REPORT

2018

VALUING
RIVERS
HOW THE DIVERSE BENEFITS OF HEALTHY
RIVERS UNDERPIN ECONOMIES

3

CONTENTS
EXECUTIVE SUMMARY 5

1. INTRODUCTION 8
1.1 A Framework for valuing water and valuing rivers 14

2. THE VALUE OF RIVERS 18

2.1 Water from rivers and river basins 24
2.2 River fisheries 26
2.3 Sediment supply to maintain river banks, 28
coastal dunes and deltas
2.4 Flood risk reduction
Lead author: Jeff Opperman, WWF Global Science
30
Contributors: Stuart Orr (WWF-International),
Hannah Baleta (WWF-Myanmar), Dustin Garrick
(University of Oxford),  Marc Goichot (WWF-Greater Mekong), 
Amy McCoy (University of Arizona and AMP Insights LLC),
3. VALUING RIVERS: MANAGING RIVERS FOR DIVERSE VALUES 34
Alexis Morgan (WWF-Germany), Laura Turley (University 3.1 Measure 36
3.2 Value
of Geneva) and Aaron Vermeulen (WWF-Netherlands)
38
3.3 Understand tradeoffs
Design: Lou Clements
44
3.4 Improve governance
Spatial analysis and maps: Michele Daily (WWF-US) and
Felipe Costa (WWF-Germany) 48
Thanks to the following people who contributed reviews
or data: Michele Thieme (WWF-US), David Tickner
(WWF-UK), Penny Beames (McGill University)
4. CONCLUSIONS 60

Please cite as: Opperman, J. J., S. Orr, H. Baleta,

M. Dailey, D. Garrick, M. Goichot, A. McCoy, A. Morgan,
L. Turley and A. Vermeulen. 2018. Valuing Rivers:
How the diverse benefits of healthy rivers underpin
economies. WWF.

WWF is one of the world’s largest and most experienced

independent conservation organizations, with over 5 million
supporters and a global Network active in more than
100 countries.

ISBN: 978-2-940529-87-2
WWF’s mission is to stop the degradation of the planet’s
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live in harmony with nature, by: conserving the world’s
biological diversity, ensuring that the use of renewable
natural resources is sustainable, and promoting the
reduction of pollution and wasteful consumption.

Valuing Rivers
4 5

EXECUTIVE SUMMARY
Though critical to all life – and to most economic activity – water has
consistently been undervalued relative to the wide range of uses and benefits
it provides. However, with new valuation methods and frameworks being
developed, governments, the private sector and financial institutions are
beginning to make progress in recognizing the wider value of water. As these
discussions advance, we believe it is important to shine a light on a parallel
and equally critical challenge: the consistent failure of economies and
societies to value rivers for their full spectrum of benefits.

Traditionally, rivers have been valued primarily the global figure – already 12 per cent of the
as water sources to drive the economic engines world’s entire fish catch – is almost certainly
of irrigation and hydropower. However, rivers a considerable under-estimate. As a result,
provide a broader set of services that deliver decisions about river management, including
immense benefits to people, economies and nature, the construction of dams that block fish
which include, but exceed, the value of the water migration, tend not to factor in the economic
they carry. But far too often, these benefits are costs of losing this often forgotten source
not understood, recognized or valued and so are of food.
not a priority for river management – until clear
• Sediment delivery: The agricultural sector
problems emerge from their neglect.
is always high on the agenda of governments,
and the ability of rivers to provide water for
• Flood-risk reduction: Functioning
crops has been prioritized, including massive
floodplains and healthy wetlands can reduce
investments in the infrastructure needed to
the risk of flooding for cities. But urban
dam and divert rivers for irrigation. And it has
planners continue to prioritize development
been hugely successful with around a quarter
over natural flood defences, which has
of the world’s food production now dependent
exacerbated recent floods in cities from
on river water for irrigation.
Bangkok to Houston and paved the way for
even worse disasters in the future.
• Freshwater fisheries: Rivers give life to WE URGENTLY NEED
TO STOP REGARDING RIVERS
some of the world’s most productive fisheries
but few decision makers fully appreciate

AS SIMPLY CONDUITS
the value of these freshwater fish – at least 12
million tonnes of which are caught each year –

FOR MOVING WATER

primarily because the extent to which this
© Cesar David Martinez

low-cost protein supports low income

communities and boosts economies is neither
well measured nor understood. Indeed,

Valuing Rivers Valuing Rivers

6 7

In contrast, the critical capacity of rivers to • Value: Various methods have been developed, or
deliver sediment and nutrients to sustain are emerging, to improve the valuation of water
deltas – among the world’s most productive and rivers’ services, including rapid progress
agricultural regions and home to hundreds in quantifying ecosystem services. However,
of millions of people – has remained a largely improved valuation methods will not have major
hidden benefit: undervalued and usually ignored impacts on policy and management unless
when new dams, whose reservoirs capture this information is delivered to the necessary
sediment, are under discussion. Many of the audiences in a format that they find compelling.
largest deltas are now sinking and shrinking as For example, this report reviews the ‘Rivers in the
a result – just as the world is warming and sea Economy’ process, which directly engages diverse
levels are beginning to rise. stakeholders and decision makers – including
those from sectors not traditionally involved
Faced with rapid development, climate change and in water-management debates – to collectively
a world of increasing water risk, understanding discuss the contribution of rivers to societal
these diverse values from rivers and then devising benefits and economic gain. It also showcases
policies and practices to safeguard them is a the Water Risk Filter, which integrates 30 data
formidable challenge. But we must rise to the layers (including many that capture rivers’
challenge if we are to achieve the Sustainable diverse benefits) and translates those data into
Development Goals (Box 1). Indeed, this report actionable information about risk for
shows that nearly a quarter of Gross Domestic companies, investors or economies.
Product (GDP) in Asia and a fifth of the GDP in
• 
Understand tradeoffs: Even with improved
Africa lies within watersheds with high to very high
measurement and valuation of resources,
water risk (using a measurement of water risk that
decision making about river management will
incorporates a range of values supported by rivers).
require navigating difficult tradeoffs. Decision
Overall, 19 per cent of global GDP currently comes
science has recently produced new approaches
from watersheds with high to very high water risk.
to integrate a more diverse set of values into
To catalyze changes in policy and management, planning, management and policy decisions,
the value of rivers needs to be framed in terms illustrated by how tradeoff analysis can improve
that are compelling for those making decisions. the sustainability of the hydropower sector.
‘Hidden’ values can receive higher priority when
• 
Improve governance: Implementing
they transcend environmental and social values
decisions and ensuring that progress is durable
and are translated into financial or economic
requires effective water-management institutions
values for key government agencies or influential and governance, with roles for government
private sector leaders. (allocation policies), financial institutions
Doing so will require a new framework for how (driving sustainable investment through
rivers are valued and managed. This report bankable water solutions) and the private sector
adapts a recent framework for sustainable water (context-based water targets).
management (Garrick et al. 2017), which We urgently need to stop regarding rivers as
describes the main components necessary for simply conduits for moving water and re-evaluate
a new approach, including: all the benefits of the rivers that flow through our
• Measure: Water resources generally, and communities, cities and countries. The growing
rivers’ benefits specifically, are often poorly economic profile of water creates a generational
monitored and measured. Sustainable river opportunity to do exactly this and to reconnect
management requires greatly improved people with rivers – before more of their ‘hidden’
measurement of benefits, based on a rigorous benefits are lost or degraded.
understanding of key river processes and The framework in this report can help communities,
© Elizabeth Kemf / WWF

relationships. The so-called ‘Fourth Industrial river managers and decision makers in both the
Revolution’ offers a number of promising public and private sectors develop a better grasp
pathways to improve how we measure water of the diverse values that rivers provide and the
and river systems. need to collaborate to protect them.

Valuing Rivers Valuing Rivers

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8 9

INTRODUCTION
Water is the world’s most precious resource but it is invariably undervalued
relative to its wide range of uses and benefits. Globally, water resources
are not managed in a way that reflects their full values – and this pattern of
neglect has consequences. Poor management of water supplies has contributed
to the decline of civilizations and continues to threaten the vitality and
viability of communities, cities and countries today.1

New methods and frameworks are being The value of water and the value of rivers are
developed to capture the wider value of water.2 intertwined but are not the the same. While rivers
As this work advances, we believe it is important have primarily been regarded as sources of water
to shine a light on a parallel and equally for irrigation and hydropower, they provide a far
critical challenge: the consistent failure of broader set of benefits for people and economies.
economies and societies to value rivers for These benefits include – but exceed – the value
their full spectrum of benefits. of the water flowing down them.
© Santiago Gibert / WWF

