The World Water Council says that over €255 billion euros must be invested in water infrastructure globally every year until 2030 due to climate change.

The Council is calling on Governments, investment banks and funds worldwide to prioritize financing for adapting and mitigating water infrastructure to increase resilience to climate change.

Headquartered in Marseille, France, and created in 1996, the WWC is an international multi-stakeholder platform organization which brings together over 300 member organizations from more than 50 different countries.

€100 billion euros a year is needed for adequate new water infrastructure and at least another €155 billion euros needed to renew and improve equipment to adapt and climate change and mitigate global warming, according to the Council.

The WWC is highlighting the need to make financing a political priority at the United Nations 23rd Conference of the Parties COP 23 now underway  in Bonn, Germany.

According to the Council, worldwide, total cost of water insecurity to the global economy is estimated at US $500 billion annually, with 80% of countries reporting insufficient financing to meet national drinking-water targets.

With over 300 member organizations worldwide, dealing with climate change is at the core of the World Water Council’s goal to strive for the availability of safe water for all and to help increase water security at large.

The summit has designated November 10th as Water Action Day within the Marrakech Partnership for Global Climate Action Programme and coordinated by members of the #ClimateIsWater initiative which was launched during CoP21 and is coordinated by the World Water Council.

The focus on financing is key to overcoming hurdles to achieving the UN Sustainable Development Goal 6 (SDG6) to make safe water and sanitation a universal reality by 2030 and will be addressed by a CoP23 High Level Panel on Water and Climate Financing on November 10th.

The water sector faces major challenges in obtaining sufficient funding to meet investment requirements, the WWC said.

According to UN publications, 80% of countries report insufficient financing to meet national drinking-water and sanitation targets, despite a rise in domestic budget allocations.

The financing gap has been identified as one of the greatest barriers to achieving the fulfilment of the UN Sustainable Development Goal 6 (SDG6) to ensure availability and sustainable management of safe drinking water and sanitation for all.

Financial investment in water infrastructure would need to triple to  more than  €255 billion euros  a year to be invested in water infrastructure globally until 2030 due to climate change – made up of €100 billion euros required for adequate new water infrastructure and at least another €155 billion euros needed to renew and improve equipment to adapt and climate change and mitigate global warming.

With the aim of raising international awareness on water and climate change, the World Water Council  together with the Moroccan Ministry of Water and the French Ministry of Environment and for CoP22 developed the first Water and Climate Blue Book as a tool to foster action.

A second edition of the Blue Book with updates on progress and recommendations, including on financing water infrastructure, will be presented at the Moroccan Pavilion on the 11th of November during CoP23. Financing water infrastructure is a key element of the report.

David Hebart-Coleman, African Development Bank expert on climate change and water, underlined the importance of adequate access to existing climate change funds for water infrastructure financing:

“Initially climate change was just seen as something we had to deal with. Now it is increasingly seen as an opportunity to push water up the agenda because we believe that most water supply and sanitation actions are climate resilient.”

“As part of the World Water Council, we seek to encourage continued dialogue between the water and climate communities as well as state and non-state actors for better water management and infrastructure financing within the uncertainty posed by climate change,” Dogan Altinbilek, Vice President of the World Water Council added.

World’s biggest water related event in 2018

Many of the discussions during this global environmental summit will pave the way to the world’s biggest water related event, the 8th World Water Forum which will take place in Brazil from 18th to 23rd of March 2018.

World Water Council President Benedito Braga commented:

“It is in water where we will find the best manner to adapt or mitigate the effects of climate change. We are united in our dedication. As the organizer of the World Water Forum together with the Brazilian government, we look forward to catalyzing change for a water-secure world during the 8th World Water Forum, which will unite over 30 000 stakeholders at the world’s largest water related event.”

Listed attendees include Head of States, global leaders, opinion makers, and water and climate change experts.

Registration for the World Water Forum is now open. Click here for more information