A new international pact is urgently needed to address the mounting water crisis that threatens to slash economic growth by at least 8% and jeopardize half of the world’s food supplies by 2050, according to a report by the Global Commission on the Economics of Water (GCEW).
The commission, backed by the OECD, highlighted that climate change, destructive land use, and chronic mismanagement have placed the global water cycle under “unprecedented stress”. Regions like northwestern India, northeastern China, and southern and eastern Europe are particularly at risk of water shortages.
To combat this crisis, governments must collaborate to establish incentives for more sustainable water consumption and ensure that critical infrastructure investments are directed to the right areas. The GCEW emphasized the necessity of setting common goals for water sustainability and proposed the idea of a global water pact to address these challenges.
The report also underscored the impact of rising temperatures on global water supplies, noting that each 1 degree Celsius of warming increases atmospheric moisture retention by 7%. This shift in precipitation patterns poses a significant threat to freshwater sources, including both “blue water” in rivers and lakes and “green water” stored in soils and plant life.
Furthermore, the commission warned that current trends could lead to a decline in global cereal production by up to 23%, particularly in regions heavily reliant on irrigation. To address these issues, the report called for financing mechanisms to support water infrastructure investments, proper pricing of water resources, and the reallocation of agriculture subsidies to discourage overconsumption.
While cooperation among nations is essential to mitigate the risks to global water supplies, the report also highlighted the potential for growing water shortages to exacerbate geopolitical tensions. Genevieve Donnellon-May, a researcher at the Oxford Global Society think tank, cautioned that water scarcity could hinder transboundary cooperation at both local and international levels.
Analysis:
The global water crisis poses a significant threat to economic growth and food security worldwide. Without immediate action to address the challenges of climate change, land use practices, and water mismanagement, countries risk facing severe water shortages and agricultural losses. Investments in sustainable water infrastructure, proper pricing of water resources, and international cooperation are crucial to mitigating these risks and ensuring a more secure water future for all. Individuals and policymakers alike must recognize the urgency of the situation and work towards implementing solutions to safeguard our most precious resource – water.