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10 11

Yet typically these benefits of naturally functioning rivers and river basins can deliver
functioning rivers are not understood or valued,
so they do not become a priority for decision
risk reduction from floods and droughts that
benefits communities and commerce, while 1. VALUING RIVERS AND SUSTAINABLE DEVELOPMENT GOALS
makers - until they are lost. Indeed, these urbanization and infrastructure projects can In 2015, the United Nations agreed on a set of 17 Sustainable Development Goals (SDGs),
invisible values are invariably easier to quantify, be planned strategically to ensure far lower encompassing 169 targets to be accomplished by 2030. This report’s emphasis on the need
and for politicians and river managers to impacts on rivers. to improve management for the diverse values of rivers echoes the overarching concept
appreciate, once they have been disrupted .underpinning the SDGs: that economic, social and environmental values are intertwined and
In the face of rapid development and climate
or destroyed (Box 2). For example: thus policies and management should pursue these values in a coordinated fashion.
change, understanding these diverse values
• 
R iver floodplains and wetlands can reduce and then devising policies and practices to
the risk of flooding for cities – an increasing SDG 6 focuses on water and
safeguard them is a formidable challenge.
concern in the face of climatc change .3 The encompasses a range of values for water,
Yet it is essential that we overcome obstacles
loss of floodplains and wetlands to urban with sub-goals focused on water quality,
to managing our resources better or the world
development has exacerbated recent floods in equitable access, efficient use by various
will fail to achieve the Sustainable Development
cities from Bangkok to Houston. sectors, improved governance, and the
Goals (SDGs) (Box 1).
protection and restoration of water-related
• 
R ivers support the majority of freshwater We believe we can overcome this challenge. ecosystems, including rivers.
fisheries, which produce at least 12 million Decision-makers increasingly recognize water’s
tonnes per year - a figure that is almost The way the SDGs address water also
connections to the wider economy. Whether it’s
certainly a sizeable underestimate. 4 But this illustrates the major theme of this report:
the World Economic Forum (WEF)’s annual
is generally not a management priority – the diverse values of water, and rivers,
ranking of water crises as one of the greatest
primarily because the extent to which low are embedded across a range of other
threats to the global economy 6, or the UN
cost protein from freshwater fish supports economic and cultural values, beyond
SDGs7 placing water at the heart of the global
vulnerable rural communities, enhances food just the water sector. There are linkages
development and poverty agenda, or the US$70
security and boosts regional economies is between water and nearly every other
trillion in the aggregate portfolios of investors
neither well measured nor understood. As SDG.9 For example, water management
who now ask global businesses to disclose their
a result, decisions about river management, is tightly coupled with SDG 2, for
water risk and impacts8, there is favorable
including the construction of dams and the sustainable food production, particularly
momentum for action to ensure sustainable
disconnection of rivers from their floodplains in Target 2.4.
water supplies for people, business, and nature.
by levees, tend to not factor in the economic
This growing economic profile for water creates While some of these linkages are widely
costs of losing this vital source of food and
a generational opportunity to reconnect people recognized and thus reflected in the
livelihoods for hundreds of millions of people.
with rivers. The value of rivers can be bundled SDGs, others are not, with overlooked
• 
R ivers deliver the sediment that maintains with the value of water; mechanisms and values including many of those provided
deltas, some of the most important policies to value rivers can be modeled after, or by healthy rivers, such as the food
agricultural regions in the world and home coupled with, those aimed at valuing water. This value provided by river fisheries. While
to 500 million people (approximately one opportunity cannot be missed; if water is going Target 14.4 measures the sustainable
out of 14 people on Earth5). In some rivers, to finally come out of the shadows, we cannot management of fisheries, it is found
nearly all sediment is captured within allow rivers to remain in the dark. within SDG 14, which focuses on
reservoirs or extracted by sand mining and “oceans, seas and marine resources” –
many of the world’s largest deltas are now not freshwater systems.
sinking and shrinking due to insufficient
sediment delivery – just as the seas are
starting to rise.
These examples feature large-scale drivers, such
as urbanization and infrastructure development,
that are generally categorized as threats to rivers.
Similarly, droughts and floods are perceived
as threats to cities and companies. However,
by better understanding and communicating
the diverse values that rivers provide, these
threats can also present opportunities. Healthy,

Valuing Rivers Valuing Rivers

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2. COSTS OF FAILING TO VALUE AND MANAGE

FOR RIVERS’ DIVERSE BENEFITS
In temperate regions, rivers have been developed and managed for centuries, harnessed
for navigation, energy and water supply. These developments were often done without
long-range, strategic planning or any assessment of tradeoffs. Compounding the inevitable
sub-optimal outcomes arising from such a lack of comprehensive planning, a range of river
benefits remained unknown, poorly measured and undervalued.
James Suter / Black Bean Productions / WWF-US

As a consequence, river ecosystems and alarmingly, with populations of freshwater

resources experienced dramatic declines in much vertebrate species tracked by the Living Planet
of the industrialized world. Rivers served as waste Index declining by 81 percent since 1970, a
disposal systems, resulting in widespread and far steeper fall than either terrestrial or marine
often severe water pollution. The proliferation of species.13 Of the 15,000 species of freshwater
water-management infrastructure, such as dams fish, the International Union for Conservation
and levees, resulted in widespread fragmentation of Nature (IUCN) has so far assessed 5,685,
of rivers, disconnecting them from their productive with 36 percent of those now classified as
floodplains and severing the routes used by threatened on the Red List.14
migratory fish and other species.
Due to upstream removal of sediment by
Fish populations, already stressed by mining and capture within reservoirs, many
fragmentation and pollution, were harvested of the most productive and populated rivers
unsustainably, so that there are now very few deltas around the world are rapidly shrinking,
commercially productive fisheries in temperate including those of the Mekong, Nile, and
rivers. Many rivers in water-stressed regions have Mississippi Rivers.15
been so fully diverted that they no longer reach
Furthermore, partly due to river management
the ocean.
focused on narrow or short-term objectives,
These same development trajectories of pollution, water risk now looms over economies across
fragmentation and overharvesting are now playing the world (see Figure 7 in Section 3) – a risk
out in rivers across the later-developing world. that will be exacerbated by climate change,
including likely impacts such as increased
The consequences of this approach to
evaporation and intensity of storms.
development and management are now reflected
in a range of metrics reflecting river ecosystem Note that pollution from many sources has
health. Only a third of large rivers in temperate declined dramatically in rivers in North
or tropical regions remain free-flowing10 and at America and Europe, largely in response to
least 64 percent of wetlands across the globe an expanding set of societal values for water
have been lost since 190011. Just 40 percent of and rivers. This trajectory illustrates how policy
Europe’s waterways are in a good ecological regimes and corporate practices can reflect
state.12 As a result of these dramatic changes evolving perceptions of the value of water
to habitats, freshwater species have decreased and produce impressive results.

Valuing Rivers Valuing Rivers

 1.1
14 15

A FRAMEWORK FOR The persistent failure to proactively manage

to maintain these broader river values – such
Doing so will require a new framework for
how rivers are valued and managed. Here we
and a range of biophysical processes, such
as sediment transport, as well as social,
VALUING WATER AND as the delivery of sediment to sustain deltas, adapt a recent framework for sustainable water economic and cultural dependencies on

VALUING RIVERS
freshwater fish stocks and flood mitigation – management16, which describes the components rivers. The so-called “Fourth Industrial
has resulted in dramatic and widespread social, necessary for such a new approach. Revolution” (or 4IR) offers a number of
environmental and economic losses (Box 2). promising pathways to improve how we
To catalyze changes in policy and
Water-management infrastructure built for 1. MEASURE measure water and river systems, and
management, the value of rivers needs catalyze new mechanisms for valuing water
hydropower, flood control, or water storage “ You can’t manage what you don’t measure”
to be framed in terms that are compelling and optimizing multiple benefits.
has produced substantial benefits for economies, is a classic adage for business, and water
for those making decisions. Rivers have
but often at the cost of a dramatic reduction in management is plagued by a lack of
traditionally been valued as providers
of water supply or hydroelectric power.
other benefits from rivers. The premise of this measurement of key attributes. The ‘hidden’ 2. VALUE
report is that many of those losses were not, and values of rivers are even less well monitored –
But the full value of rivers is far larger W
 ater is an inherently difficult resource to
are not, inevitable collateral damage that must and often not well understood. Thus, improved
and includes a set of benefits that are value as it encompasses both market and
be accepted as the price of progress. River valuation and management first require an
often invisible to decision makers. non-market values. Rivers’ ‘hidden’ services
management that rests on a foundation understanding of how key river processes
These ‘hidden’ values are generally can be even more difficult to value. The
of understanding and valuing rivers for their create benefits coupled with significant
not measured or prioritized until benefits from traditional uses of rivers
diverse benefits can produce much more improvements in the measurement of water
crises arise. (e.g., hydropower and irrigation) are often
balanced and sustainable outcomes. flows and stocks, watershed conditions,
easy to monetize and accrue to well-defined
interests, while many of their costs are
externalized. Conversely, the broader

BROADER RIVER VALUES benefits from rivers are often diffuse,

distributed and poorly defined – and are

NEED TO BE ON THE difficult to quantify or monetize. Various

AGENDA OF THOSE WHO

methods have been developed, or are
© Michèle Dépraz / WWF

emerging, to improve the valuation of water

MANAGE ENERGY,
and rivers’ services. While quantifying
value is an important step, we believe

AGRICULTURE AND
that how and to who rivers’ values are
communicated are as, or more, important

URBAN RISK than the numerical quantification. To

influence decision makers, rivers’ values
must be framed as relevant to the broader
economic trends and sectors they prioritize,
such as economic growth and financial
returns. In other words, they cannot remain
siloed as ‘environmental’ and the decision
makers that pay attention to them cannot
be restricted to those within the water and
environmental ministries. Instead, broader
river values need to be on the agenda of those
who manage energy, agriculture and urban
risk, as well as a wider range of influential
actors within the private sector. Currently,
many sectors do not realize how dependent
they are on rivers and how much their
sustainability or business models are at
risk if rivers are mismanaged. Helping
these sectors understand that linkage
will diversity the voices calling for more
sustainable management of rivers.
Cover © WWF-Turkey

Valuing Rivers Title to go here Valuing Rivers Title to go here

 16 17
© Global Warming Images / WWF

3. UNDERSTAND TRADEOFFS 4. IMPROVE GOVERNANCE

 ven with improved information, decision
E I mplementing decisions and ensuring that
making will require navigating difficult progress is durable requires effective water-
tradeoffs, often across market and non- management institutions and governance.
market values. Decision science has recently Governance includes, but goes far beyond,
produced new approaches to integrate a government agencies and policies. It
more diverse set of values into planning, also encompasses financial policies and
management and policy decisions. For mechanisms to incentivize sustainable
example, multi-objective analysis can investment decisions as well as private sector
encompass a range of values in different policies and practices, along with informal
units, thus not requiring all resources to governance mechanisms such as water user
be monetized. Rather, the analyses strive associations. It is critical to also involve
to make clear the tradeoffs associated with stakeholders who are not currently engaged
different development and management in governance of rivers and unaware of how
options. These results can be used by much they could benefit in the long run by
different stakeholders to understand how participating. In this report, we explore
various options would affect them and to examples of governance mechanisms intended
advocate for those options that best address for regulatory and planning ministries
their objectives. Decision makers can strive (water allocation and system planning for
to identify those options that work relatively energy and water infrastructure), the private
© WWF / Simon Rawles

well for a range of resources and stakeholders. sector (Context-based Water Targets and
certification) and financial institutions
(“bankable water solutions” for promoting
sustainable water and river management).

