| Risk management


that absorb water, while continuing to build water infrastructure apace. Large inter-basin water transfer projects and the


creation of a national water grid build resilience against drought in water-scarce regions of China. However, floods remain the major water-related threat with 14.5 million people affected and displaced in 2021, while the mortality rate was relatively low (352 people) due to improvements in early warning systems and emergency services. Poor rural households in China are disproportionately affected by floods. The region has invested a significant amount in


projects to build resilience, such as the Three Gorges Dam and the South-to-North Water Diversion project. Between 2008 and 2019 there was a seven-fold increase in annual expenditure on water infrastructure projects. And, in January 2022, the Chinese government announced plans to further expand water investment during the 14th Five-Year Plan period (2021-2025). Aquanomics states that China’s resiliency to past


water risks has been primarily defined by their bold investments into greater infrastructure developments both in rural and urban areas. However, the number of summer floods in the southern regions of China’s manufacturing hub is predicted to increase as climate challenges worsen. China has begun to combine the successes of traditional and technological approaches to mitigating the effects of flash floods through an Asian Development Bank project, which utilises a community-level mobile app-enabled emergency response that collects and monitors measurements of rainfall remotely while making use of alarm systems to alert residents for evacuation in the Shewei and Kongmu river basins.


Aquanomics’ data shows that, in China, drought will account for 10% of direct losses by weather event type between 2022-2050, storms 32%, and floods 58%.


The US


Looking at the US, its highly diverse landscape not only brings varying challenges for industry, the supply chain and energy supply, it also means water risk type varies greatly by location. Across the country, climate change is resulting in more frequent heat waves, extreme precipitation, larger wildfires, and water scarcity. When combined with outdated infrastructure, the GHD report says these catastrophes pose a significant threat to the economy and the wellbeing of its people.


Building future water resilience across the US will


require solutions as diverse as the types of water risk the country faces. Managing water scarcity caused by drought in California will require an entirely different approach to mitigating the worst impact of storm surges in the Gulf of Mexico. In the Northeast, flooding is the biggest problem, although replacing lead pipes in the drinking water system is also a key priority. In the Southeast, flooding and coastal protection are top of the agenda. For these regions, a focus on flood mitigation should be at the centre of any water resilience strategy.


Resilience When looking to building water resilience across the


globe, GHD says that the diversity of global water risk means there is no one-size-fits-all solution for


improving water resilience. Resilience in a region that is facing severe water scarcity can mean something very different when compared to a region where the greatest risk is posed by an over-abundance. So, Aquanomics asks how can we tackle the challenge? The report recommends that governments, businesses, communities and the water sector must adopt a long-term strategic view of resource management, focusing on three key principles:


Adapt: Build future resilience into new projects. The industry needs to rapidly adapt to evolving risk. Adopting an adaptive management model using smaller and even temporary investments – with 10- and 20-year horizons – will allow for more flexibility.


Optimise: Improve performance of existing infrastructure with advanced technologies and data-driven insights. For sectors such as agriculture, irrigation practices based on intelligent asset management can reduce the water needed for production as well as waste. This is crucial in the world’s thirstiest industry, as food production accounts for almost 70% of global water withdrawals.


Prioritise: Put regenerative and nature-based solutions first. A circular economy approach to water management is crucial. Focusing on water recycling and resource recovery, working within nature’s cycle, will improve long-term sustainability. ●


Aquanomics


The Economics of Water Risk and Future Resilience utilised a three-phased methodology to estimate the direct losses, sector losses and GDP losses that will be attributed to water risk (droughts, floods and storms) between 2022 and 2050. The study focuses on seven key countries across GHD’s footprint – Australia, Canada, China, the Philippines, the UAE, the UK and the US – and three US regions – Northeastern, Southeastern and Southwestern US. It also presents the potential future impacts on five critical economic sectors: agriculture, banking and insurance, energy and utilities, fast moving consumer goods, and manufacturing and distribution. The modelling was constructed by Cambridge Econometrics – an independent


organisation of economists that specialise in data and provide evidence across a broad spectrum of complex 21st century challenges facing economies, societies and the natural environment. To find out more about the report and GHD visit www.ghd.com.


Above: Low water level during the summer of 2022 at Bewl Water reservoir, in East Sussex, England. The southeast of England is often at risk of water shortages


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