SAN ANTONIO, Nov. 9, 2023 /PRNewswire/ -- World's 1st Digital Water Bank in partnership with Frost & Sullivan, UK – Leading Growth Advisory & analytics company announced the development of a "Blue Taxonomy".
"Blue Taxonomy" the first of its kind entails the classification and categorization of various aspects related to water use & efficiency, economic & social aspects of water resources, water management, water financing, and water markets. The Taxonomy provides a framework for organizing and understanding the complex economic, environmental & social dimensions of water.
The global water industry is one of the most critical sectors in the world. It not only provides drinking water and wastewater services to the global population but also supplies the industrial and agricultural sectors. The agriculture sector alone accounts for almost three-quarters of global water withdrawals. Pressure on the water industry is expected to increase in the coming years as climate change shrinks water availability worldwide and populations continue to grow. The Blue Taxonomy provides a framework to align water stewardship across all stakeholders with good behaviour leading to standardization and sustainability.
Speaking on the announcement, Fredrick Harry Royan, Global Practice Area Leader, Sustainability & Circular Economy, Frost & Sullivan, London GBR said "We are very excited to partner with AqVerium – World's 1st Digital Water Bank who have built a robust protocol enabling the Water Circular economy. The Blue Taxonomy will leverage this protocol which enables responsible resource management while balancing economic sustainability with environmental and social responsibilities making it comprehensive and sustainable. This builds on our 6P (Policies, Products, Processes, People/Personas, Partnerships, and Platforms) framework on the future of ESG, Sustainability, and Circular Economy."
AqVerium, a digital innovation by AquaKraft Group Ventures, offers an integrated framework right from water footprint assessment to water balance sheet to issuance and management of AquaKredits-water credits incentivising water positive balance sheets, while providing offset for water deficit balance sheets. Furthermore, it also provides a Water Sustainability Score developed in partnership with Leo Burnett, world's leading advertising company, to brand and showcase water sustainability. AquaKraft Group Ventures has been advocating and implementing energy efficient, green, water positive, sustainable, and impactful water treatment and recycling solutions having treated and harvested over billions of litres of water.
"A lot has been spoken about carbon, but water which is core to sustainability has been clearly missing the narrative. Blue Taxonomy is our effort to advocate water as core to sustainability and positive climate action. It is our commitment to the industry to aggregate good behavior in water management across all stakeholders which still largely remains unstructured and non-cohesive. We aim to standardize protocols across water footprint assessment, water use & efficiency, water pricing, water financing, water credits & derivatives and may more aspects to bring uniformity and much needed transparency in the water circular economy. We take this opportunity to invite various stakeholders and join us in the evolution of the framework." said Dr. Subramanya Kusnur, Founder AqVerium & AquaKraft Group Ventures.
Blue taxonomy will help policymakers, researchers, and practitioners better understand the economic complexities of water management, identify opportunities for improvement, and develop strategies for sustainable and efficient water use in various sectors of the economy.
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