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18 19

THE VALUE OF RIVERS

Rivers have traditionally been managed for a set of narrow values,
including hydropower, navigation and water supply for cities, industry and
agriculture (Box 3), which support a significant share of the global economy,
yet they are only a portion of the full spectrum of rivers’ values.

Scientists have made considerable progress delivery of sediment from the Mekong River.
in trying to account for other diverse benefits But the Mekong has not been managed
of rivers, primarily through the concepts and for this resource. Unregulated sand mining
methods related to ecosystem services (Box and a proliferation of hydropower dams – which
4). Although ecosystem service studies often trap sediment in their reservoirs – have reduced
quantify enormous economic benefits derived total annual sediment supply by more than
from nature, these results have generally half from 160 million tonnes in 1990 to 75 million
had limited impact on policy or management tonnes in 2014.18 Dozens more hydropower
decisions.17 Thus, even as ecosystem service dams are planned, which would reduce sediment
valuations have provided a mechanism to assign supply to less than 10 percent of the natural rate.
values to rivers’ diverse services, they have not Due to the loss of sediment, along with
led to significant changes in how river resources compaction and rising sea level, half of this
are managed – despite the fact that the failure economically crucial delta could be under the
to account for these other values poses real ocean by the end of the century.19
risks for economies.
This example illustrates the lack of priority
For example, the Mekong Delta is home to 17 often granted to resources when they are
million people and supports phenomenally characterized as falling under the responsibility
productive agriculture, which grows half of of river or water management or siloed as an
Vietnam’s staple crops and 90 percent of its rice environmental resource.
exports. Overall, the delta underpins a quarter
of Vietnam’s GDP. However, the delta and its
agricultural productivity rely on the annual
© Cesar David Martinez

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20 21

The delivery of sediment to the Mekong Delta into investment risk. Social protest over the
by the river should be viewed as a critically proposed Myitsone hydropower dam resulted in
important resource to those responsible for a multi-year suspension and likely cancellation
Vietnam’s agriculture, food security, urban safety – after the developer had invested US$800
and economic development more broadly. The million. It is the threat of further social unrest
importance of sediment to the delta is becoming and investment risk that is driving the move
a greater priority, but Lower Mekong countries’ towards more strategic planning for hydropower
past decisions on hydropower dams and current in Myanmar, rather than the need to maintain
allowance of large-scale sand mining do not ecosystem services such as fisheries or
reflect the true value of sediment. Moreover, sediment transport. However, the system
current basin-wide governance structures do planning that may be driven by this attention
not support more sustainable management of to tangible financial values is much better
sediment across borders or provide a mechanism positioned to measure and value a variety of
to implement tradeoffs between Vietnam and ecosystem services and to strive to promote
the upstream Mekong countries. those through more inclusive decision making
(options assessments, tradeoff analyses etc.)
Rivers’ ‘hidden’ values can receive greater policy
and governance mechanisms.
priority when they transcend environmental
and social values and are translated into Below we summarize a set of river services
financial or economic values for key agencies and resources that have traditionally been
or influential private sector leaders. For undervalued. For each we describe how the
example, Myanmar’s Irrawaddy River is the values are produced from rivers as complex
largest source of freshwater capture fisheries biophysical systems – that is, how these are
in a country where fish are by far the largest river values that transcend the value of water
source of protein. Though not well monitored, in the river. We also review how these values
the value of fisheries from the Irrawaddy could can be translated into financial or economic
be valued in the billions of US dollars annually values that are likely to be important to key
(based on extrapolation from the neighbouring audiences in government, finance or the private
Mekong River), yet the threat to these crucial sector. While a major theme is how rivers’ values
wild fisheries from dams does not appear to have can be translated into financial and economic
been a major concern during the planning of terms, we also emphasize that these values
hydropower developments – possibly because cannot, and should not, be limited to inputs
the value of fisheries are relatively diffuse, to cost-benefit analyses, and include a broad
accruing largely to rural people with much range of recreational, cultural and spiritual
of the value falling outside formal markets. values (see Box 5).
Furthermore, the economic and environmental
costs of alternative protein production have
generally not been considered either.
However, Myanmar is moving toward a strategic
planning approach for hydropower with early
indications that the Irrawaddy mainstem could
be protected from dam development. This
planning approach arose in large part because a
set of diffuse cultural, social and environmental
© Justin Jin / WWF-US

river values for the Irrawaddy were translated

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3. TRADITIONAL USES OF RIVERS

Rivers have traditionally been valued, and thus managed, for a relatively narrow set of uses,
including hydropower, water for irrigation and cities, navigation and flood control.

While these uses have contributed to economic growth, they have also been the primary causes
of substantial social, environmental and economic losses (see Box 2). The premise of this report is that
many of those losses were not, and are not, inevitable collateral damage that must be accepted as the
price of progress. River management that rests on a foundation of understanding and valuing rivers for
their diverse benefits can produce much more balanced and long-lasting outcomes. However, these
traditional uses will continue to be important management goals for rivers and thus reconciling these uses
with maintaining and restoring healthy rivers is the essential challenge for river management.

• Through hydropower, rivers provide 17 percent of global electricity generation (Figure 1).20

• Through developed irrigation systems, rivers irrigate 190 million hectares of land, or 62 percent of
all irrigated land (Figure 2). With irrigated land accounting for 40 percent of global food production21,this
means rivers directly support approximately a quarter of global food production. However, this figure
does not include river fisheries nor the lands supported by flood-recession agriculture, which
collectively feed hundreds of millions of people.
Percent of area irrigated by surface water
• While the number of people whose drinking water comes from rivers has not been estimated
precisely, it is likely that about half the world’s population depends on surface water supplies, with
the rest depending on groundwater 22 – though note that in many places, groundwater and surface
waters interact. For this report, we conservatively estimate that approximately 2 billion people
receive their water from water-supply reservoirs created by damming rivers (Figure 3).23 Figure 2: Lands irrigated from river-based systems. Percentage of river basin area (Hydrosheds Level 4)
irrigated from a river source (data from IWMI Global Irrigated Area Mapping)26

Reservoirs capacity*

Hydropower Dams

Figure 3: Reservoirs in the GRanD database with water supply listed as a purpose (see endnote 23 for
Figure 1: Global hydropower dams (existing, under construction and planned); Data on existing dams from
data sources and methods)
Global Reservoirs and Dams Database (GRanD)24, under construction and planned dams from Zarfl (2015)25

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24 25

WATER FROM RIVERS AND RIVER BASINS

Globally, the demand for water has been The majority of the world’s irrigation water and Cape Town provides a compelling example.

CLEAN SUSTAINABLE
increasing at approximately 1 percent per much of the world’s urban water supply comes The South African city suffered a historic
year and demand will continue to grow from river systems.29 In the United States, two- drought, receiving global media coverage for
WATER SUPPLIES due to shifting patterns of consumption thirds of cities receive their water supplies from how close it came to running out of water.
(e.g., toward more meat in diets) and rivers, such as the Colorado, which supports 36
The value from functioning While investing in some forms of engineered
population growth.27 Studies consistently million people in cities that span seven states,
rivers: infrastructure – from additional reservoirs to
forecast a shortfall between supply from Denver to Los Angeles.30 Globally, the
• Diverse features of healthy groundwater pumping and desalination – are
and demand and, in much of the world, number of people who depend on rivers for
river basins – encompassing necessary, the region can also invest in
climate change will likely exacerbate their water reaches the billions (see Box 3).
forests, wetlands, and nature-based solutions to improve its water
these challenges. For example, Schlosser
floodplains – contribute to Natural features of rivers and their basins supply. For example, in the watersheds that
et al. (2014) predict that just over half the
the delivery of clean and – ‘green infrastructure’ – are critical to supply Cape Town’s water, restoration of
world’s population will live in regions
stable water supplies maintaining the flows of clean water that these native vegetation can increase available water.
with water stress by 2050.28
billions depend on. For example, forested Non-native species, such as eucalyptus, are
Key audiences:
watersheds with deep soils promote infiltration ‘thirstier’ than the native plants they have
• Water supply managers
and, by reducing excess surface erosion, decrease replaced, sucking up through their roots
and regulators
the amount of sediment and associated nutrients and evaporating an additional 1.4 trillion litres
• Major users of water
that enter water supplies. Wetlands, particularly of water per year. This loss is equivalent to 
• Agencies, companies,
in agricultural regions, can also play an 4 percent of the nation’s water supply (and
or communities who gain
important role in reducing the amount of excess because non-natives are spreading, the loss
from co-benefits of
sediment and nutrients entering water systems. could quadruple to 16 percent).32
flood-risk reduction, carbon
Healthy floodplains can promote groundwater
sequestration, livelihood Removing non-native plants, and restoring
recharge and have the potential to be managed in
benefits and biodiversity native vegetation, as WWF-South Africa has
conjunction with water-management reservoirs.
been doing in the Riviersonderend watershed,
While engineered infrastructure is obviously is therefore part of the solution for ensuring
critical to water-supply systems, managers adequate water supplies –  at a cost comparable
generally underinvest in the green infrastructure to, or lower than, many other alternatives.33
within river basins that improves the The broader effort of clearing non-native
performance of reservoirs and water treatment vegetation to boost waters supplies has
plants. Instead, investments focus on also employed tens of thousands of people,
engineered infrastructure, such as bulk water an important co-benefit in a country with
storage, groundwater pumping or, in some 26 percent unemployment.34
cases, desalination when systems become
A corollary to the benefits of restoring
strained and degraded.
green infrastructure is the impacts that
The 2018 World Water Development Report 31, occur when it is lost, for example through
from UN Water, emphasizes that nature-based widespread clearing of forests and land
solutions should play a central role in how degradation in a river basin. These conditions
the world manages water supplies in the context can lead to dramatically higher rates of
of growing demand and climate change. The erosion and lead to excessive buildup of
report recommends a range of nature-based sediments in channels, increasing flood risk
solutions, including using natural features to and negatively impacting navigation.
increase water availability (e.g., recharging Investing in green river infrastructure can
groundwater and retaining water in soils) and help reduce these risks as well as boosting
using wetlands to improve water quality. water supplies.
© Adam Oswell / WWF-Myanmar

