The aim of this report is to highlight the key reasons why we are experiencing severe water shortages globally and how important it is for people around the world to understand the importance of water and to learn the best ways to conserve such a precious entity. As water is the key to survival of all species existing in the world, judgment of how to best use it and to conserve is what the report aims to deliver.
Water’s importance and the issue that rises due its scarcity can be judged by the fact that out of only 3% of the fresh water in the world 70% per cent is frozen in ice caps. As the population in the world is increasing exponentially water scarcity has become an issue that is causing both social and economic.
"In a market system, economic values of water, defined by its price, serve as a guide to allocate water among alternative uses, potentially directing water and its complementary resources into uses in which they yield the greatest total economic return" (Ward & Michelsen, 2002).
Globally, 70 % of the water is used for agriculture, 22% by industry and 8% for domestic use. The withdrawals of water have tripled during the last 50 years and one of the major reason being the population growth. Water being a scarce resource thus shall be conserved and used efficiently.
Water has an economic value, which means although it isn’t a product that can be bought in the market it still has value as it provides means to grow other commodities in the world. Due to scarcity many of the large fertile lands have become dry and barren causing economic and social disasters in places such as Africa.
One of the major reasons for increased demand for water in agricultural sector is to meet the feeding needs of the increasing population. (www.siwi.org, 2009). More crop production is therefore required and so more area of land needs to be irrigated to grow more crops. For example world rice production has increased from around 150 million