Deloitte Touche Tohmatsu Limited plans to work with a nonprofit organization on developing disclosures by companies of their water usage as fresh drinking water increasingly becomes a scarce resource.

The firm said Monday that it has agreed to work with the Carbon Disclosure Project, an independent nonprofit, on driving the use of CDP’s Water Disclosure Report. The CDP Water Disclosure has been around since November 2009 and aims to make reporting on water usage a standard corporate practice globally. The goal is to help companies, governments, investors and other constituents be able to gauge and compare water usage systematically.

Water has become an increasingly precious commodity, especially as drought hits many parts of the U.S. and other parts of the world such as Somalia. CDP’s Water Disclosure Report provides data to investors from the world’s biggest corporations on water-related investment risks and commercial opportunities. This year, the group requested information from companies on behalf of 354 investors with assets of $3 trillion.

The agreement with Deloitte will allow the two organizations to collaborate on water stewardship issues. They will also be able to draw on insights gained from Deloitte’s work on behalf of many of the biggest companies in the world.

“Water use and water scarcity have emerged as critical business issues for many industries, and as a result, for investors,” said Deloitte Touche Tohmatsu global leader for sustainability Nick Main in a statement. “CDP Water Disclosure is a groundbreaking program that aims to bring transparency to the issue of water use. This initiative provides a tremendous opportunity for Deloitte and CDP to catalyze broad action toward sustainable water management by accelerating the development of standard measures and performance benchmarks around water use.”

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