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FLOOD PULSE ADVANTAGE

RIVER FISHERIES Globally, river fisheries provide the majority of
the nearly 12 million tonnes of freshwater fish
The most productive freshwater fish habitats in
the world are rivers that retain a natural flood pulse
harvested per year, sufficient to provide the and connection to expansive floodplains. Bayley
The value from functioning Rivers, particularly those that retain a primary source of protein for at least 160 million (1995) describes river-floodplain ecosystems as
rivers: natural flow regime and connectivity people.37 River fisheries provide livelihoods having a ‘flood-pulse advantage’, which refers to the
• The high productivity of with floodplains, support some of the for 60 million people, with 55 percent of significantly greater per-unit-area production of
many river fisheries depends largest freshwater fish harvests in the those being women. These global estimates fish within rivers with a dynamic flow regime and
directly on a set of natural world. The Mekong River’s fishery has are derived from official harvest statistics connectivity with a floodplain compared to rivers
features and processes: an annual harvest that exceeds 3 million and thus are no doubt very conservative or reservoirs lacking such connection via a flood
longitudinal connectivity tonnes, valued at US$17 billion per year.35 estimates because river fisheries are generally pulse.40 Thus, it is the dynamic processes of rivers
for migratory fish, extensive Capture fisheries represent 18 percent of underreported. Lymer et al. (2016) estimated that retain natural characteristics that drive the
floodplains connected to Cambodia’s GDP and 13 percent of Laos’ the theoretical global freshwater harvest levels most productive freshwater fisheries.
the river and a natural flow GDP. Myanmar’s freshwater fisheries, based on estimates of total area of various
dominated by rivers such as the Irrawaddy, Sustaining this productivity requires maintaining
regime that can periodically freshwater habitat types and average yield data
produce more than 1.3 million tonnes of (1) a flow regime that includes a flood pulse,
inundate those floodplains. from those habitat types and found that total
fish per year and employ approximately which inundates floodplains; (2) connectivity
Rivers with these natural harvest is likely considerably larger than official
1.5 million people. River fisheries provide between a river and its floodplains; and (3) up and
features are far more estimates.38 Actual river harvests may be 50 to
important sources of protein and nutrients down-stream connectivity because many river
productive than freshwater 100 percent larger than estimates derived from
in a number of other regions and river harvests are dominated by migratory fish. Yet,
systems that lack them (the official statistics, suggesting that river harvests
basins, including the Amazon, and across only a third of large rivers in temperate or tropical
flood-pulse advantage). are sufficient to provide the primary source of
South Asia and Africa.36 regions remain free flowing and many of those are
protein for a third of a billion people.
Key audiences: now threatened by dams and infrastructure.41
• Organizations focused In addition to food production, river fisheries The health and sustainability of freshwater fish
on food security, including can provide important recreational values. stocks seldom appear to be factored into these
government ministries Globally, recreational freshwater fisheries river development plans, despite the hundreds
and multilateral are estimated to have a non-market use value of millions of people who rely on them and their
development institutions; between US$65-80 billion per year.39 sizeable economic benefit.
• Companies and governments
that benefit from the
Figure 4:
increase in economic Gridded global map of
activity from populations estimated riverine fish catches CATCH
with access to the low-cost (from McIntyre et al. 2016). (LOG10 T YR-1)
protein sources from Reprinted from McIntyre, P.B.,
High:
river fisheries. Liermann, C.A.R. and Revenga, C.,
2016. Linking freshwater fishery 4.41
management to global food security
and biodiversity conservation. Low: -
Proceedings of the National Academy of
14.20
Sciences, 113(45), pp.12880-12885.

© Nicolas Axelrod / Ruom / WWF-Greater Mekong

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SEDIMENT SUPPLY TO MAINTAIN RIVER BANKS, erosion with the associated loss of property,
agricultural land and infrastructure, including
delta start to shrink, losing valuable agricultural
land to the seas, contributing to the intrusion of
COASTAL DUNES AND DELTAS roads, and sometimes the failure of levees and
bridges in areas where infrastructure cannot be
salty water into the groundwater and exposing
inhabitants to greater risk from storms.
anchored on bedrock. Sediment depletion can
As a consequence of high levels of sand mining
River sediments, particularly sand and channel. These sediments are the grain sizes result in a lowering of the main channel, which can
and reservoir capture, the amount of sediment
gravel, are natural resources shaped by and most effectively captured by reservoirs and the ones reduce the frequency of flooding. While flooding is
reaching many deltas has declined drastically,
transported through river systems. Their targeted for mining. generally perceived as a problem, moderate floods
including the Mekong, the Yangtze, and the
benefits are hidden from view, nourishing can provide a range of benefits, including boosting
Between 32 and 50 billion tonnes of aggregate (sand Ganges-Brahmaputra-Meghna deltas, with an
floodplains and fisheries, and bringing the productivity of fisheries, fertilizing croplands
and gravel) are extracted globally each year.44 Rivers average drop of nearly 90 percent: all these deltas
stability to river banks as well as providing with nutrient-rich sediment, and removing
are the preferred source because they grind rock into are now shrinking.45
one of the most important benefits to accumulated salts or pests from fields. Furthermore,
sand and gravel and deposit them in patches sorted
society – building and maintaining the channel incision leads to a lowering of the water The Mekong River provides an instructive
by size (e.g., fine sand, small gravel) so miners do
world’s great river deltas. table on the floodplain, affecting water availability example of the implications of sediment loss
not have to perform the costly activities of grinding
for both people and ecosystems. for a productive delta. The river’s total average
and sorting. Major markets for sand – cities with
natural load is estimated at 160 million tonnes
Sediment is lost when blocked by infrastructure high demand for construction materials – are often Removing sand from rivers also reduces the amount
(Mt) with the coarse load estimated to be less
(mainly dams) or mined. In some river basins up located along rivers, keeping transport costs low. flowing into the oceans and along the coast, leading
than 30Mt. But current sand mining volumes are
to 98 percent of sand is trapped in reservoirs.42 Furthermore, sediment produced by rivers tends to to a corresponding loss of coastal sand dunes,
above 50Mt – clearly far beyond a sustainable
Globally, nearly a quarter of annual sediment have an angular shape preferred for construction which act as a natural buffer, protecting people and
rate. As a result of sediment depletion, rates of
flux is now captured by them.43 In addition, sand materials. property from natural disasters, such as tropical
erosion of the river bed and the delta’s coastline
mining constitutes the largest mined resource cyclones and storm surges.
The benefits derived from mining this inexpensive have increased substantially, with the delta now
on the planet.
resource from rivers are evident to the construction However, it is the increasing vulnerability of the losing an area equivalent to one and a half football
Rivers’ total sediment loads tend to be dominated industry, but the present market cost of sand and world’s great river deltas – home to 500 million fields every day on average.46 If all the proposed
by silts and clays, while the coarse sediment gravel does not reflect the environmental and people – that is the most problematic impact of hydropower dams are built, sediment supply will
(sand and gravel) usually represents the smallest social price of the commodity, especially when the the widespread loss of river sediment. With a high fall to less than 10 percent of the natural rate; the
volume. Yet these coarse sediments play a cumulative impacts of sediment loss due to dams sediment supply, deltas can remain above water, consequences for the Mekong Delta – critically
disproportionate role in the functioning of the river and sand mining are considered. A reduction in a counteracting the rising sea levels caused by climate important to Vietnam’s society and economy –
system in terms of the shape and structure of the river’s coarse sediment load increases riverbank change. But insufficient sediment supply will see a will be dire.
River sediment has been undervalued for far too
long. Dam planning needs to consider the impact
on sediment flows, while the market cost of sand
should include the investments required to
maintain river banks and associated infrastructure
and to keep deltas from sinking and shrinking.
KEEPING THE SEDIMENT FLOWING The extremely high value of many of the world’s
The value from functioning rivers: river deltas, in terms of population, agricultural
• The delivery of sediment to important areas, such as downstream deltas, requires productivity and GDP, makes a strong case for
multiple processes of a functioning river system – encompassing erosion, sediment transport, maintaining sediment flows in rivers as the
and deposition – occurring at the scale of an entire river basin. To create the valued mining most effective measure to mitigate the impact of
resources, river processes crush and sort sediment into sizes that are valuable for climate change on deltas. While mining of river
construction material and often deliver them close to areas of demand (cities). sediments could likely be managed and regulated
to maintain a sustainable delivery to downstream
Key audiences:
areas, current understanding of the processes of
• Those responsible for managing agriculture, infrastructure and public safety throughout river
sediment production, transport, and delivery
basins, with particular relevance for deltas, which are among the most economically important
to deltas and delta stability is relatively limited
regions in many countries;
for most river systems. Thus, setting sustainable
• Those who mine or purchase river sediment for construction material should have an
guidelines for sand mining will require significant
interest in the long-term sustainability of the resource, which will require major improvements
improvements in our understanding of basic
in understanding and measuring sediment processes.
processes along with improved measurement.
© Annemarie Winkelhagen

