Financial institutions' critical role to address the water crisis

THIS month marks the 54th year of celebrating Earth Day. Earth Day was established to serve as a reminder to everyone that each of us is accountable for the well-being and sustainability of Mother Earth. Over time, this day was also extended to include awareness of issues resulting from climate change. Sadly, I must say, as significant as Earth Day is, one may not need a day marked to be reminded of the importance of our role in preserving the planet. Unprecedented events already serve as a strong reminder of the consequences of climate change.

Last week, Dubai experienced more than a year of rain, flooding the city in just over 24 hours. Southeast Asia continues to experience extreme heat waves with the recurring consequences of the El Niño phenomenon. On the home front, we are experiencing the challenges caused by climate change. Five dams in the country recorded a decrease in water level this week. Angat Dam, a source of 90 percent of Metro Manila's water needs, recorded the biggest decrease. Due to El Niño, hydroelectric plants are running below capacity. The country's power and water supply are challenged. Our food security is faced with agricultural losses already at around P357.4 million. All these threaten our access to many basic needs, with water as the most critical one.