The much-used term “build back better” has become a rallying cry at a time of unprecedented disruption. It encapsulated a hope for solidarity and collaboration to help us emerge from the coronavirus crisis to a fairer and more sustainable world. We cannot afford to let this become empty rhetoric. We have a once in a lifetime opportunity to make a difference. But I believe that in order to build back better, we as a global society need to be better informed on what future crises we need to mitigate against. One of the most profound impacts of global warming is how it affects the water cycle. Until now, the water crisis has often been overlooked, but it is starting to become obvious. Climate change is disrupting weather patterns, leading to unpredictable water availability and contaminating water supplies. The UN estimates that 90 percent of natural disasters are water related, and a lack of clean water is often the central reason for many human disasters such as conflict, illness, and death. These natural and humanitarian issues are becoming more frequent and severe as the impacts of climate change unfold. According to the UN, 4 billion people — more than half the world’s population — suffer from water scarcity every year. Global megatrends, such as aging water infrastructure, also impact our ability to balance supply and demand. Around 45 billion liters of drinking water are lost globally every day through leakage and the situation will deteriorate over time. In the Middle East, for example, water security is one of most imminent priorities. Many of the Gulf Cooperation Council countries rely heavily on investing in ocean water desalination to meet their growing needs. Water is critical for economic stability — so important as we recover from the pandemic. In 2018, businesses worldwide reported $38.5 billion in financial losses related to water scarcity or pollution. It is estimated water shortages could cost some regions up to 6 percent of their GDP by 2050. In contrast to freshwater systems, the ocean as a shared global resource faces great risks that need to be tackled collaboratively. The ocean is the backbone to many critical economic and societal functions — including contributing to the stability of our climate (production of oxygen, function as CO2 sink), shipping, food source, source for drinking water (desalination) and even as a provider of energy via offshore and tidal renewable energy. The High Level Panel for a Sustainable Ocean Economy estimates that ocean-based climate actions could mitigate 11.8 gigatons of carbon dioxide equivalent (GtCO2e) per year by 2050, that’s up to 21 percent of the emission reductions required to achieve carbon neutrality. Action is required now, that must be global and that must be uncompromising. We need a radical new approach to water security, management, and conservation. International policy frameworks addressing climate change must take water into account, even more so because it is key to reducing carbon emissions. Private sector engagement as well as international collaboration are critical as effective solutions for the ocean must be global by nature – requiring global ocean governance frameworks, large-scale financing programs, and responsible usage by all. In this year’s G20 Presidency of Saudi Arabia, I have been fortunate to chair the Energy, Sustainability and Climate Taskforce at B20 Saudi Arabia, which is the official voice of the global business community to the G20. Therefore, our role on this taskforce is to identify the most pressing priorities from the sectors impacting all business — large and small — in the developed and developing world. In September, we submitted a range of policy recommendations to the G20. One of these focuses entirely on water, urging all G20 members to define policies and guidelines that promote the sustainable use of freshwater systems and the ocean, thereby reducing the negative effects of human activities on water systems. More specifically we are asking the G20 to promote the sustainable use of freshwater systems and the ocean through three policy actions: The G20 should promote water quality and responsible usage by leveraging better conservation and water management policies and promoting innovation for a water-smart economy G20 members should ensure sustainable and clean water access for all by leveraging financing vehicles and targeted investments G20 members should introduce policies at the national and international level to safeguard the ocean for sustainable economic growth Water is often viewed as a sector and a commodity, rather than a resource and something that connects everything. As we build back better, it must become central to the climate change conversation and the radical action we must take needs to be driven at policy level. • Mohammad Abunayyan is chairman of ACWA Power and chair, energy, climate and sustainability taskforce at B20 Saudi Arabia. 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