DAVOS: The world is heading toward "water bankruptcy" as demand for the precious commodity outstrips even high population growth, a new report warned Friday.
In less than 20 years, water scarcity could lose the equivalent of the entire grain crops of India and the United States, said the World Economic Forum report, which added that food demand is expected to sky-rocket in coming decades.
"The world simply cannot manage water in the future in the same way as in the past or the economic web will collapse," said the report.
Water has been consistently under-priced in many regions and has been wasted and overused, the report said.
Many places in the world are on the verge of "water bankruptcy" following a series of regional water "bubbles" over the past 50 years.
The report said that energy production accounts for about 39 percent of all water used in the United States and 31 percent of water withdrawals in the EU. Only three percent is actually consumed, but competition for access to water will intensify over the next two decades.
The report said most glaciers in the Himalayas and Tibet will be gone by 2100 at the current rate of melting, but they provide water for two billion people. About 70 major rivers around the world are close to being totally drained in order to supply water for irrigation and reservoirs.
The WEF said that within two decades water will become a mainstream theme for investors even better than oil.
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