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Collective action, in the form of partnerships and coalitions, increasingly with non-traditional partners, is vital where desired outcomes cannot be obtained through unilateral action alone. Commitment to shared goals and a recognition of the potential for trade-offs between company interests and broader public benefits are essential ingredients of success.

Companies within industries that rely heavily on water for their core business – such as manufacturing of goods or production of inputs and raw materials – have become increasingly attuned to water stress and the risks it poses to business interests. As a result, many companies are exploring and testing ways to reduce or mitigate water risks across their business and supply chains.

Collective action for industry can take many forms, ranging from a relatively informal exchange of perspectives to highly structured processes of joint decision-making, implementation and accountability. For collective action to be effective, companies typically have to establish unconventional relationships with non-traditional partners. Typically, interested parties must have a shared sense of risk, responsibility, and benefit for collective action to be successful. The potential advantages of acting with others to manage water-related risks must be weighed against the potential challenges and complexities of consulting other parties, sharing information, making joint decisions or commitments, and sharing responsibility for implementation.

Collective actions allow companies to develop new skills and knowledge, such as greater understanding of community needs and values, and enhance their ability to connect with government actors and non-governmental organizations. Industry is in a unique position to lead on the collective action front, being very familiar with strategic partnerships and cooperation and their ability to produce win–win outcomes in core business areas.

In recent years the increased value of adding environmental, social and governance and water stewardship scopes to such arrangements has become very evident – not only in the commercial sense but also in the broader context of overall water sustainability to provide beneficial results for all parties. While leadership by individual companies is necessary to accelerate action toward SDG 6, it is not sufficient to achieve this goal.

Collective action, while not a panacea, is “needed among companies themselves, working together along global supply chains and on a precompetitive basis in specific industry sectors, issues and locations. It will also be needed on a cross-sector basis among companies, governments and civil society organizations”. Businesses anticipating that future in the strategic choices they make today are more likely to thrive and unlock the opportunities that a more environmentally stable and socially inclusive planet can bring.