Water insecurity is increasing worldwide. About 36% of the world’s people live in water-scarce regions, with the numbers set to increase thanks to population growth, rapid urbanisation, and growing economic demands for water. On average, droughts affect over 50 million people annually and cause more than $5 billion of damage. Further, they may have a long-term de-stabilising impacts on livelihoods and societies. Meanwhile, 100 million are affected by floods, causing $31 billion in damage. Ecosystem losses and climate change impacts are exacerbating these threats.