More than €255 billion (£227.4bn) needs to be invested in global water infrastructure each year until 2030 to mitigate the effects of climate change.
That’s the verdict from the World Water Council (WWC), which says governments, banks and investors worldwide must prioritise providing financing to ensure safe water and sanitation are universally available, in line with the UN’s Sustainable Development Goals.
It suggests €100 billion (£89.2bn) a year will be needed for new infrastructure and at least another €155 billion (£138.2bn) will be required to renew and improve equipment to increase resilience to climate change.
The report adds 80% of countries report insufficient financing to meet drinking water and sanitation targets, despite a rise in domestic budget allocations.
It says the financing gap is one of the greatest barriers to avoiding the issues surrounding access to water.
Dogan Altinbilek, Vice President of the World Water Council, said: “As part of the World Water Council, we seek to encourage continued dialogue between the water and climate communities as well as state and non-state actors for better water management and infrastructure financing within the uncertainty posed by climate change.”