“The global water crisis is a tragedy, but it is also an opportunity to transform the economics of water. And let's start by valuing water properly to recognize water scarcity,” said Ngozi Okonjoy Weara, Director-General of the World Trade Organization, one of the committee's co-chairs.
A report reveals that in regions where nearly 3 billion people face unstable water trends and some cities are sinking due to groundwater loss, densely populated areas like northwestern India, northeastern China, and southern and eastern Europe will suffer the most from global water management failures.
Mariana Mazzucato, a professor at the Institute for Innovation and Public Purpose at University College London, pointed out that the lack of collective will among governments and businesses, and the failure to treat water as a commodity, contribute to the problem. She emphasized the role of market forces in this issue.
Prof. Mazzucato added, “We have the ability to address the crisis, but we choose not to act out of inertia because there are profits in not solving the problem. Approximately 80% of wastewater is currently not recycled.”
“Just like climate change, biodiversity, and health pandemics, we can turn the water crisis into significant investment opportunities,” she further explained.
The OECD and the Dutch government established the Global Commission on the Economy and the Environment of Water (GCEW) in 2022, with sufficient funding to operate for two years and deliver its final report this week. The OECD mentioned the possibility of continuing the Commission’s work in collaboration with other organizations.
The lack of a coordinated approach to addressing the water crisis is evident in the global response. Despite recent initiatives by the UN, such as the first water conference in 50 years and the appointment of a special envoy on water, more coordinated efforts are needed.
“The global water crisis is a ticking time bomb. If we don't act now, the cost of inaction will be borne by everyone,” stated Tim Wainwright, UK CEO of WaterAid. He emphasized the need for collaborative efforts involving government leadership, finance, donors, the private sector, and affected communities worldwide.
The report suggests various actions to address the crisis, including changing agricultural water usage, enhancing efficiency, shifting away from animal-based diets, restoring natural habitats, and improving wastewater treatment and reclamation.
However, the lack of significant public funding allocated by lawmakers globally to water-related issues may limit the impact of these recommendations. Prof. Mazzucato highlighted the nonchalant response of governments to the signs of a water crisis due to the lack of financial pressure.
Source: www.nbcnews.com
