This piece is produced by S&P Global Sustainable1, S&P Global’s single source of essential sustainability intelligence to navigate the transition to a low carbon, sustainable and equitable future.

The heaviest rainfall to hit western Europe in a century caused flash floods and killed more than 188 people in July — stark evidence that rich, western countries are vulnerable to extreme weather events linked to climate change. But a new S&P Global Sustainable1 analysis reveals that water scarcity presents a potentially even greater risk for Europe’s residents, businesses and investors.

According to S&P Global Trucost data, water stress is the biggest

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