World Bank report calls for urgent action on global water security

World Bank report calls for urgent action on global water security
Banking & Financial Services
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Ajay Banga 14th President of the World Bank Group | Official Website

Water security is a crucial component of poverty reduction, yet billions worldwide may continue to lack access to clean water unless urgent action is taken, according to a report released by the World Bank on May 20, 2024. The report highlights the necessity of safe drinking water and sanitation, reliable water supply for agriculture and industry, and protection against droughts and floods for human and economic development.

Over the past two decades, the number of individuals without access to safe drinking water and basic sanitation has surged by 197 million and 211 million respectively. Currently, over two billion people are deprived of safe drinking water access while 3.5 billion lack safely managed sanitation facilities. This deficiency leads to infectious diseases that contribute to at least 1.4 million deaths annually and account for half of global malnutrition.

The report, Water for Shared Prosperity, was unveiled at the 10th World Water Forum in Bali, Indonesia by the World Bank Group in collaboration with the Government of Indonesia. It emphasizes that inadequate access to safe water and sanitation is particularly detrimental during childhood as it affects early development. Furthermore, time spent fetching water coupled with inadequate sanitation and hygiene as well as droughts or floods disrupt learning leading to school dropouts.

Climate change exacerbates these water-related risks. Developing countries disproportionately affected by climate shocks due to global emissions have experienced more severe droughts and longer-lasting floods than advanced economies between 2000 and 2021. These climatic events have long-term impacts on nutrition, school attendance, and economic welfare.

"To improve livelihoods, significant reforms and investments are needed to provide efficiently managed water and sanitation services to those without access, and to strengthen resilience against hydro-climatic risks," said Manuela V. Ferro, World Bank Vice President for East Asia and the Pacific.

The report proposes specific recommendations for enhancing water security in developing nations including international cooperation for protecting depleting aquifers; implementing nature-based solutions such as reforestation; and investing in water storage infrastructure. Additionally, reforming water tariffs and poorly-targeted subsidies while ensuring affordability for low-income households can help maintain and expand services and allocate scarce water resources fairly.

The report also spotlights Indonesia's efforts to address water security challenges. The country has made significant investments to enhance resilience to climate-related risks, including investments in 61 dams to store water and increase irrigated areas. A Community-Based Water Supply Program has provided more than 24 million people with improved water facilities.