Why we need a new economics of water as a common good

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Why we need a new economics of water as a common good
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Anthropogenic pressures and climate change are altering water flows worldwide. Better understanding, new economic thinking and an international governance framework are needed to stave off catastrophe.

to calculate volumes, ratios and flows of evaporation and precipitation in several regions . Generally, countries where prevailing winds blow from the ocean have a plentiful and consistent source of moisture and little dependence on other nations. Landlocked countries are more vulnerable to natural variability and the practices of neighbours over which they have no control.For example, Brazil is largely self-sufficient in green water and precipitation.

China, too, is heavily reliant on water evaporated from land for its precipitation. Of that, 44% comes from internally recycled moisture, and the rest from upwind neighbours, including India, Kazakhstan and Russia. Moisture from Chinese land also has a large role in rainfall across Central Asia and the Tibetan Plateau.

Moreover, no country acquires over half of its moisture from within its own boundaries, implying that even the largest countries rely on evaporation from other areas to sustain their precipitation. Even Russia, the most self-reliant in rainfall and with 45% of its moisture recycled internally , is still heavily dependent on neighbouring countries and the ocean .

To inform policies, scientists need to assess water stocks and flows of green and blue water, locally and globally, using satellites, big data and Earth-system models. Researchers need to know where and through which processes global change is shifting freshwater cycles and supply. The impacts and costs of extreme events, such as parching of soils and extremes of river flow, need to be studied in the context of precipitationsheds and evaporationsheds.

Hydrologists, economists and political scientists will need to set budgets for green and blue water across scales, while keeping the sources and patterns of fresh water within ranges typical of the past 12,000 years during which human civilizations evolved . However, recent analyses suggest that features such as soil moisture are already deviating from historical ranges in some places, being either wetter or drierTreating water as a collective resource requires rethinking its economics.

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