Corporations are doing a poor job of incorporating water variability risk into the disclosures they make to stockholders, according to an analysis released this week by Ceres, an organization of environmental groups and investor advocates:

Global water scarcity is one emerging risk that all companies should be focused on – and one about which investors need information. Th e combination of rising global populations, rapid economic growth in developing countries, and climate change is triggering enormous water availability challenges around the world. Electric power generators, food producers, and other water-intensive industries are especially vulnerable, both in their operations and their extensive supply chains.

The report singles out Arizona Public Service for using reclaimed sewage to cool its Palo Verde nuclear power plant, ranking it the top power utility among the companies it surveyed.

The full report is here.