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FLOOD-RISK REDUCTION
Reprinted by
That’s an additional 500,000 square kilometres of permission
urban development – an area the size of Spain – that from Springer
Nature, Nature
will be at risk of floods. In places where governments Climate Change,
Forecasts suggest that even relatively Global flood risk
have invested in flood defenses, the structures, such
small rises in the global average under climate
as dams and levees, are often deteriorating and change, Yukiko
temperature will result in an increase in Hirabayashi
budgets are insufficient to keep up with the growing et al. 2013.
the frequency of intense and damaging
backlog of repairs and maintenance.
storms and floods (Figure 5) and the
modeled predictions are already being Furthermore, ongoing changes in river basins –
confirmed with real-world disasters.47 including conversion of forests and wetlands into
In addition to rising risk from climate agriculture land and the expansion of urban areas
change, the number of people threatened dominated by impervious surfaces – are increasing
by flooding is also growing due to the size and frequency of floods.
continued migration into flood-prone All too often, debates about where to invest in
areas: nearly half of all urban development flood-risk management focus strictly on engineered
between today and 2030 will occur within structures, such as dams, levees, and floodwalls.
areas with elevated risks of flooding.48 However, a consensus is emerging that a much
to rivers.50 The 60,000 acre Yolo Bypass in Figure 5: Modeled changes, based on a combination of
broader approach – a ‘diversified portfolio’ – is multiple climate models, in the frequency of what is today
needed to manage current and future flood risks.49 California’s Sacramento Valley – a vast area of considered a “100-year flood” (i.e. a rare flood with a 1%
This portfolio should emphasize non-structural floodplain that was reconnected to the Sacramento chance of occurring in any given year). Blue colors indicate
MITIGATING DISASTERS measures such as improved zoning, building codes River nearly a century ago (see photo on opposite areas where the river discharge associated with a 100-year
flood will become more frequent by 2071; for example, the
and insurance, as well as strategic investment in an page) – provides an effective demonstration of dark blue areas will see a flood the size of today’s 100-year
The value from functioning rivers:
under-appreciated line of defence: river floodplains the potential for large-scale reconnection of flood several times a decade, or with a 20 to 50% chance
• Floodplains provide flood-risk reduction of occurring in any given year. Red-orange colors indicate
as green infrastructure to reduce flood risk. floodplains to help manage flood risk for cities and
when they remain connected to areas where floods will become less frequent. Many
farms.51 The Bypass conveys nearly 80 percent highly populated areas are forecast to see an increase in
rivers, providing room for storage Green infrastructure uses nature’s regenerative of flood volumes during major storms, reducing flood frequency, including the west coast and much of the
and conveyance of floodwaters; this forces to mitigate and manage the forces of nature midwest and eastern United States, most of Latin America,
the flood risk as the Sacramento River flows past
connectivity also drives numerous other that threaten lives and property. Examples range northern Europe, most of Africa and heavily populated
its namesake city, which it has a long history India, Southeast Asia, China and Indonesia.
benefits from rivers, such as fisheries from simple ‘green roofs’ – vegetation planted of flooding.
productivity and groundwater recharge. on top of buildings that soak up rainwater and
reduce runoff of urban storm-water – to complex In addition to providing the benefit of flood-risk To be clear, we are not suggesting that healthy
Key audiences:
floodplains that are maintained, or reconnected reduction, the green infrastructure of floodplains floodplains are the answer to reducing current
• Flood management agencies;
also supports another, generally hidden, value and future risk. Rather, they offer some distinct
• Farms, communities and the companies
from rivers: the productivity associated with advantages within a diversified portfolio
or governments that insure or
natural flooding. Floodplains are among the most approach to flood management and should be
compensate for flood losses; and
© Carson Jeffres

productive and diverse habitats on the planet part of the solution.

• Those who gain from co-benefits, and these values are supported by periodic
including groundwater recharge, Countries that have not yet invested heavily in
flooding from the river.
nutrient sequestration, and flood management systems can fully consider the
recreational opportunities. Engineered infrastructure generally strives to alter benefits of incorporating green infrastructure
natural processes and, as a result, structures such when they do begin to invest. There are numerous
as dams and levees are among the leading causes examples – the Sacramento Valley, the lower
of the loss of floodplain productivity and the Mississippi, the Netherlands – where engineers
habitats and fish and wildlife. Green infrastructure, originally tried to fully contain rivers within
on the other hand, works with natural processes levees, only to realize, in the face of repeated
and so provides multiple benefits, ranging from floods, that the river would need some room to
habitat protection to groundwater recharge and spread out during the largest floods. So in each
carbon sequestration. For example, though it was place they have now reconnected rivers to their
built by engineers strictly for flood management, the floodplains in key areas. Later developing
Yolo Bypass provides the best remaining lowland countries can avoid these mistakes and ‘get it
floodplain habitat in the Central Valley, supporting right’ the first time by pursuing a diversified
vast flocks of native birds and providing rearing portfolio and taking maximum advantage of the
habitat for endangered fish species such as salmon.52 multiple benefits of existing floodplains.

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5. CULTURAL, SPIRITUAL, AND RECREATIONAL VALUES OF RIVERS

Drava, Sava, keep on flowing dedicated to Brahma and the community
Danube, do not lose your vigour… expects that, each year, the river will inundate
the lower portion of the temple, believed to
Lines from the Croatian National Anthem
represent the Ganges washing the feet of
While this report emphasizes that diverse decision Brahma. Thus, for Bithoor, the recommendation
makers need to better understand the economic included a flow level calibrated to inundate the
and financial values of rivers, rivers also support a lower portion of the temple, and indicated that
range of values that are often difficult to monetize the flow should be achieved at least once,

© Thomas Cristofoletti / WWF-UK

or integrate into benefit-cost analyses. Specific even within a dry year.57
rivers feature prominently in their country’s cultural
The recreational values of rivers are growing
identities and histories, such as the Mississippi in
in importance. In addition to the considerable
the United States, the Magdalena in Colombia, the
recreational value of freshwater fisheries
Nile in Egypt and the Irrawaddy in Myanmar. The
(US$65-80 billion per year globally), rivers also
Yellow River is known as China’s ‘mother river’,
provide value in the form of other recreational
although that name is also sometimes applied to
activities, such as canoeing, kayaking, rafting
4. RIVERS’ ECOSYSTEM SERVICES AND NATURAL CAPITAL
the Yangtze. Many rivers are considered sacred to
and wild swimming. While global, or even
various religions, such as the Ganges River and
national estimates of total economic value are not
The concepts of natural capital and ecosystem services have been developed to more the River Jordan. Rivers are central to the spiritual
available, paddling sports (rafting and kayaking)
effectively capture the diverse range of products, services and benefits provided by natural and cultural identity of many indigenous groups.
on the Colorado River alone are estimated at
ecosystems, including rivers.53 Specific spiritual values can be restored or nearly US$180 million per year.58 A 2006 study
protected during planning for river management. found that, in the United States, paddling sports
Natural capital refers to the various components gained greater traction, focus has turned to the
For example, an environmental flow assessment were pursued by 24 million people, supported
of ecosystems, both living and nonliving, that development of practices that integrate ‘natural
for the upper Ganges developed specific flow over 300,000 jobs and generated nearly US$5
underpin the production of goods and services. accounting’ into business decision making. For
recommendations for various sites along the billion in sales taxes.59 Paddling sports are
Ecosystem services refer to the products example, the Natural Capital Protocol defines
river, including Bithoor, an important town for growing in importance in places such as Africa,
and services that are generated by natural business natural capital accounting as “the process
Hindu pilgrims. The town has a riverside temple Nepal, and the Balkan countries of Europe.
ecosystems and that benefit people. Among of systematically recording a business’ natural
global ecosystem types, rivers and river- capital impacts and dependencies, assets and
dependent ecosystems – such as floodplains liabilities in a consistent and comparable way.”56
and estuaries – supply among the greatest
These methods are important contributors to the
per-hectare value of ecosystem services.54
toolbox for valuing rivers’ diverse benefits, including
Rivers and associated ecosystems provide
a broad range of services, including clean techniques that can translate river services into
water, sediment, fisheries, and the regulation of monetary and non-monetary values.
flood flows. Other riverine ecosystem services However, despite progress on methods, the
include carbon and nutrient sequestration, fiber influence of ecosystem service valuation on
production, biodiversity, and a range of cultural, decisions has remained limited for a variety of
spiritual and recreational values (see Box 5). reasons, including the complexity of translating
The methods and tools to quantify ecosystem science into policy and, no doubt, because some
services have been evolving rapidly.55 Initially, ecosystem services remain poorly understood
these approaches sought to bring greater clarity or measured and so are not included in standard

© Michèle Dépraz / WWF

and awareness of the ‘un-priced’ benefits that ecosystem service valuation models. These include
economies and society derive from natural some, such as sediment transport, that are among
systems. Over time, as the concepts of those that provide the greatest and most direct
natural capital and ecosystem services have benefits to regional or national economies.

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VALUING RIVERS:
MANAGING RIVERS
A primary constraint on the ability of
ecosystem service valuations to influence

FOR DIVERSE VALUES

decisions arise from the complexity of
translating science into policy. Posner et
al. (2016) studied the impact of ecosystem
service studies on policy and management and
reported that the credibility of the science (e.g.,
studies developed by experts using rigorous
Rivers provide a wealth of services that deliver significant methods) was not a significant predictor of
whether the studies influenced policy.
economic and financial benefits to societies, yet river
Rather, the “legitimacy of knowledge” was
management rarely prioritizes these values, even as the most influential factor on impact, with
methods have improved to value them. So what has legitimacy reflecting the processes through
prevented decision makers from recognizing, which the science was developed, with
important factors including the incorporation
and managing for, these crucial services?
of diverse perspectives and the co-production
of knowledge with stakeholders.60
Thus, although rigorous science provides
an important foundation for valuing rivers,
translating those values into policy and
management hinges more on collaboration,
communication and coalitions. The remainder
of this report focuses on a collaborative
framework that ultimately strives to
communicate rivers’ values to influential
audiences and build coalitions to translate
value into action. Below we adapt a framework
for valuing water61 to review the components
necessary for a new approach for valuing
and managing rivers.
© Justin Jin / WWF-US

© Brent Chambers
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36

MEASURE
In much of the world, minimal resources
are available to monitor and measure
the stocks and flows of water and this
lack of basic information is one of the
greatest challenges for sustainable water
management.

