Published: 19th Oct, 2023
Context:
As per the report, titled ‘The High Cost of Cheap Water’ which was released on the occasion of World Food Day by the World Wide Fund for Nature (WWF) has highlighted that mounting global water crisis threatens 58 trillion dollars in economic value, food security and sustainability.
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World Food Day is celebrated on October 16. |
Highlights of the Report:
- Economic losses amid Global water crisis: The amount as estimated around 58 trillion dollars — is the first ever annual estimate of economic value of water and freshwater ecosystems. It is equivalent to 60 per cent of global gross domestic product.
- The report mentions that, Degradation of rivers, lakes, wetlands and aquifers threatens their economic value and their irreplaceable role in sustaining not only our food security, but also human and planetary health.
- At the same time, unseen benefits — purifying water, enhancing soil health, storing carbon, and protecting communities from extreme floods and droughts — are seven times higher at around $50 trillion annually.
- The report noted that unsustainable agricultural practices were among the primary threats to rivers and floodplains.
- Agriculture currently accounts for over 70 per cent of the freshwater used by humanity, according to data from the World Bank.
- Over-extraction of water for crop irrigation also reduces its availability for other uses, such as natural flows that support fisheries.
- Agricultural fields now occupy floodplains. This has reduced the purification, flood and drought risk capacities of river systems.
- Recommendations:
- The world must also apply sustainable land use practices to facilitate natural water retention and adopt diets that reduce demand for products that strain freshwater.
- Healthy water ecosystems play a key role in climate adaptation by mitigating extreme floods, building resilience to droughts, protecting against storms and erosion, regulating temperatures and micro-climates, and sustaining deltas.
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