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limited uses in mind. Looking to the future, these pressures will be intensified by climate change and increasing demand for water. Hence it is clear that multi-purpose water infrastructure is set to become an increasingly important asset class by itself. This report goes beyond the question of how much finance is required for water infrastructure to address emerging issues, but makes the case that major social action for water has been, and will continue to be needed to meet the future demands of the global population and global economy.Water infrastructure needs to be multi-purpose to meet the increasing demands for water for agriculture, industry, energy and domestic use. But multi-purpose water infrastructure presents specific financing problems, in addition to those generic to water. The sums involved are typically large, some components are not financially profitable under strict market conditions, many different stakeholders are affected, there are a number of competing users, and conflicts over priorities often arise between them. To cap all this, many large projects are transboundary, involving two or more countries. To meet burgeoning demand, stakeholders need to bring together funds from new and existing sources, such as pension, water, sovereign wealth and climate funds, green bonds and insurance companies, to drive the construction of major water infrastructure schemes.In Copenhagen in 2009 and in Cancún in 2010, developed countries committed to jointly raising $100 billion per year by 2020 to help developing countries cope with climate change. As part of the Paris Agreement, this goal was extended until 2025, prior to which a new collective goal will be set. It is important to ensure the pledged amount is provided for the successful implementation of the Nationally Determined Commitments and the National Adaptation Plans, most of which have a strong water component, and that the Green Climate Fund can be easily invested in water-related projects that will increase resilience to climate change. For too long, water has been a neglected and marginalized sector in discussions of public policies for growth and sustainable development. As compared to subjects like energy and transport, water has not received its share of political support. This lack of attention becomes most visible, and dangerous, in the form of insufficient water infrastructure which enables greater resilience to climate change. We see this in countries at all stages of development where not enough is being done to maintain and replace existing systems and structures, nor to prepare the infrastructure for growing future requirements. However, investing in water actually leads to increased resilience to climate change impacts, averted exponential costs and great benefits in increased productivity in the future.Failure to address the relationship between water and climate puts our future in jeopardy. Two-thirds of the world’s population could face water stress in 2025 and the number of people affected by floods could increase by a factor of three by 2100. The decisions made today will set the trajectory for generations to come. The World Water Council, together with its partners, hopes to bring these issues into greater focus during COP22 in Marrakech and for many years to come. ■ABOUT THE AUTHORProfessor Benedito Braga is a professor of Civil and Environmental Engineering at Escola Politecnica of University of São Paulo, Brazil. He holds a PhD in water resources from Stanford University and is an Honorary Diplomate of the American Academy of Water Resources Engineers. He is the author of more than 200 papers and 25 books and chapters of books published internationally. Professor Braga was a member of the Board of Directors of the Brazilian National Water Agency (2000-2009) and President of the Intergovernmental Council of International Hydrologic Program of UNESCO (2004-2005). He chaired the International Steering Committee of the 6th World Water Forum held in Marseille, France, and was the President of the International Water Resources Association (1998-2000). He is the President of World Water Council responsible for the organization of the World Water Forums since 2012 and Secretary of State for Sanitation and Water Resources of the State of São Paulo, Brazil.WATER SECURITY 067