The world is facing an imminent water crisis, with demand expected to outstrip the supply of fresh water by 40% by the end of this decade, experts have said on the eve of a crucial UN water summit.

Governments must urgently stop subsidising the extraction and overuse of water through misdirected agricultural subsidies, and industries from mining to manufacturing must be made to overhaul their wasteful practices, according to a landmark report on the economics of water.

Nations must start to manage water as a global common good, because most countries are highly dependent on their neighbours for water supplies, and overuse, pollution and the climate crisis threaten water supplies globally, the report’s authors say.

Johan Rockstrom, the director of the Potsdam Institute for Climate Impact Research and co-chair of the Global Commission on the Economics of Water, and a lead author of the report, told the Guardian the world’s neglect of water resources was leading to disaster. “The scientific evidence is that we have a water crisis. We are misusing water, polluting water, and changing the whole global hydrological cycle, […]