The Hidden Wealth of Nations: Groundwater in Times of Climate Change (UN 2023 Water Conference Side Event)
Broadcasting UN Entity
Groundwater is a crucial component of the water cycle and is available almost everywhere on Earth in sufficient quantity and adequate quality to sustain water supply. In countries where the maturity of use of groundwater is high, competing demands between water supply, agriculture and ecosystems are becoming more visible with important development implications – more so under climate change. A better understanding of groundwater and higher political prioritization can help improve its sustainable use.
The side-event will set the stage by presenting for the first time the results of the global World Bank flagship on the economics of groundwater (The Hidden Wealth of Nations). This flagship provides a new systematic economic analysis of the value of groundwater, the costs of mismanaging it and the opportunities to leverage its potential. The report provides a new perspective on the importance for policymakers at the highest political level to understand how groundwater can be used in both places that have underused and overused the resource.