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General introduction -- A new conversation on financing water -- A new context for the discourse -- Ambition and scope of the book -- Cross-cutting messages and ways forward -- A strong economic case has failed to translate into financing flows at scale -- Available data and analytical tools are evolving but still fall short of being fit for purpose -- The way the financial markets and industry operate today hampers water finance -- Opportunities exist to scale up transactions that contribute to water-related investments -- Bankability needs to be reconciled with other policy objectives, including equity -- Political economy is pivotal to make financing water happen where it is most valuable -- The editors of this volume -- Disclaimer -- References -- Part I Investing in water and growth: A global perspective -- Chapter 1 If not now, when? Converging needs for water security, systemic change, and finance and investment -- 1.1 Water in the economy: multiple objectives and competing needs -- 1.2 Priorities: evolving global and national water agendas -- 1.3 Foundations: the investment case for water -- 1.4 Transitions: failing assumptions of plenty -- 1.5 New imperatives: adapting to climate change and the new systemic mission -- 1.6 Way forward: toward a new financing and investment agenda for water -- References -- Chapter 2 Water, physically connected yet institutionally fragmented- Investing in its strategies, asset classes, and organizations -- 2.1 Introduction -- 2.2 Water and land: Investing productively, recognizing limits, seeking efficiencies -- 2.2.1 Water and land are intimately connected, pose limits -- 2.2.2 Toward investments that are productive and sustainable -- 2.3 Water-related assets, operational practices, and institutional architectures.
2.3.1 Water supply, wastewater management, and sanitation services for the public -- 2.3.2 Industrial water -- 2.3.3 Flood and drainage management -- 2.3.4 Agricultural water -- 2.3.5 River basin management organizations -- 2.4 Value, cost, and price-sometimes aligned, often not -- 2.4.1 Value, cost, and price -- 2.4.2 The value of water (in)security -- 2.4.3 Financial assets values grow vulnerable to systemic water-related risk -- 2.4.4 Large financing needs but a challenging business case -- 2.5 Conclusions -- References -- Chapter 3 Financial structuring: key tool for water sector investments -- 3.1 Introduction -- 3.2 Financial structuring -- 3.3 The project cycle -- 3.3.1 Introduction -- 3.3.2 Development phase -- 3.3.3 Commercial and contractual close -- 3.3.4 Management and operations -- 3.3.5 Ownership -- 3.3.6 Finance and investments -- 3.3.7 Financial close -- 3.3.8 Construction -- 3.3.9 Operations -- 3.4 Comparison with other sectors -- 3.5 Conclusions -- References -- Chapter 4 Financing instruments and the ecology of the financial system -- 4.1 Introduction -- 4.2 The ecology of the financial system: macroaspects -- 4.2.1 Emerging economies lack access to global currencies -- 4.2.2 In advanced economies, capital markets have overridden lending finance -- 4.2.3 As a result, long-term credit is less available for water projects -- 4.2.4 Since the 2008 financial crisis, debt is cheap, but capital is expensive -- 4.3 The ecology of the financial system: microaspects -- 4.3.1 Public finance -- 4.3.2 Corporate finance -- 4.3.3 Project finance -- 4.4 Constraints on the financing of water investments in advanced economies -- 4.4.1 Borrowing capacity of some sovereign borrowers -- 4.4.2 Water utilities have limited access to long-term finance -- 4.4.3 Uncertainty and high financial returns increase the cost of capital for project finance.
