 Good afternoon everyone here in the room as well as those of you who are watching us live Welcome to the World Economic Forum session on out-of-balance with water As the poet says water water everywhere, but not a drop to drink water in the air Water in the soil water in the ground water water in the rivers There's so much water and yet a lot of this water is unusable And increasingly this water cycle on which we have been relying on for so long is becoming Unpredictable and we do not know when and where we can get access to this water for how long and whether there will be too Much water as a consequence of for example climate change most of our climate change impacts are felt through water and Today we find that if you define safe and just boundaries for water surface water Groundwater the total water budget we find that we are outside these budgets at the global level But also at the local level for example We are taking out more water from the groundwater system than we are recharging in many parts of the world But to live within those boundaries We need to cut down our use of groundwater such that it is more or less in line with what is being recharged and Worse of all in many parts of the world We find that water has been over allocated through property rights through permits concessions contracts and many of these are Indefinite or for very long periods of time and this is very very difficult to then manage the water because it becomes your rigid system So the question for all of us is how do we try to manage water? And the key topic that we will all be working on today is are there levers? that we can use to unlock and unleash the power of water to Perhaps achieve the SDGs the sustainable development goals and today The world the global Commission on the economics of water is present here And we'll be trying to prove some of the ideas that they are working on for in in preparation of the report That is to be coming out soon We have at this point a very interesting speaker Professor Mariano Mazzucato who is co-chair of the global Commission on the economics of water and after she gives a very brief Three-minute presentation of her perspectives. We will be Listening to our Distinguished panelists over here. Let me introduce the panelists up front. We have president Tharman Shanmukha Rathnam from Singapore and he is also co-chair of the global Commission on the economics of water I am a commissioner in that commission Next to him is Roshni Nader Malhotra. She is chairperson of HCL Tech in India And is also known as a good very famous philanthropist in India Educationist and I think also interested in the arts. So a very wide Circle of interest Next to her is Kerstin Scout who is the director general of WWF International so she will probably speak from the perspective of nature and NGOs and Finally, we have Ulrich Granow who is the executive vice president and COO of Grundfos Which is based in Denmark and it's one of the largest is the largest water pump Producing companies in the world. So to start off, let me give the floor to Professor Mariano Mazzucato Oops if we treat water seriously We need urgent action and the really interesting thing about water is that it's everywhere Which also means that we need to take it extremely seriously across all the sustainable development goals name one SDG where water is not relevant one of our commissioners Yvonne Sawyer Who is the mayor of Freetown says that for example many women get raped when they go fetch water So SDG 5 on gender parity is related to water. Of course SDG 6 on wash of course SDG 13 and 14 climate change and life below our oceans But actually all of them and it's also across all our sectors again name one sector that's not reliant on water So it's really an economy-wide problem and we shouldn't treat it as a sector. Otherwise it gets siloed into kind of boring You know subsidies and guarantees and different types of policies that see it just as one thing as opposed to a Problem that needs massive innovation across government and across all sectors and in fact I have all this paper here. It's hard to hold at the microphone But our first report which was our March preliminary report last March actually ended with this massive Opportunity that water is a problem provides to the private sector and to the public sector around storage systems water delivery systems agriculture use recycling and And of course energy use but that doesn't happen on its own without actually changing how we do Capitalism right this is not about as much as I love philanthropies We need actually to do business differently. We need corporate governance to change We need governments to change instead of fixing market failures What does that actually mean to shape an economy to deliver for people and planets? So what the Commission's doing and I promise I will finish in the next 30 seconds. No idea where three minutes is We talk about the need first of all for outcomes oriented policy mission orientation Every industrial strategy around the world innovation policy finance policy needs to put water at the center But really around bold water Problems and by the way the global hydrological cycle is itself a mission and in in terms of actually keeping it stable Second we talk about the need for new types of public-private partnerships It's easy to talk about partnership, but we all know there's problematic partnerships even in our love lives, right? That's why people get divorced. So why do we think that just talking about partnering is a good thing We need to design the partnerships to be symbiotic Mutualistic we need new types of conditionalities for example tied to all grants loans and so on to make sure we actually get That private sector investment. That's so needed third Of course we need finance, but we can't keep seeing finance as a bucket and talking about financial gaps How do we restructure finance? Multi-development banks national development banks, which together by the way have over 23 trillion Dollars most of that is actually in the national development banks. How can they become better aligned around water