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About Ceres

Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit and follow @CeresNews.

Report Authors

Global Institute for Water Security University of Saskatchewan Team

Jay Famiglietti, Executive Director
Palash Sanyal, Strategic Partnership and Project Manager
Li Xu, Postdoctoral Fellow
Kerstin Bluhm, Postdoctoral Fellow
Kayla Garvey, Research Associate
David Milo Ferris, Doctoral Candidate

Thanks to Chassy Cessna, Mahedi Hasan, Dallin Nickel, Stephanie Witham, and Blake Woroniuk for their support during the data collection process.

Ceres Program Staff

Kirsten James, Senior Program Director, Water
Shama Perveen, Ph.D., Senior Manager, Water
Joelle Young, Associate, Water
Robin Miller, Senior Manager, Investor Engagement, Water

Thanks also to the many colleagues at Ceres who provided invaluable assistance with this project, including: Luke Angus, Brooke Barton, Courtney Bednaz Andy Cawley, Siobhan Collins, Maura Conron, Leslie Cordes, Heather Green, Karen Mo, Mary Ann Ormond , Laetitia Pirson, Taylor Powell, and Katya Simkhovich.

Special thanks to report consultants Peyton Fleming and Charles Gibbons.

Visualization Credit: Charles Gibbons / Ceres, figures 1, 6, 7, 21-26

Scientific Advisory Committee

Dr. Adrian L. Vogl, Lead Scientist, The Natural Capital Project, Stanford University
Dr. Rick Hogeboom, Executive Director for the Water Footprint Network, Assistant Professor in Multidisciplinary Water Management, University of Twente
Dr. Therese Rudebeck, Acting Director, Swedish Water House, Stockholm International Water Institute (SIWI)
Dr. John H. Matthews, Executive Director, Alliance for Global Water Adaptation
T. Robert Zochowski, Program Director, Impact Investing and Sustainability Special Projects including Impact-Weighted Accounts at Harvard Business School
Dr. Upmanu Lall, Director, Columbia Water Center, Alan & Carol Silberstein Prof. of Engineering
Dr. Annette Huber-Lee, Senior Scientist, Stockholm Environment Institute
Dr. Yong Jiang, Senior Lecturer in Water Resources Economics, IHE Delft Institute for Water Education
Dr. Nadja Kunz, Assistant Professor and Canada Research Chair in Mine Water Management and Stewardship, School of Public Policy and Global Affairs and Norman B Keevil Institute of Mining Engineering, The University of British Columbia
Dr. Martin Doyle, Duke University (Nicholas School of Environment; Nicholas Institute for Environmental Policy Solutions)
Nathaniel Mason, Honorary Senior Research Fellow, Centre for Environmental Policy, Imperial College London
Dr. Kate A. Brauman, Associate Director for Analysis and Communications, Global Water Security Center, The University of Alabama
Dr. Aaron Salzberg, Director, the Water Institute at UNC Distinguished Don and Jennifer Holzworth Professor University of North Carolina

External Reviewers

Alexis Morgan, Global Water Stewardship Lead, WWF
Paul Reig, Founder, Bluerisk
Lynn Paquin, Controller’s Senior Financial Advisor, California State Controller’s Office
Sara Walker, Senior Manager, Water Quality and Agriculture, World Resources Institute
Nadja Franssen, Responsible Investment Officer, ACTIAM
Eleanor Seamans, Chief Executive Officer, Seamans Holdings

Funder Acknowledgment

This publication was made possible by the generous financial support provided by Ceres’ partners under the Valuing Water Initiative: The Government of the Netherlands, along with contributions from the Water Table/Water Funder Initiative, Lyda Hill Philanthropies, Walton Family Foundation, Park Foundation, Pictet Group Foundation, and Sobecki Family Foundation. The opinions expressed in the report are those of the authors and do not necessarily reflect the views of the sponsors.

VWI policy advisors

Maarten Gischler, Ministry of Foreign Affairs of the Netherlands
Omer van Renterghem, Ministry of Foreign Affairs of the Netherlands
Niels Vlaanderen, Ministry of Infrastructure and Water Management of the Netherlands

VWI executive team

Dennis van Peppen
Iris Bijlsma
Alexandra Freitas
Joe Ray
Sofia de la Rosa Solano

Special thanks to Ambika Jindal and Alex Gee


Global Institute for Water Security
Valuing Water Initiative