It is said that available fresh water is only about 0.01% of the Earth's total water resources. In addition, the World Economic Forum, host of the Davos meetings, has stated in its annual report on global risks that the water crisis continues to be one of the top risks with global impact, in view of the increase in water consumption to be caused by future economic growth and population increases.
With water shortages becoming an increasingly grave social problem, Panasonic is working to conserve water resources both in its products and production activities, in order to fulfill its social responsibility and to reduce management risks. Our Environmental Policy stipulates that we make efforts to conserve water resources by using water efficiently and preventing pollution. In Green Plan 2018, our Environmental Action Plan toward fiscal 2019, we aim to expand the range of products that contribute to saving and recycling water. At the same time, we will work on reducing the volume of water we consume and using more recycled water in our production processes, in order to conserve water resources throughout our business activities. In risk management, we are aiming to complete our water risk assessments for all our production sites by fiscal 2019.
Concrete action that we have taken for this includes an evaluation of the scale of water risks in all regions where our production sites are located, in order to identify and mitigate the impact of our production activities on our use of water.
In the evaluation, we employ evaluation tools such as the mapping tool Aqueduct by the World Resources Institute (WRI) and the Water Risk Filter by the World Wide Fund for Nature (WWF), which can not only assess the physical risks of water shortages but also examine the risks in water-related regulations as well as reputation risks in each region. We are also making use of public databases available from respective national governments. Furthermore, in areas with higher water risks, we are working to collect information through public local information as well as through interviews with relevant organizations, etc. By conducting detailed analyses and close examination of such local information and production site data including water use volume, we will specifically identify the impacts on our production activities. This water risk assessment process aimed for completion in fiscal 2019 has progressed by roughly 50% so far. Although no obvious water risk that may impact our business activities has been found at this point, we will continue our evaluations. At the same time, we will work to conserve water resources and reduce business risks in regions where water risks are determined to be high, by focusing on promotions to reduce water consumption and expand water recycling.
To promote such activities, we have established an Environmental Sustainability Management System for these activities including water management, under the executive officer in charge of environmental affairs (Yoshiyuki Miyabe, Senior Managing Executive Officer as of August 2017), and are aiming to raise the environmental management level by implementing the PDCA cycle.
In addition, we have established an Environmental Risk Management System to continuously reduce risks, and (1) identify environmental risks and promote company-wide risk management every fiscal year and (2) promptly respond to occurrence of environmental risks. We will continue to manage our environmental risks through these activities.
We are also a member of the Water Project, a public-private collaborative project aimed at boosting awareness, organized under the initiative of Japan's Ministry of the Environment in 2014. Its objective is to maintain a sound water cycle and promote its recovery, and presents water-related activities by business corporations as well as communicates information on the importance of water as its activities. We will work in cooperation with the Japanese government and other companies to conserve water resources.