problems? And lastly I talked about innovation, but how do we scale that? It can't just be cute little experiments here and there How do we use for example? Demand side policies that truly allow those innovations that come about to really diffuse and get fully deployed And in terms of the finance it has to be patient long-term and committed and in terms of those demand side tools The most obvious ones are things like procurement right government as purchaser in every country even in small island states have procurement budgets How can we use that lever that you talked about to really? You know put water at the center of an immense amount of collective intelligence to solve or transport or housing or Energy problems with water at the center. Thank you so much. Thank you Mariana That was really clear and you laid out the importance of water across all the estuaries and Also, you brought the gender issue very clearly to the fore as well as the need for finance and that brings me to you President Tharman How do you see the role of finance in the water sphere? Well first just just take a step back and carry on from what Mariana said And your opening remarks as well I think it's very important for us all to understand that Water is not just You know the first victim of climate change the first manifestation of climate change It is also part of the cause for climate change I think COP 28 registered very neatly that water is a major consequence climate change the droughts the floods the wildfires Etc. What isn't sufficiently recognized in the broad public and even amongst policymakers is That what's happening in water is also a cause of climate change to put it very simply The loss of moisture in the soil the loss of moisture in the forests is itself a major source now of Climate change and there's a very real risk that the natural Ecosystems the wetlands the forests and the other natural ecosystems which used to be sumps or major sources of sequestration of Carbon are actually going to tip over and become sources of admission of carbon dioxide So to solve climate we have to solve water That reverse causation is absolutely critical the good news is We can actually do it in fact I would say solving water is the low-hanging fruit in solving for the broader climate crisis We know the technologies and innovations that are required We actually have the financial resources in the global market system What's required as Mariana said is changes in the way we govern Water together with biodiversity and everything else that it takes to solve the climate crisis It's changes in governance and changes in the way we finance But it can be solved because this is not like the open-ended questions still in CC us open-ended questions in Some of the more Adventurous efforts to create safe nuclear energy and so on so forth all very exciting But not yet proven not yet proven to be safe and commercially scalable But for water we have proven technologies that need to be scaled up They need to be made affordable to the ordinary farmer in India or Africa. They need to be affordable for local municipalities everywhere in the developing world and frankly That also need to be implemented at scale in the most advanced countries Which themselves suffer from water crises? You only have to look at the Colorado River Basin look at large parts of California Look at even the Scandinavian countries where there's massive leakage of water from municipal systems I mean more than 40% of water is just lost through municipal systems So we can solve this the new technologies Allow us to solve that far more efficiently at lower cost and it allows us to scale things up So I'll just stop there Water is a consequence as well as a cause of climate change It is the low-hanging fruit in our efforts to address climate change and we can achieve it within a reasonable period of time It be organize ourselves. Well, and it be financed this so that everyone benefits Thank you. This brings me actually to the narrative that perhaps you would probably want to share with us Roshni because present time and talked about Technologies and innovations that need to be scaled up and I understand that you are also engaged in scaling up So you're probably hands on the ground Perhaps you could tell us a little bit about what you are doing in this field and what we can learn from you Great. Thank you. I think one of the things that you mentioned in your opening remarks was How to manage water and I think just picking up what president Thurman said I think water is managing us all at the moment and And it's really how we respond is what is extremely critical at the moment and I think in this journey each country each neighborhood each village Every society all over the world is in a different life cycle in their relationship to water and I think this is where innovation plays a very large role. So You know, we've made a commitment here at Weff in partnership with uplink for 15 million in patient capital financing over the next five years and each year there will be 10 aquapreneurs, which we will find from all over the world. So in five years, we'll have 50 aquapreneurs and This is not philanthropy because these are actually business solutions solutions that need to go to scale and like any other startup Or any other entrepreneur They need to be profitable. They need to have a marketplace. They need to have access to the right buyers and It's been a tremendous journey. We started last year 10 aquapreneurs two from South America two from North America two from Africa one from Europe One or two from India and one from Southeast Asia, but that's more than 10. So I'm getting my numbers wrong but But it was it was a global challenge and we had innovative solutions that came from all parts of the world So for us as an organization HCL, which is based in India and India again I think that when people think of India, they're also thinking of us in you know silos of you know, maybe Where there's not good agricultural practice. We've got drought and we've got challenges with our farmers There are also parts of India. They get more than