Responsible water management is a “must”, the UAE’S Minister of Climate Change and Environment told the UN General Assembly on Thursday.
Mariam Al Mheiri told the first UN water summit since 1977, "times of crisis demand the best of us."
"When warnings sound, concerted action must follow," Ms Al Mheiri said.
UN Secretary General Antonio Guterres on Wednesday warned that the world's supplies of clean water are in deep trouble thanks to humanity's “vampiric” overconsumption.
Ms Al Mheiri underscored the role of innovation, diversification and conservation, and the opportunities they offer to address water shortages.
“Currently, agriculture accounts for 70 per cent of all freshwater withdrawal globally," she said.
"If we are to shift to a more sustainable pathway, innovation and efficiencies will be inevitable."
A quarter of the world’s population still does not have access to safe drinking water, while half lack basic sanitation, the UN says.
The Middle East and North Africa is the most scarce region of the world and has only 1.4 per cent of the world's renewable fresh water.
According to Unicef, about 41 million people in Mena lack access to safely managed drinking water services and 66 million people lack basic sanitation services.
“The stress on our water systems is contributing in ever-more concrete ways to food shortages, farmer-herder tensions and displacement, ultimately undermining stability in the most fragile and conflict-affected areas,” Ms Al Mheiri said.
This week, four UN Security Council members — Malta, Mozambique, Switzerland and the UAE — announced pledges to drive forward “mutual understanding and commitment within the council to address climate change, peace and security.”
“There is no doubt that climate change is the greatest challenge of our time,” said Lana Nusseibeh, the UAE’s ambassador to the UN.
"There is no true security without climate security. The world, and most importantly the Security Council, cannot and must not look away."
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
