Currently, 50% of the global population is already experiencing water scarcity, a figure that continues to rise, the commission—backed by the Dutch government and facilitated by the Organization for Economic Cooperation and Development (OECD)—indicates. In addition to its devastating effects on humans and the environment, water scarcity will have substantial economic repercussions. The commission estimates that insufficient access to clean water, exacerbated by climate change and ongoing land mismanagement, could reduce global economic growth by an average of 8%, nearly twice the losses seen in lower-income countries.

Ngozi Okonjo-Iweala, a co-chair of the commission and director-general of the World Trade Organization, stated, "The global water crisis is a tragedy but is also an opportunity to transform the economics of water — and to start by valuing water properly so as to recognize its scarcity."

With nearly 3 billion individuals residing in regions facing unstable water patterns and cities sinking due to the depletion of groundwater, the report stresses the urgent need for coordinated action. Part of the problem stems from a lack of collective will among governments and businesses, compounded by market forces treating water as a commodity, as noted by Mariana Mazzucato, a professor at University College London.

Mazzucato remarked, "We can do it. We've just chosen not to because we have inertia, because we have profits being made from not dealing with the crisis. Some 80% of wastewater isn't recycled."

The OECD and the Dutch government established the water economics research body in 2022, which is expected to conclude its work with this report. The absence of a coordinated global response to water crises is alarming. The recent UN water conference, the first in 50 years, highlighted this gap, prompting calls for immediate action.

Tim Wainwright, chief executive of WaterAid in the U.K., stated, "The global water crisis is a ticking time bomb. If we do not tackle it now, the cost of inaction will be felt by us all. Tackling this crisis requires government leadership, finance, and the coordination of donors, the private sector, and affected communities worldwide."

The report recommends transforming water usage in agriculture—enhancing efficiency and shifting towards plant-based diets—restoring natural habitats, and increasing wastewater treatment and recycling. However, a lack of public funding dedicated to water issues hampers progress, with governments struggling to respond to the symptoms of the water crisis due to fiscal constraints.

The impact of climate change on water systems is evident, with changing weather patterns leading to increased droughts, floods, and aging infrastructure. In the U.S., regions have experienced severe water system pressures, highlighted by North Carolina's water crisis following Hurricane Helene and extreme precipitation events that impacted various areas.

In September of last year, New York City faced 7 inches of rain within 24 hours, disrupting transportation and daily life, illustrating the urgency of addressing the growing water crisis."