their share fair share of water and people are not able to manage that or even, you know Harvest that so I think You know, we've got these 10 solutions that came last year We gave off the 15 million it was only about 3 million for the 10 but within 12 months They have unlocked the aquapreneurs on their own 55 million Dollars of additional funding for their businesses Two three of them have grown, you know, I've just got the numbers because it was so mind-boggling for me to see that You know, 900% degree increase in revenue five times jump in customer engagement Expanded to other countries So I think that What it's enabling is the funding and the financing is enabling To open up a marketplace for water and water-based innovation and solution and earlier today we launched The announce the second cohort of aquapreneurs So now we've got 20 and we've got one of our young recipients here in the entry as well but by the end of five years, we'll have 50 aquapreneurs from all over the world and you know, they're they've Received if for a lack of a better word seed funding, which is here But what a weft or a network such as ours are able to offer them is market access How to define your demand environment which countries to go to how to sell creating an ecosystem and So I'm I'm excited. I think we just have to continue on this journey and There's there's been a lot of There's been a lot more funding for other aspects of climate change carbon ecopreneurs and but I think fresh water Conservation whether it's in the natural habitats or it's in our urban habitats They're much more linked than they used to be before has president Tharman said and It's important to get some financing for solutions there Yeah, that sounds so exciting that such a small amount of money can then unleash so much Potential from these young aquapreneurs. Yeah, and that brings me to you Kirsten You've been evaluating the cost or value of wetlands and you have come with a number quite a large number probably half the world's global GDP How do you see that in relation to your perception of keeping human central in the evaluation of Water and water ecosystems Does that in any way clash with a business perspective or does it align well with it? No, thank you. I mean the so the number is 58 trillion. I have to say the number There's a lot behind that number, right? And I think what's interesting about it is precisely because it shows That conserving nature whether it's fresh water or forests or oceans has an economic value And matches very well with the business interests What's behind the 58 trillion is on the one hand? There is a large direct economic value You know water is an input is drinking water is really important to food production energy production and so forth But there's also a huge indirect economic value because a lot of wetlands For example and other freshwater ecosystems play a key role in purifying water Storm production of flood water control and so there is a huge economics behind the conservation of wetlands and river basins The problem is that we've often don't really realize What that economic value is and how that actually impacts us as people and so Whether so before I started so I've been with WWF for about 20 years But before I did that I was actually doing work on the economic values of wetlands I am an economist by background and I did that in the field in Kenya and Malawi and Just just so just from a local community perspective the immense amount of dependency of People on wetlands and on river basins. It's enormous. I mean their entire livelihoods depend on water Now if you look at corporates, it's pretty much the same thing except that we take it for granted These local communities have no choice, right? They have no choice but to take water and their food and their building materials for their houses from the local ecosystem But I think a lot of us Living in other parts of the world we have a choice, but I think we've taken for granted I mean water pricing is a big topic as you know, you know The price we pay for water is so incredibly low in many parts of the world But I think it's about time that we realize as corporates that you know taking water stewardship seriously because There's it's a very important part of our our production system, right again So much of water is necessary for food production for energy production and so forth The reality is that however, we're losing ecosystems at lightning speed, right? So every other year WWF brings out what we call the living planet report Now I was you know in the last 70 years We've lost about almost 70 percent of species living in the wild just generally in every single ecosystem for fresh water It's 83 percent. So just since 1970 We have lost 83 percent of species living in freshwater ecosystems Species are indicators of the health of ecosystems not much more than that So it tells you how much we're losing and and not just the quantity but also the quality of our freshwater ecosystem As a conservationist as a conservationist, of course, that's painful. I care deeply about that But as an economist, there's a whole other world out there that I think we need to look at because this poses real risks to Corporates and to us in our livelihoods and so I think this the 58 trillion is all about that It's realizing that we all need to look seriously at the freshwater issue the water scarcity I fully agree with with what you were just saying I think the whole issue around climate change is going to be felt primarily through freshwater whether too too much of it or too little of it and depending on where you live and so Having this figure should be a wake-up call I think for all of us to realize that we need to include the assessment of fresh water availability in our risk assessments as Corporates as part of water stewardship and be prepared of what will come over the next year Is this climate change is going to be impacting us wherever we sit? Thank you so much So we have to value our ecosystems and our water systems and actually we get huge returns back if we invest in it Coming to you Ulrich you are a pioneer in the