4.5 Constraints on the financing of water investments in emerging economies -- 4.5.1 Scarce access to hard currency limits technology access -- 4.5.2 Lack of long-term funding increases the cost of domestic projects -- 4.5.3 Water is not always prioritized in public infrastructure spending plans -- 4.6 Perspectives offered by the development of sustainable finance -- 4.6.1 Global investors are increasingly seeking to invest sustainably -- 4.6.2 The EU taxonomy and the "Do no harm" concept: raising the profile of water in nonwater investments -- 4.7 Conclusions -- References -- Suggested additional reading -- Chapter 5 Critical disconnections between donor and domestic realities -- 5.1 Introduction -- 5.2 Project definition -- 5.2.1 Differences in types of "projects" needing financing -- 5.2.2 Objection to "privatization" -- 5.2.3 Differences in understanding project solutions and appropriate technologies -- 5.2.4 Unintended or unexpected conditions or consequences -- 5.3 Financing considerations -- 5.3.1 Appropriate financing techniques -- 5.3.2 Selection of the currency in which financing occurs -- 5.3.3 Blended finance -- 5.3.4 Cost of financing -- 5.3.5 Financing terms should match the useful life of the project -- 5.4 Domestic issues -- 5.4.1 Ownership of water -- 5.4.2 Political and governmental interests -- 5.4.3 Appropriation of projects and concepts -- 5.4.4 Tribal, ethnic and religious issues -- 5.5 Conclusions -- Reference -- Part II Investment Needs and Financing Challenges -- Chapter 6 Characterizing financing needs and financing capacities in different regions: a global perspective on water-related financing flows and drivers for investment needs -- 6.1 Introduction -- 6.2 The need for water supply and sanitation assets and trends in investment -- 6.2.1 The economic case for water-related investment.
6.2.2 Types of water supply and sanitation systems -- 6.3 Current investment and financing flows for WASH -- 6.4 Drivers for and scale of future investment needs -- 6.4.1 Drivers for water supply and sanitation investment needs with existing extensive service provision -- 6.4.2 Drivers for investment in water supply and sanitation where there is limited service provision -- 6.4.3 Innovation and how this might offset rising costs -- 6.5 Conclusions -- References -- Chapter 7 SDG 6 global financing needs and capacities to ensure access to water and sanitation for all -- 7.1 Introduction -- 7.2 Studies assessing financing needs to cover the capital costs of achieving SDG6 -- 7.3 Methodologies used by costing studies -- 7.4 Global spending needs -- 7.5 Regional spending needs -- 7.6 Estimated financing gaps -- 7.7 Affordability -- 7.8 Conclusions -- References -- Chapter 8 Financing water for growth and development in Africa -- 8.1 Africa's water finance challenge -- 8.1.1 Water resources and uses in Africa, now and in the future -- 8.1.2 Two compounding factors: COVID-19 and climate change -- 8.1.3 Climate finance as an opportunity -- 8.1.4 The predominant role-yet at a low level-of domestic finance for water -- 8.2 Transforming Africa's water finance and investment outlook -- 8.3 Opportunities to narrow the finance gap -- References -- Chapter 9 Financing water security in Asia -- 9.1 Background and rationale.
9.2 Financing water security in the Asia Pacific region. Needs, capacities, and gaps22All data and projections in this section refer to AWDO, 2020 \(ADB, 2020\). They were developed and compiled by the OECD \(see OECD, 2021\) building on a range of data sources, which are acknowledged in the figures. Further analyses and developments for this chapter remain the authors' own and may not reflect the opinion of the OECD Secretariat, OECD member states and the Asian Development Bank. -- 9.2.1 Drivers for investment in water security in Asia and the Pacific -- 9.2.2 Projected investment needs -- 9.2.3 Prevailing sources of finance -- 9.3 Market-based mechanisms and valuation tools to finance water-related investments in South-East Asia and China -- 9.3.1 Shandong Green Development Fund (SGDF) -- 9.3.2 ASEAN Catalytic Green Finance (ACGF) Facility -- 9.3.3 The rise of eco-compensation in the PRC -- 9.3.4 Leveraging investments in water services through gross ecosystem product accounting -- 9.4 Conclusions -- References -- Chapter 10 Financing mechanisms for water treatment projects in China -- 10.1 Introduction -- 10.2 Background on China water situation and relevant government entities -- 10.3 Various types of water projects -- 10.4 Development of sewage treatment in China -- 10.5 Funding for projects -- 10.6 Water conservancy projects using build-transfer modes -- 10.7 Emergence of public-private partnerships -- 10.8 Rooting out low-quality projects -- 10.9 Equity market for funding water projects -- 10.10 REITs to fund infrastructure projects -- Chapter 11 Financing needs and capacities for the water supply and sanitation sector in the European Union -- 11.1 Introduction -- 11.2 The EU water sector-contextualizing investments in the EU -- 11.3 Assessing investment needs in the EU-methodological and data issues.
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