The world is nearing a global “water disaster” after a report revealed that the hydrological cycle has gone out of balance for the “first time in human history.” It said that the cost of inaction would be borne by areas with high population and agricultural density including parts of India, China and Europe.
The report by Global Commission on the Economics of Water published on Wednesday, brings to light the economic policies have largely ignored a vital freshwater resource: the “green water” stored in our soils and vegetation, causing “unprecedented stress” to the global water cycle.
It further calls upon the countries to govern the water resource as a global common good.
Who will be hardest hit
From areas of high population density to those that are intensely irrigated, the report says that “total water stored on and beneath the Earth’s surface is unstable and declining across areas where populations and economic activity are concentrated, and crops are grown.”
High-population density hotspots, such as northwestern India, northeastern China, and southern and eastern Europe, are especially at risk.
Further, the report said that the poorest 10% of the global population rely on land-based sources for over 70% of their annual precipitation and will be the most affected by deforestation.
Meanwhile, intensively irrigated areas often experience significant declines in water storage, with some regions seeing rates of decline that are twice as fast as others. If these trends continue, severe reductions in water storage could render irrigation unfeasible, potentially leading to a 23% drop in global cereal production.
What does the report say about economics of water
Stressing upon the decades of poor management and undervaluation of water globally, the report calls for a new economics of water which recognises water as a global common good.
“One that recognises the hydrological cycle as a global common good: understanding that it connects countries and regions through both the water that we see and atmospheric moisture flows; that it is deeply interconnected with climate change and the loss of biodiversity with each rebounding on the other; and that it impacts on virtually all the SDGs,” the report said.
The report further suggests to “recognise the minimal water requirements of water for a dignified life. This report offers 4,000 l/p/d as a reference for further discussion.”