Water is an incredibly personal topic, integral to the lives and traditions of communities everywhere. That means companies must be very careful about how they use water resources, even those to which they are legally entitled, says Shari Friedman, Eurasia Group's Managing Director for Climate and Sustainability.

"If they're taking it away or they're polluting a source, it's something that's incredibly visible, as people use it," she said. "And it's something the press can pick up on pretty quickly, and it affects a company's license to operate."