies are expected to face increased scrutiny such as limits on water withdrawal and tight regulations over their water use as global water resources face increased stress.
The retail sector is one of the major contributors to the world water crisis. According to the World Bank, the apparel and textile industry consumes a huge amount of water and is a major polluter of water at all stages of its value chain.
CVS Health Corp (CVS Health) is a provider of health care and retail pharmacy services. The company offers prescription medications, health care products, beauty products, personal care products, and cosmetics. It markets through retail pharmacies, online retail pharmacy websites, onsite pharmacies, LTC pharmacies, and MinuteClinic clinics.
In 2021, CVS Health’s total water withdrawal was 5,728 thousand cubic meters of water, an increase of around 2.07% over 2020. The company withdrew 41% of the water in high or extremely high baseline water-stressed regions in 2021.
CVS Health’s water consumption in 2021 was 1.179 thousand cubic meters of which 57% of the water consumed is in high or extremely high baseline water-stressed regions. Also, the company’s water usage per square foot of retail space increased by 2.6 percent in 2021.
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