Rivers’ other values beyond water – such as

© WWF-ROA / Martina Lippuner

sediment transport and fisheries – receive even
less attention and, often, key processes and
relationships are not even well understood.
Simply increasing resources for measurement may
not address these problems because measurement
without a strong foundation of understanding can
lead to a false sense of certainty. Since data are
available, and often incorporated into models,
decision makers can assume that the presence The so-called ‘Fourth Industrial Revolution’ (or Other technologies that have a fundamental ledger, allows for ‘digital verification’ of data
of data equates to understanding, but if key 4IR) offers a number of promising pathways ability to change how we value rivers, such as sources and performance. This verification
processes are not understood and measured, to improve how we measure and manage blockchain, are much more nascent. While it could improve the utility of citizen science and
then those data may lead to incomplete, or even environmental resources, including water. The 4IR is not possible to be exhaustive in this section, the ability to crowdsource useful information.
incorrect, conclusions. Thus, a programme to is “characterized by a fusion of technologies that is a short review of a few of the more prominent For example, through blockchain, it could be
improve monitoring and measuring of river blurring the lines between the physical, digital, and technologies is helpful to understand how they verified that citizen measurements of stream
resources should be based on strong science to biological spheres”.63 These technologies include are already enabling, or are positioned to enable, water quality came from a trained volunteer.
guide data collection and provide clear guidance artificial intelligence (AI), widespread mobile improved measurement of rivers and their values. Beyond monitoring, blockchain could also
on levels of confidence in the data, or associated devices, digitization, unprecedented processing and potentially enable water allocations to be
Cloud-based, AI-enabled processing of
modeling results. storage capacity, remote sensing technology/data, traded dynamically with secure financial
remotely sensed data/imagery is already
the ability of devices to communicate directly with transactions. Beyond volumes of water, this
underway and changing our ability to understand
Improving measurement and management one another (also known as the internet of things or could also apply to site performance (e.g.,
how river processes and resources shift through
of rivers’ values through 4IR technologies IoT), and digital ledgers allowing for verification nutrient reduction of a wetland) or ecosystem
time and space. For example, our ability to track
Water resources are often not measured (e.g., blockchain). service provision from a river, such as sediment
chlorophyll levels in rivers or algal blooms in
effectively or comprehensively.62 Global data These technologies offer methods to measure lakes in near-real time represents a dramatic transport. For example, the operators of a
on water balances, water quality, river flows, rivers in ways that were nearly unthinkable improvement from the past. Digitally-linked, dam equipped to pass sediment could release
and other variables are often limited, with low even five years ago. The resulting opportunity to IoT-enabled, in-stream flow meters and water sediment and have it digitally measured, via
resolution both in space and time. There are many fundamentally re-think how we measure and track quality sensors are another technology rapidly an internet-enabled remote device or perhaps
reasons for this lack of data, but fundamentally, river values is immense. Indeed, for the first time, shifting how river resources can be measured. satellite remote sensing, and verified in a
the near-universal low price of water has we may have reached the stage where limits are Similarly, mobile phones and tablets, linked digital ledger. Downstream beneficiaries
meant that it has often not been prioritized for not defined by data availability but by the ability to to monitoring applications, now offer rural (e.g., those that manage a delta) could track,
measurement and this has cascaded down to process data and to effectively deploy and integrate communities the opportunity to develop, compile in near-real time, and compensate the dam
a lack of monitoring in our rivers. Deficiencies new technologies. It is a dawn of a new era for and assess riverine measurements in near-real operator for the value of sediment with
in monitoring and measuring are even more measuring rivers. time. All of these technologies can provide minimal transaction costs.
common for the range of other river resources rapid feedback and guidance for how we
This era begins with different technologies at The sweeping changes in how we collect and
featured in this report. manage water resources.
different stages. For example, multispectral process data can dramatically improve how
Yet to maximize the value that rivers can offer satellite data has been used to monitor water Finally, while blockchain’s applications to we value and manage water resources. We
us requires a fundamental change in the way we resources since the 1970s, meaning that we are water remain largely under development, it is should not miss this opportunity to leverage
measure the resources in our rivers and river quite well-versed on how to handle and deploy such perhaps one of the most promising technologies the breakthroughs arising from 4IR to also
basins. Accelerating trends in technology have technologies – even if the cost, resolution, volume for improving how river resources are tracked, transform how we measure, value and manage
great potential to catalyze this change. and scope of such data have improved vastly. measured, and valued. Blockchain, and its digital rivers and their diverse resources.

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VALUE Rivers in the Economy: valuing and communicating

rivers’ diverse benefits
WWF has conducted RitE processes for
several freshwater systems over the past decade
for individual benefit and not regional gain;
(2) sectoral fragmentation where sector
(Table 1), beginning with Lake Naivasha in development plans are not aligned; and
Water is arguably the most precious WWF has developed an approach called ‘Rivers in Kenya in 2008 through to current efforts on (3) temporal fragmentation due to poor
resource on Earth, and yet we often value the Economy’ (RitE) that attempts to capture the the Irrawaddy River in Myanmar. consideration of short, medium and long
and manage it extremely poorly. The paradigm shift of valuing rivers for a broader set term impacts of development in the basin.
price of water traditionally reflects a of values. The RitE process tries to highlight the As described above, the RitE process is
Furthermore, it was the physical fragmentation
limited set of costs to treat and transport range of values delivered by healthy rivers and to intended to reach an audience broader than
of the basin, such as dams that blocked flows
typical water and environmental managers,
water, but the value of water is far greater. communicate these to stakeholders and decision of fish and sediment, that were the biggest
makers in the language they use and through and generate information that resonates
Low and subsidized water prices are water management challenge, not volumes of
examples and trends that resonate with them. with financial and economic planners and
important to ensure access and equity, water per se. The process also revealed that the
The aim of a RitE process is to help decision makers important sectors in the economy.
but water’s low market-based cost has region was developing in such a way that
resulted in profligate use, freshwater and stakeholders identify and then understand W WF’s first RitE process. The Lake Naivasha
•  gains for one sector, such as energy, were
contamination and, in general, has how rivers’ diverse – and often hidden – values area, the most important producer of flowers coming at the expense of others, such as food
contributed to the loss and decline of support their own interests. The process may also in Kenya, was facing declining water quantity security – an important message for the diverse
many river resources (Box 2). include identification of sustainable development and quality from the rivers that feed the stakeholders engaged in the process.
pathways or scenarios that achieve economic growth lake. By reframing a local water resources
objectives without undermining those values. “Streams” of income and jobs in the Neretva
• 
management challenge in terms of a significant
and Trebisnjica River Basins. This RitE
Further, rivers’ ‘hidden’ services can be even In several countries or regions, WWF has economic issue (export of flowers represents
process helped to highlight the lack of
more difficult to value. Various methods have undertaken the RitE approach in an effort to drive 10 percent of Kenya’s foreign exchange), the
comprehensive understanding of the value
been developed, or are emerging, to improve policy changes by recruiting a set of advocates for issue was escalated to the Prime Minister’s
and interdependence of shared water
valuation of water and rivers’ services. While improved management – advocates that are far Office. In response, the Imarisha Naivasha
resources among Croatia, Montenegro, and
quantifying value is an important step, we Initiative was started to develop a Sustainable
more diverse than those who typically promote Bosnia and Herzegovina. While this problem
believe that how and to who rivers’ values are Development Action Plan and funnel funding
environmental protection. These advocates should was widely known, the four jurisdictions
communicated are as, if not more, important to improve water security for both the
be engaged throughout the process, so a successful covered in this study are continuing to make
than the quantification of value. environment and the economy in the region.
RitE effort requires the team to identify the key separate water management decisions, which
To influence decision makers, rivers’ values decisions they would like to influence and then Understanding the risks of fragmentation
•  can, and do, negatively affect both their own
cannot be siloed as ‘environmental’ resources recruit the relevant stakeholders and decision in the Mekong to build stewardship and each other’s communities and economies
that are only relevant to ministries that manage makers to take part in the process (Figure 6). opportunities. The Mekong RitE process as well as the environment. By highlighting
water and the environment. Rather, they must Through this engagement – from recruitment to engaged diverse stakeholders from across this in terms of income and jobs, important
be framed in terms that are relevant to sustained engagement – it is the process itself, the region and highlighted three levels factors driving decisions in the region, it is
ministries and planners responsible for more than the documents produced, that is most of fragmentation that exacerbated water hoped that the diverse value of the river will
economic growth and investment, as well as impactful in terms of building diverse coalitions, management challenges: (1) geographic be better understood, prioritized, and
to important sectors of the economy. which can support sustainable river management. fragmentation among countries developing managed for.

Table 1.
WWF’s Water Year Country River Basin
THE RITE APPROACH
in the Economy
and River in 2008 Kenya Lake Naivasha • Identify decisions, WHAT IS THE VALUE OF • Multi-stakeholder co-
CONTINUED
the Economy 2010 Zambia Kafue Flats
decision makers and
A HEALTHY RIVER TO THE creation of development
ENGAGEMENT
ECONOMY AND SOCIETY
influencing stakeholders scenarios for the future
processes
to date 2012 Suriname National • What information is that shows the spectrum • Continue engagement
needed to make a of decisions and their with the identified decision
2012 Turkey Lake Sapanca • Identify stakeholder
outcomes for the
decision? perspectives on the makers and stakeholders
2015 Vietnam, Cambodia, Laos, Thailand Lower Mekong development tradeoffs,
economy and river health showing how economic
• How can the RitE
growth, social develop-
2016 India, Nepal, Bhutan Living Himalayas approach support this? risks and opportunities • Focus on benfit sharing
associated with ment and river helath are
2017 Mexico, USA Rio Grande-Rio Bravo
IDENTIFY WHO, economoic development EXPLORE SCENARIOS not mutually exclusive
2018 Croatia, Montenegro, Bosnia and Herzegovina Neretva & Trebisnijica
WHAT, HOW
and the health of a river FOR THE FUTURE
2018 Kenya, Tanzania Mau-Mara
2018 Myanmar Irrawaddy
Figure 6: Key components of a River in the Economy process

Valuing Rivers Valuing Rivers

40 41

Ultimately, the RitE approach promotes sustainable Improving communication of value and risk through
river management by recruiting diverse advocates data, mapping and analysis: the Water Risk Filter
and building coalitions to support the necessary
For decision makers to value rivers more broadly
policy and management changes – advocates and
– and to act on that value – requires that data be
coalitions who are motivated by recognition of
converted into useful information about those values.
how they directly benefit from healthy rivers. To
For the past decade, WWF has used a narrative
be successful, RitE processes must engage these
about water risk to engage companies about why
stakeholders and decision makers from the start,
water matters to their operations and supply chains.
to ensure that the information generated will be
Central to this work has been a unique tool developed
relevant to, and understood by, those key groups
by WWF and DEG-KfW, the Water Risk Filter
and thus more likely to be implemented. Beyond
(WRF; see Box 6).
its results, the process itself, featuring consistent
dialogue and collective learning, promotes a shared The WRF is an easily accessible, online tool,
understanding of the diverse values of healthy which allows users to explore, assess, value and
rivers and provides a foundation for collaborative respond to basin and operational water risks.
implementation. Although companies often think about water risk Figure 7.
Global GDP a
nd water risk

6. THE WATER RISK FILTER

The Water Risk Filter is a leading, online tool developed by WWF and DEG that can

© AIZZAT 7 PHOTOGRAPHY
assess, analyze, and value water risks and guide appropriate responses.

