Press Conference: The New Economics of Water - Launch of Global Commission | Davos | #WEF22 | Summary and Q&A

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August 24, 2022
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World Economic Forum
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Press Conference: The New Economics of Water - Launch of Global Commission | Davos | #WEF22

TL;DR

The global commission on the economics of water highlights the urgent need to address water scarcity and manage water resources as a global commons to ensure sustainability and safeguard human well-being, economic development, and the environment.

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Questions & Answers

Q: Why is water management considered a global commons issue?

Water management is a global commons issue because changes in the global hydrological cycle, influenced by climate change and ecosystem degradation, impact water availability and quality worldwide. The actions and policies of one region can have far-reaching consequences, making cooperative and holistic water management essential.

Q: What are some examples of solutions to address water scarcity and mismanagement?

Solutions include adopting drought-proof agricultural systems, such as soil management practices that improve water holding capacity and genetic improvements of crops with deep roots. Additionally, investment in water-efficient technologies like drip irrigation and collaborative governance models that involve public-private partnerships are key strategies.

Q: How can the economics of water be redefined to drive sustainable water management?

The economics of water should move beyond viewing water as a public good or a corrective measure, focusing on the value of water as a common good. This requires recognizing the role of government as a market co-creator and embracing collaborative financing models to ensure the availability and sustainable management of water resources.

Q: Why is it important to prioritize water management alongside climate change and other global challenges?

Water management is crucial for addressing climate change, food security, energy security, and human well-being. Failure to manage water resources effectively can have severe consequences, including droughts, floods, conflicts, and economic losses. Prioritizing water management ensures comprehensive and sustainable solutions to these interrelated challenges.

Q: Why is water management considered a global commons issue?

Water management is a global commons issue because changes in the global hydrological cycle, influenced by climate change and ecosystem degradation, impact water availability and quality worldwide. The actions and policies of one region can have far-reaching consequences, making cooperative and holistic water management essential.

Summary & Key Takeaways

  • Water scarcity and mismanagement pose a significant threat to human well-being and economic development worldwide.

  • The hydrological cycle and climate change are interconnected, making water management crucial for mitigating the climate crisis and ensuring food security.

  • The global commission aims to advance new science, economics, governance structures, and financing approaches to address the challenges of water scarcity and promote equitable access to clean water.

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