DAEGU, South Korea — The World Water Council and the Organisation for Economic Co-operation and Development (OECD) are urging policy makers and business leaders to address financing water infrastructure to supply water security for the global population and economy demands, according to a press release.
In the report “Water: Fit to Finance?” launched at the seventh World Water Forum, held April 12-17, the World Water Council and OECD stress the increasing need for public and private partnerships to steer the construction of major water infrastructure schemes, stated the release.
The collaboration suggests a “risk and reward” rationality among financiers as a barrier, continued the release, which has led to water infrastructure projects being marginalized compared to other branches of infrastructure investment.
The report features seven proposals for action convened around achieving water security for human needs, environmental sustainability and economic development, reported the release.
“In the last decade water has gained increased attention in the global political agenda. Yet despite the fact that financing for the water sector can easily be justified by the pressing need to adapt to global changes including climate, population growth and urbanization, investment in water infrastructure is under-developed,” said World Water Council President Benedito Braga. “Globally we are simply not doing enough. We must grasp the big picture connected to water and bring together investors, bankers, economic players and public officials to tackle the infrastructure deficit in new and creative ways.”
Water supply and sanitation are projected to require $6.7 trillion by 2050, noted the release.
Read the entire release here.