The WRF is the only water risk tool to assess resources. It also contains a new section on
both basin and operational water risk (e.g., for a valuing water risk, and valuing rivers, allowing
facility). The tool uses over 30 annually updated, users to explore economic value by river basin.
peer reviewed river basin data layers along with Furthermore, the newest version also offers higher
a site-based questionnaire to score and help resolution data for 12 new countries (over 12
identify and prioritize water risk for users. million km2 of total area). in a literal, operational way – meaning risk of water spatially distributed based on location of population
Re-launched in 2018, version 5.0 offers over Online since 2012, the tool is a trusted source of as a defined commodity – the WRF encompasses and economic activity) to illustrate the intersection
130 actions to respond to water risks, including water risk data used by thousands of individuals a much broader set of risks around water, of water risk and economic activity. The result
adaptation actions for water-related climate and companies to evaluate hundreds of thousands including ecosystem degradation, reputational is a preliminary assessment of where ineffective
impacts, making it an even more useful tool of sites. To explore the tool, please go to: and regulatory risks. In this way, the WRF can be management of water resources, including rivers,
used to support the fact that rivers provide a set of could lead most directly to economic impacts.
for sites anticipating future changes in water [Link]
important values that go beyond just the provision For example, nearly a quarter of GDP in Asia lies
of water as a commodity and thus decision makers within watersheds with high to very high water risk,
need to understand the benefits, and risks, as does 20 percent of GDP in Africa. Overall,
associated with these diverse river values. 19 percent of global GDP comes from watersheds
with high to very high water risk.
The risk narrative has largely been directed
towards companies so far and they have been Such water risk maps can be linked to other
the primary users of the WRF. However, the material economic statistics that matter to
risks associated with poor management of water governments, such as jobs, growth, unemployment
systems, including rivers, can also affect whole and migration. Indeed, risk is only part of the story.
economies. Indeed, we can use the WRF to Where there is water risk hampering the economy,
investigate where economic activity may be most there also exists the opportunity to unleash
at risk from poor management of water and develop growth by restoring rivers and water resources
results and maps that can communicate the values and reinvigorating the economy.
of rivers and the benefits of sustainable water In short, combining water risk and economic
management. In Figure 7 we overlay global water data offers a lens to help identify both threats and
risk with a geographically distributed measure of opportunities to catalyze improved management
Gross Domestic Product (i.e., national GDP that is of rivers and their values.

Valuing Rivers Valuing Rivers

42 43

Figure 7: GDP and water risk.

The global map depicts the overlay of
physical water risk from the Water
Risk Filter (WRF, 2018) with a
geographically distributed measure of
Gross Domestic Product (national GDP
that is spatially distributed based on
location of population and economic
activity) from Kummu et al. (2018). Physical
water risk in the WRF includes numerous
indicators that encompass many of the ways
that the hidden values of rivers can affect
economies, including scarcity, droughts,
floods, and threats to water quality and
freshwater ecosystems. The inset map,
focused on eastern India, Southeast Asia
and China, highlights several notable
patterns. For example, the lower floodplains
of major rivers – including the Ganges,
Chao Praya (Thailand) and Yellow River
– frequently have both high water risk
and high GDP. Similarly, deltas are areas
of concentration for both GDP and water
risk, illustrated by the deltas of the Ganges-
Brahmaputra, Chao Praya, Mekong, Red
and Yellow rivers. The bar chart summarizes
the proportion of GDP that occurs within
watersheds with high to very high physical
water risk (by continent and globally).64

25

20
19 PERCENT OF
GLOBAL GDP COMES
Relative total GDP
per Hydroshed
15

10 FROM WATERSHEDS
Percent of
GDP in 5 WITH HIGH TO VERY
HIGH WATER RISK
watersheds
with high
water risk 0 A

ICA

OPE

CA

CA

BAL
ASI

ALI
ERI

ERI
AFR

GLO
EUR

STR
AM

AM

AU
TH

TH
NOR

Valuing Rivers SOU Valuing Rivers

 3.3
45

UNDERSTAND TRADEOFFS
Even with improved measurement and
valuation of resources, decision making
TRADEOFF ANALYSIS TO UNDERSTAND AND In addition to electricity, hydropower projects Environmental and social risks

MANAGE MULTIPLE DIMENSIONS OF RISK

often perform multiple purposes, including water
Rivers and associated ecosystems are among
about river management will require supplies for drinking and/or irrigation and flood-
the most diverse and productive ecosystems on
navigating difficult tradeoffs. Decision Dams are expanding in the later-developing risk management. Thus, hydropower projects are
Earth, producing the greatest per area value of
science has recently produced new world, including the rapid development of major infrastructure investments that can provide
ecosystem services.68 Furthermore, river valleys
approaches to integrate a more diverse set hydropower dams to meet growing demands water and energy benefits to support development
often support high value agricultural land as well
of values into planning, management and for energy (Figure 1).65 Although this expansion goals and economic activity but they can also cause
as towns and cities. The dams required to generate
policy decisions. In this section we examine in water-management infrastructure can meet significant environmental and economic impacts.
hydropower necessarily change rivers and river
how multi-objective tradeoff analysis important societal needs, a proliferation of Decision making for hydropower requires a clear
valleys and thus, in addition to creating development
can help decision makers visualize and new dams threatens to greatly diminish the understanding of these risks: environmental, social,
benefits, hydropower can cause significant social
understand tradeoffs, often across market ecological health of rivers in regions where rivers economic and financial.
and environmental impacts, including the loss
and non-market values, to guide planning support high levels of biodiversity and provide Below we describe these risks and then discuss of migratory fish, inundation of cropland and
and management. The specific example in livelihoods and food security to millions of rural how an understanding of tradeoffs, through a displacement of people.
this section focuses on hydropower, but people.66 Opperman et al. (2015) found that the system planning approach, can identify options for
this approach to understanding tradeoffs projected hydropower development by 2050 hydropower development and management that Economic risks
can be applied to nearly all aspects of could fragment rivers or alter flows, or both, on minimize risks and provide more balanced
river management. 300,000 kilometres of river channel worldwide.67 The loss of fisheries and other ecosystem services
outcomes across river resources.
represents economic losses, although these can
often be difficult to quantify or, if quantified,
can remain relatively distant from what drives
development decisions.
© Justin Jin / WWF-US

The most direct economic risk associated

with poorly planned hydropower involves the
opportunity cost of poor investment choices: in the
absence of strategic planning, major infrastructure
investments, such as dams, can fall short of their
potential to work together to deliver the broadest
development benefits and, in fact, may even interfere
with each other, compromising the performance
of individual investments.
At a broad scale, hydropower projects are major
investments that potentially provide services
not just for energy but also for water management,
including water supply, irrigation, navigation,
and flood-risk reduction. However, in the absence
of strategic system planning, hydropower
investments may not fulfill their potential to
provide these services.
Financial risks
The economic, environmental and social impacts
described above can contribute to conflicts that
delay hydropower projects and cause cost overruns.
Conflicts can even lead to cancellations, as
demonstrated by a number of high-profile project
cancellations in the past decade, including
Myitsone in Myanmar (6 GW; suspended after
US$800 million had been invested), HidroAysén
in Chile (2.75 GW; US$320 million invested)

Valuing Rivers Valuing Rivers

46 47

and São Luiz do Tapajós in Brazil (8 GW, System planning and tradeoff analysis WWF and partners are now pursuing development or management, implementing
US$150 million invested).69 to understand and manage risk system-scale approaches to energy planning those options will require governance
and river conservation in regions such as the mechanisms. In the next section we
Beyond these high-profile examples, A range of studies and real-world examples
Irrawaddy Basin (Myanmar), the Himalayan explore various governance mechanisms,
hydropower projects have been reported as have demonstrated that many of the
rivers of Nepal, the Amazon and the Balkan including those that can implement the
having greater schedule delays and cost overruns challenges described above can be best
region of southeast Europe. While tradeoff results of system planning for hydropower
than other large infrastructure projects.70 addressed through planning and management
analysis can identify promising options for (see Box 7).
From these studies, it is not clear the extent at the system scale. These include assessment
to which environmental and social issues of the potential for maintaining or restoring
contributed to the delays and cost overruns, free-flowing rivers and connectivity while
because hydropower projects are very site- maintaining energy generation.72 A system
specific with high upfront capital costs, leading planning process for hydropower was
to a range of risks and uncertainties, including implemented in Norway in the 1980s, reducing FLOOD PLAIN CATCH GENERATION LIVESTOCK
TONNES GWh/YEAR MILLIONS OF HERDS
currency fluctuations, geotechnical problems, conflict and increasing certainty for both the
and labour. However, the combination of high hydropower sector and conservationists.73
1,400 2,500 2.5
capital cost and complexity with the fact that Finally, numerous studies demonstrate that
hydropower projects, particularly large ones, countries can secure broader economic gains
2,500
often significantly impact communities and through system-scale planning and management
ecosystems does suggest that environmental and of water-management infrastructure than 2.4
1,300
social issues are contributing to the common through a set of single-project decisions.74
challenges confronted by the hydropower
In essence, system planning for hydropower is a
process – and thus that better management 2,200
set of principles intended to facilitate balanced 2.3
of environmental and social issues would help
outcomes across economic, environmental and 1.200
hydropower from an investment perspective
social values during hydropower development
(lowering risk, increasing flows of investment)
and management. The application of these 2,000 2.2
and not just from the perspective of meeting
principles results in a process for collecting and
sustainability aspirations.
analyzing data to compare how different options 1,100
In fact, a recent review of hydropower stated (with an option defined as a specific combination 1,800
2.1
that the “significant increase in hydropower of project locations, designs and operations)
capacity over the last 10 years is anticipated in perform across a range of resources and values
many scenarios to continue in the near term that have meaning for stakeholders with results 1,000
1,600
(2020) and medium term (2030), with various intended to inform decisions about investments 2.0
environmental and social concerns representing and management.
perhaps the largest challenges to continued
Comparing these different options can be
deployment if not carefully managed.”71 900
done through a multi-objective analysis of 1,400 1.9
A lack of system planning and management in tradeoffs. Output from the analyses can be
hydropower creates multiple problems – not used to identify a set of options that are likely
just greater environmental and social impacts to perform well across a range of metrics.
but also conflict, delays and cancellations However, tradeoffs are often unavoidable and Figure 8: Comparison of four different options (different coloured lines) formanaging a cascade of dams on the Tana
River, Kenya in terms of how each option performs across three metrics: harvest of floodplain fish (floodplain catch),
leading to investment risk and the risk to model outputs can also be used to quantify those generation of electricity, and the ability of floodplain grasslands to support livestock. Performance is indicated by where
countries that major investments do not tradeoffs. Clear visualizations of results are a line representing an option crosses the axis for that metric, with better performance at the top of the line. This figure can
contribute effectively to national energy and important to ensure that decision makers and illustrate tradeoffs (e.g., the option that maximizes generation (blue line) will result in the lowest performance for fish and
livestock) as well as identify options that perform well across multiple metrics. For example, the option represented by
water needs. For these reasons – spanning stakeholders understand the opportunities the green line does not score highest for any metric but has the second best performance for all three metrics, suggesting
fisheries to rural development needs to and tradeoffs and thus the implications of an outcome that may produce a broader range of benefits and a better balance among traditional uses (generation) and
national climate goals – the hydropower sector selecting various options. Figure 8 provides rivers’ ‘hidden’ values (floodplain productivity). From Opperman et al. (2017) used with permission from The Nature
Conservancy.75 Data for the figure are from Anthony Hurford and Julien Harou (University of Manchester) from a project
should strive to adopt improved processes for an example of a visualization of results that
supported by colleagues from the International Water Management Institute (IWMI), ODI, BC3 and ACCESS, under the
planning and management, which can address can illustrate tradeoffs and help users identify IUCN-led WISE-UP to Climate Project. WISE-UP to Climate is funded by the International Climate Initiative (IKI) of the
shortcomings and maximize strategic values. potentially well-balanced options. German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB).

