Business leaders of 19 major corporations have called on the G-8 countries to take urgent action on the emerging water and sanitation crisis across the world.
The business leaders, who form part of the UN Global Compact, urged the G-8 leaders to 'actively' address the issue of water during their upcoming summit in Japan in July.
"It is increasingly clear that lack of access to clean water and sanitation in many parts of the world causes great suffering in humanitarian, social, environmental and economic terms, and seriously undermines development goals," they said in a letter released on Wednesday.
It is estimated that approximately one billion people lack access to safe drinking water, and 2.6 billion do not have access to adequate sanitation.
The letter cites a recent UN Development Report, which argues that the costs to sub-Saharan African economies of not having basic universal access to water and sanitation represent about five per cent of gross domestic product.
"Water is not just an environmental issue it is a poverty and development issue, an economic issue, and therefore a business issue," the chief executives said.
It notes that in 2000, world leaders committed to the Millennium Development Goals, which included a concrete target to "halve, by 2015, the proportion of people without sustainable access to safe drinking water and basic sanitation."
"We are pleased that business leaders have taken the initiative and are urging governments to take seriously this emerging crisis," said Georg Kell, Executive Director of the UN Global Compact.
The Global Compact pledges participating businesses to observe principles regarding human rights, labour rights, environmental sustainability and the fight against corruption.
