This report presents analysis of the response data from a sample of 783 of the world’s largest publicly listed companies. The report is aimed at companies and investors seeking to understand how they can play their part in delivering a water secure world. This year, CDP analyzed a group of 296 companies who have been consistently responding to us over the last four years. Of this group, 75% now report water risk exposure, compared to 70% in 2015. The majority of risk reported are physical (76%), relating to water scarcity and declining water quality. Yet, despite almost a doubling of the number of companies setting targets to reduce water withdrawals over the four years, there has also been an almost 50% rise in the number of corporates reporting higher water withdrawals. This worrying trend holds true both for company wide withdrawals but also for those at sites facing substantial risks.