Ofwat has published a consultation paper setting out the regulator’s latest thinking on climate change and six proposed principles which aim to provide a clear, flexible framework to guide water companies’ responses to climate change.
Image source: Ofwat
The discussion paper has been informed by Ofwat’s monitoring of company reporting and a range of stakeholder engagement, including direct engagement with companies, the PR24 consultations process and wider engagement.
Introducing the paper, Ofwat said it wants to build on the work the sector is already undertaking to respond to climate change and see the consistency, scale and pace of responses increase.
The proposed climate change principlesare intended to provide a clear, flexible framework to guide how companies respond to climate change. According to Ofwat, a principles-based approach will enable the water companies to adopt the most suitable and effective solutions for their circumstances while promoting consistency and high standards across the sector.
The principles set clear expectations across the following six key areas, providing a common foundation for integrated action on climate change that addresses risks, opportunities and interdependencies
- Aligned and transparent pathways
- Comprehensive and integrated actions by companies
- Circular economy
- Monitoring and reporting
- Research and innovation
- Actively engaging stakeholders
The paper also sets out a number of specific questions for stakeholders to consider including:
- Which principles are most important to you or your organisation?
- Do you consider that there is anything missing from the principles, that you believe would be essential to include?
- Are the principles clear, understandable, and accessible?
- Do the proposed principles align with your operational needs and/or expectations?
- What opportunities do you see arising from adopting these principles?
- Are there potential challenges, costs, or barriers to implementing these principles?
- How might these principles affect your operations and decision-making?
- What would success look like to you if these principles were adopted and how should this be measured?
- What level of transparency or reporting would you expect?
Ofwat is now seeking stakeholder comment on the consultation paper – deadline to respond is Tuesday 26 August. Comments should be emailed to This e-mail address is being protected from spambots. You need JavaScript enabled to view it or posted to:
Climate change principles discussion paper response
Ofwat
Centre City Tower
7 Hill Street
Birmingham B5 4UA
Click here to download the consultation paper
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