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October 18, 2023
Introduction:
A new report titled “The High Cost of Cheap Water,” released by the World-Wide Fund for Nature (WWF) on World Food Day, warns of a mounting global water crisis that endangers $58 trillion in economic value, food security, and sustainability. This staggering figure represents the first-ever annual estimate of the economic value of water and freshwater ecosystems, equivalent to 60% of global gross domestic product (GDP).
Points to consider:
- Degradation of rivers, lakes, wetlands, and aquifers poses a significant threat to their economic value and their crucial role in sustaining food security, human health, and planetary well-being.
- Direct economic benefits derived from water, such as consumption for households, agriculture, and industries, amount to at least $7.5 trillion annually.
- Indirect benefits, including water purification, soil health improvement, carbon storage, and protection against extreme floods and droughts, are estimated at approximately $50 trillion annually.
- Despite these immense values, the world’s freshwater ecosystems are deteriorating, leading to a growing risk to their economic worth.
Impact on Water Ecosystems
- The world has lost a third of its remaining wetlands since 1970.
- Freshwater wildlife populations have, on average, declined by 83%, contributing to water shortages, pollution, and dwindling food sources like freshwater fisheries.
- The example of Europe’s Danube basin is cited, where 80% of floodplains have been lost, significantly impacting flood and drought risk mitigation, groundwater recharge, and water filtration.
Primary Threats
- Unsustainable agricultural practices, including over-extraction of water for crop irrigation and occupation of floodplains by agriculture, pose significant threats to rivers and floodplains.
- Agriculture currently accounts for over 70% of freshwater usage globally.
- Excessive fertilizer use leads to diffuse pollution affecting surface and groundwater.
Recommendations
- To address these challenges, countries should support nature-positive food production and maintain free-flowing rivers for agricultural productivity.
- Sustainable land use practices that facilitate natural water retention should be adopted.
- Diets that reduce the demand for products straining freshwater resources should be encouraged.
- The food industry should embrace sustainability practices to reduce its environmental impact and support freshwater ecosystems.