Drought, floods and water stress cost companies $14bn

A survey of 600 global companies released at the Marrakech climate change conference shows they are still not doing enough to mitigate water risks

Droughts, water scarcity and stricter environmental regulations cost businesses a reported $14bn (11bn) this year, up from $2.6bn in 2015. Yet companies still aren't doing enough to protect themselves from water risks, according to a new report.

Compiled by environmental non-profit CDP and released Tuesday at the climate summit in Marrakech, Morrocco, the report approached more than 1,200 of the largest listed companies around the world in sectors exposed to water risk. Just over 600 responded, meaning the $14bn figure is likely to be hugely underreported.