field of water Management in your own way and you've been developing all kinds of technologies in your company What is your vision about how we should develop water technologies and unlock water economies? well First of all, we need to acknowledge that we are out of balance As it says that we need to do something about it You talked about climate water interdependencies but I just think here in the scene of weff we also need to recognize that Inequality on inequity in water means inequity in life So it just goes beyond water is beyond water Two billion people don't have access to safe clean water And not having access to that means Not having access to education not having access to sort of health same health Staying in poverty and not getting out of poverty. So Water is sort of the not has the knock on effect and a multiplier effect that if we Create conditions for water we create conditions for many of other these SGGs that we actually fight to actually win. So Therefore, that's actually the true value of water. The value of water is not just What water can do of solve the water, but it's actually about the knock on effect. It has on all the other SGGs Now what are some of the deficits we didn't need to to do something about? First of all, we need to price value differently than we do today You said it too low price, but also not fully understanding the value of it secondly, too many companies Too many governments don't really fundamentally understand the issue of water What's the problem? How can it actually be addressed? I'm happy to see that more reports is coming out now a preliminary report and a final report later But we need to create better understanding of the issue and then thirdly is as was also said before We need global coalitions global standards for how we manage water Global measurements, but also global ambitions think about what net zero has done To our co2 journey because everyone has jumped on to that wagon When we find the same measurement terminology and agree upon it Everyone and create a coalition around that we will start rally each other to actually get there But we're quite ambitious. We don't wait for that Everyone can get started every company can get started. I just want to share a few things that I believe every company could do First of all start looking at your own water print your own water footprint What's the water impact of your operations? How do you actually draw upon water? How do you recycle water? Then secondly go beyond that look at the water handprint. How do you actually act in the ecosystem? What impact do you have through water? The water withdrawals through the whole ecosystem. Are you placed in any sort of water? stressed areas and actually take that into consideration then understand your baseline build some Ambitions around it and don't accept to have a sustainability strategy that doesn't include water I think everyone can do something about it and actually get started on that journey That sounds so encouraging so positive and it's so much in line with the kind of work that we're trying to do over here Roshni talked about giving seed grants to young aquapreneurs to enable them to develop and scale up ideas President Thurman Why is it not happening that more people are giving such seed grants? How do we unlock this? Is it possible? I think it Why it's not happening is because first as Paul just mentioned Most people don't understand that what's happening in water is not just about local extremities large flood Prolonged drought and so on but that there's a shift in global conditions What do you call a tilt in the global cycle? It's very hard for most people to understand that so governments treat this as just a bad happening a Chance happening and just hope it doesn't happen again. Maybe widen the drain so that it won't get such bad floods So there isn't very much understanding to begin with or what it takes beyond the micro local solutions I think this understanding can be spread and that's one of our principal aims and very importantly It's now about Scaling up not just one or two big innovations But scaling up categories of innovations and allowing for some competition and and flourishing of Different experiments and different specific technologies. So for instance, if we talk about the massive amounts of Water that's simply wasted. So industrial wastewater the vast majority of it is simply Dispensed with right and often it you're dispensing polluted water or extremely hot water into the waterways If that's a challenge And we know the solutions exist What's required on the part of the public sector is to define that challenge Explain how we are going to incentivize and regulate the solutions and call for bids and I know for sure that there's a whole range of technologies now that are competing at the frontier of that market Which have increased the efficiency of reuse to now well beyond 90 percent through improved membrane technologies new materials new methods of operating membrane technologies as well Fascinating and we've got to essentially when it comes to these new areas our role has to be To drive down the costs of these new solutions by moving faster than the market would on its own move Moving faster than the market would on its own move. That's what happened in solar. That's what's going to happen here as well so the task of the public sector is to Co-invest mitigate risk and also to set standards and regulations so that we can basically shift down the cost abatement curve in other words make what looks like hard to abate sectors become easier to abate by achieving scale and providing some public incentive for private investment and that's what we need to do we need to take a System-wide approach. It doesn't mean everything becoming centralized going only for a global solution and then imposing that same global solution everywhere It means recognizing that there's a global problem Recognize the six to eight key areas Where we can do something about it and then call for competition call for bidders and the public sector would have to be there to regulate set standards and very often mitigate