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.
Next Plc (Next) is a specialty retailer that merchandises and sells clothing, footwear, accessories, beauty, and homeware products through self-owned and franchised stores. The company provides services such as websites, marketing, warehousing, distribution networks, and contact centers. It also provides credit facilities related to nextpay purchases for its users and manages properties and property leases. It markets and sells these products under NEXT, Label, and Lipsy brand names.
In 2022, Next consumed 387 thousand cubic meters of water, an increase of 52% annually. During the year, the company continued to investigate out-of-hours water usage, particularly in its retail stores to identify and resolve any underground leaks to further reduce its overall consumption.
Next’s main actions are in its extended supply chain as raw material sourcing and operations such as laundries, mills, and tanneries use large quantities of water, so responsible water management is vital to ensure there is sufficiently safe clean water for the local communities to use.
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