risks because These are very often technologies which are not yet cost-effective, but they will be with investment at scale Everybody here is talking about increasing the price of water So that people recognize it in a country like India where so many people are really poor and can't afford it How do you see that operationalized? Do you think it's possible? I think India lives in many centuries. So I think Where there are big cities where you have Robust middle-class Which is getting more and more affluent? They have a very different relationship with water and I think to some of the points that you raised that take the taking taking it more for granted and You know and if you were to price it I think the first question higher price at the Why are you judging me so much and you know? So I think there's there's a very different relationship that they have whereas there are parts of India where water is not so readily available and You know I'm still not sure that they value it. They just know that they need it to survive so I think it's It's it's very because they're trying to meet ends meet every day and they've probably seen It deteriorate over time. So, you know They have a very different relationship with what's happening in the natural ecosystem their agricultural Ecosystem what's happening in wetlands their groundwater and then you've got parts of India where there's so much water and that has different repercussions because Even then they are not able to use it for economic Benefit and growth. So I so I mean, I don't think that there is a clear Answer, I guess what you're saying is maybe you have to price it based on the kind of communities also Who can benefit from it? So if people can't afford it, maybe it has to be subsidized Maybe you have different yes, sir, I was just going to chip in that A last part of the problem is actually you're getting perversely Negative pricing or put another way you're getting subsidies for the wrong things So for instance, one of the reasons why so much groundwater is being extracted in Agriculture in many countries is because energy is subsidized and the diesel is subsidized so people in fact It's often free in some farms They're basically incentivized to just pump more and more groundwater and now it's unsustainable now if you could price the energy It gives you a source of revenue that then enables you to subsidize the right type of farming So we've got to do both removing the bad subsidies and Introducing the good subsidies and in order to afford it. You do need some pricing Pricing that will appear fair to the smallholder farmer, right and it's the Challenge there, of course that many of these farmers who are land who own the land also own the water So there's no there's no actual purchase or sale happening over there So that's something else we have to think about in the future but I was really talking about the people who buy water for drinking and And and sanitation and that becomes very expensive for the poor I can give the example of my mother She pays a standard amount which is very limited, but the people on the street pay much more if they have to go to the Toilet, so it it's a very Ironic system that in the middle-class person pays less in some ways than the poor people when they want to access water But to come to your question I mean Ulrich raised the point that actually water is a multiplier because it multiplies in terms of access to Education access to health and then access to job and maybe access to development and you were talking about the ecosystems so do you think you're underestimated in your Value of ecosystems his narrative about the impact of water on humans No, I think it was a great comment I don't know in that sense the cal the the exact calculations I my guess is that we probably is an underestimation which is kind of cool as well because this is a very Low I mean 58 trillion sounds like a lot But if you think that it could actually be even more because I think you're right I think there is I mean water is life right so in that sense I think the multiplier effect is endless when you think about it, so it's not like There's a lot we can say about other ecosystems that are usually important for life But I think fresh water is the basis for all life on earth so valuing that and and and seeing that as the basis of our social economic Well-being wherever you live. I think it's usually important. I Might my guess is I mean having worked on this for such a long time is is There is an increasing realization and it's not because we're throwing around these numbers But simply because we're dealing with the reality of this more and more each and every day in all the places where we live I mean I come from the Netherlands and we have fought for thousands of years Made mainly it's been about just getting rid of fresh water all the time because we're battling fresh water for flooding Now all of a sudden for the past let's say five six years. Well, you live in the Netherlands to you all of a sudden we're faced with droughts and Not and so now we have to come up with a system in the Netherlands where on the one hand You're still we're faced with flooding We want to get rid of it and other times you want to you want to keep the fresh water And so what that means is a completely different look at the way the Netherlands is organized because fresh water is everywhere, right? so so yes, I think The 58 trillion is probably a very conservative value I don't think the volume itself is going to change things But I think it's going to be a reality check for many of us wherever we live So you come from the Netherlands and the Netherlands has always Claim that it is one of the leaders in world in the world in terms of water governance And now we find that the Netherlands is not yet prepared to deal with half the impacts of climate change And so it's surprising for such a developed country not to have that in your presentation Ulrich you were talking about the fact that there is a lot of ignorance and The question now that comes to mind is why is it that? Politicians don't see water as important. I It's a difficult and it's a complex issue to address We talked about that But I want to give an example of of of my own home home country Denmark worked on water like like like Holland But there over 50 hundred of years water regulation and continuous improvement from the policy has been a demand to the society and Therefore in that ongoing collaboration between private and and governments and utilities The bar has just been raised And today we are operating Denmark with four to five percent non-revenue water. We still think we can do it better But it's come by that continuous sort of sharpening the soul on what can be done and and when I when I say put a value on water It's not like I'm I'm looking for a global price setting on water but It's a business Water is a business. It's many other things, but it's also a business And if there is a fair price of water, it will incentivize investment in water It will incentivize actually Innovating in water innovating a new solution putting new solutions in place encouraging startups to actually come into this because there is actually not only Providing great for the environment nature health Clean water, but that's actually good return on investment of actually doing the water business That's why I'm actually looking to raising the bar on Understanding the value on water and putting a value to it It also means that there's a value to every water you take in or if you don't clean your water It has some value to you if you just lead it out because you need to take something else in So I think putting a higher value on water will see a higher motivation for being much more Thoughtful about your water managing your water demand, but also Increasing the deployment of some of those great water reuse technologies that as you said already exist They just need to be deployed more and putting more value to water will actually help that It's 30 seconds each to give one good message To the Global Commission on the economics of water that's finalizing its report. So perhaps Tharman We can solve this We can solve this with Shifts in governance some shifts in Legal arrangements. So for instance, Joe Ita you mentioned the issue of people who own the land and therefore own the water Under the land that shouldn't necessarily be the case. And by the way in Singapore No, there's no private owner of the water under the land the state owns all the water under the land The state owns the rainfall and it's used for the public good So it just requires shifts in governance that critically involve looking at the public good Pricing water to recognize its many-fold values for the entire ecosystem Depend and being fair to people so that you subsidize where subsidies are really required Roshni So I'm going to go back to what I said in the beginning. I think we're today sitting in a world where whichever part of the world is water is managing you not the other way around and There's some great innovations and solutions out there Waiting to be scaled. They need more funding they need more patient capital and They need more marketplaces where the global solution can also be localized and So, yeah Yes, I would just say that I think the world is waking up and And for that part of the world that's not waking up. I think they will be forced to wake up soon So the sooner but what we needed I was going to say exactly say what we need is scale and speed I mean, we've been talking about this for such a long time The urgency is is getting higher and higher and I think again lots of people coming on board Let's move faster and at a bigger scale than we have been doing over the past years alright value it start seeing that the cost of No action is just too costly and I think in Maybe just start here to the audience here you online all the business leaders that I hear it with Have you recognized your? dependency on water I Think we can all do something about it a water sustained or sustainability strategy for any company that doesn't contain water Simply not good enough. So get started business leaders set some ambitions commit to it Change the mindset and then we need a global coalition to build global standards and Measurement and ambitions for where we want to take water in the same way as we've done at the climate side Thank you So let me try to summarize What has been said so far? We've been told by our panelists that water as An immense value because of the ecosystems it supports and the ecosystems provide us Services, so that's why it's very important to protect the water We've been told by a panelist that water is a multiplier of development and that Access to water is access to education health, etc Marianne also added that if you have access to water and sanitation services, you may not get raped on the way to get your water services So water is We've been told that we need to find finance, but there is money everywhere The question is how do we scale up this? Tharman has told us it that is it is a low hanging fruit Water is really easy to solve because we have the technologies. We have the knowledge We have the opportunities We just have to get all the actors together and change the dynamics so that the governance system changes and We were told by Roshni that if you provide Small grants starter grants to new entrepreneurs new agripreneurs like you We can actually mobilize change and that can be scaled up the question is why is it not happening and that is a challenge for the Global Commission on the economics of water and that's what we will work on and we'll take your advice to try to mobilize Global coalitions on this issue and we look forward to the support of the work of the economic forum in actually pushing this further and Hopefully some help in ground-truthing both the ecosystem storyline, but also what can be possible in developing countries With that, I think we will bring this session to an end. Thank you for coming and I hope you and the people online You didn't have an opportunity to ask any questions, but should you have questions, please? Write to us at the Global Commission on the economics of water Thank you. Thank you You