Valuing Rivers Valuing Rivers

 3.4
49

IMPROVE GOVERNANCE
Implementing decisions and ensuring
that progress is durable requires
7. GOVERNANCE MECHANISMS TO IMPLEMENT
effective water-management institutions SYSTEM PLANNING FOR HYDROPOWER
and governance. In this section we To move beyond analyses of tradeoffs and options, the
examine governance mechanisms system planning for hydropower described in Section 3.3 can
that include formal government be implemented through governance mechanisms that apply to
(policies, planning and regulation) governments, financial institutions and the private sector,
but also include financial policies and or combinations of them.
mechanisms to incentivize sustainable
Government: Agencies that have decision-making authority (e.g.
investment decisions as well as private
planners or regulators) can embed principles of system planning within
sector policies and practices.
their processes and practices. For example, beginning in the 1970s, the
government of Norway passed several legislative actions encompassing
river protection and hydropower site selection, which collectively created
Allocation a system-scale framework that guides how hydropower is developed
Valuing rivers involves difficult tradeoffs about and managed. By directing hydropower development away from the most
who gets water, and how much. In other words, sensitive areas, the policies have reduced conflict over hydropower,
valuing rivers is a process of allocating water while the Protection Plan for Watercourses has grown to include nearly
– ranking competing water uses relative to one 400 rivers or parts of rivers. The basins of these protected rivers
another. This process is intensely political; in encompass 40 percent of Norway’s area and represent approximately
almost all cases, rivers have been developed and 25 percent of Norway’s hydropower potential.76
allocated before the wider benefits of rivers were
Financial institutions: Through their safeguards, lending decisions
fully recognised and integrated into planning
and strategic planning studies, financial institutions can oversee
and allocation decisions. Any effort to value
mechanisms that implement aspects of system planning. For example,
rivers must confront this reality by strengthening
multilateral financial institutions can fund early planning facilities that
institutions and governance to address the twin
support strategic planning to guide site selection with the goal of
challenges of creating incentives and dealing with
improving system sustainability while reducing investment risk.77 Strategic
vested interests.79 The impacts of water shortages,
Environmental Assessments (SEA) can also provide the foundation of
and the increasing recognition of the link between
information to inform site selection and influence lending decisions so
river health and sustainable water resources,
that investment in individual projects can be consistent with a strategic
create opportunities to address these challenges.
plan. The International Finance Corporation (IFC) recently funded a SEA
Several tools and approaches have been adopted of hydropower in Myanmar, releasing a draft report in May of 201878,
over previous decades. Notably, allocation has which was led by Myanmar’s Ministry of Electricity and Energy (MOEE)
occurred through communities, governments, and Ministry of Natural Resources and Environmental Conservation
markets and varying blends of the three.80 (MONREC) with the support of IFC and the Australian government. The
Common to all approaches are efforts to draw report provides guidance on which hydropower projects are more likely to
a line between the water that can be consumed, meet sustainability objectives, with a specific recommendation to maintain
and the water that must be conserved for rivers the mainstems of the Irrawaddy and Salween rivers as free-flowing.
to function and thrive. Sixty years after the
Private sector: While developers generally do not have the ability to plan
first efforts to designate minimum flows in the
or manage at the scale of a system, private sector companies can adhere
tributaries of the US Pacific Northwest, the field of
to policies or practices that support sustainable hydropower, such as
environmental flows and environmental water is
using a risk-screening tool like the Hydropower Sustainability Assessment
now mature, and increasingly integrated into water
Protocol. Companies that understand that system planning can reduce

© James Morgan / WWF

planning and allocation. Despite breakthroughs
their investment risk can encourage government agencies and financial
around the world – from flood pulses delivered
institutions to support comprehensive planning to guide site selection.
across international borders to the Colorado
River Delta to national programmes in Mexico
(Box 8) to South Africa – examples of large-scale,
sustainable water allocation remain elusive.81

Valuing Rivers Valuing Rivers

50 51

effort to achieve such recognition, which has These benefits can be estimated and quantified
subsequently opened up incentive-based tools, via processes that link economic and cultural
such as leasing and mitigation banks.85 Globally, approaches to overcome the disadvantages
the recent push to recognise the value of rivers of relying on either one by itself. In parts of
has culminated in legal rights for rivers in regions northern Scotland, for example, participatory
as diverse as Colombia, India and New Zealand.86 approaches to valuation complemented monetary
The widespread implementation of Environmental valuation techniques and built stronger support
Water Reserves, which protect flows, in Mexico for planning and allocation decisions to
was made possible by legislation that recognized conserve coastal wetlands.90
diverse values from rivers (Box 8). Harwood et Finally, new policies and incentives are
al. (2018) found that “conducive legislation and fostering innovative models of collective action,
regulation” was the “fundamental enabling factor” particularly bridging divides between the public
for implementation of environmental flows.87 and private sectors and across scales. Valuing
These policy and legal trends reflect growing rivers requires that the diverse interests

© Michel Gunther / WWF

recognition of the value of rivers. But recognition supported by functioning rivers have proper
is not sufficient on its own. Legal recognition must forums to identify their common interest and
go hand in hand with capacity and commitment by negotiate allocation decisions that balance
individuals and groups to represent these values benefits for specific groups with the benefits
in technical, planning and policy initiatives. In for the river and the system more broadly.
the Colorado River, environmental organisations These new models of collective action involve
have developed advanced analytical capacities public-private partnerships such as stewardship
with river system models to integrate the value of initiatives that facilitate watershed planning
rivers into planning and operational scenarios.88 and allocation beyond the fenceline (see following
Such efforts are not restricted to the wealthiest section on Context-based Water Targets). They
Why is it difficult to value rivers in water allocation immediate.83 In short, existing water users
countries. Citizen science and actions from also require partnerships across scales. The
decisions? Firstly, the benefits from rivers are – often in agricultural, resource-scarce, or
Tanzania to Myanmar are developing the tools for importance of catchment and basin initiatives has
distributed broadly across populations, and rural communities – stand to lose out when
valuing rivers and integrating those values into long been recognized but they are often difficult to
there is limited incentive for individuals and society decides to elevate the value of rivers in
allocation decisions. implement in practice due to the tradeoffs between
communities to do their part to sustain and allocation decisions. These social dimensions
prioritise these values when there are more of water allocation and reallocation have often Scalability and implementation depend on political sectors and scales sharing a basin. Success
immediate opportunities to develop and use the been ignored, or underestimated, in policy will, financing and the underpinning cultural has involved blending the policies, incentives
resources. Many public goods are sourced or recommendations. Valuing rivers in water imperative. They also require linking incentives and capacity building to realise the potential
supported by rivers, such as the environmental allocation requires tackling these fundamental with policy change. Incentive-based tools range for benefit sharing even when specific sectors,
services provided by wetlands and floodplains to barriers head-on, and entering into a broader from market transactions to reallocating water such as agriculture, may need to reduce water
enhance flood control and water quality. These discussion of rural futures and resource equity. for environmental purposes. Efforts in Australia, consumption. Examples include central Mexico
values are hard to incorporate into allocation By shifting from a narrow perspective of the USA and Spain illustrate that such tools can and Brazil where regional initiatives link allocation
decisions because they benefit everyone regardless allocating water to sharing benefits, it is possible play an important role, but they are the servant of processes with system planning and modelling
of relative contributions to their conservation. This to change from a zero-sum game to a focus on sound governance, not the master.89 efforts to support novel partnerships.
causes an incentive problem, tempting individuals, shared prosperity.
In short, market-based tools depend on all four Both of these examples highlight the growing
communities and governments to free ride on the
These challenges are surmountable. Multiple steps for valuing rivers: measurement, valuation, importance of urban-rural partnerships to
investments of others. Efforts to integrate these
values require multiple tools, blending effective tradeoffs and governance. Specifically, market- overcome some of the barriers affecting
broader values of rivers into allocation decisions
policies, incentives and partnerships. Effective based tools require effective water accounting to basin-wide initiatives. The economic growth
require the cultivation of capacity, political will
allocation policies hinge on recognising the diverse ensure reallocation projects deliver a net increase and resource constraints faced by cities are
and financing.82 This ensures individuals and
values from rivers – particularly the ‘hidden’ in water to support neglected values. Water creating a driver for collective action with
organizations are equipped to come to the table
values – as legitimate and legally sanctioned balances and budgets can determine whether the rural regions, including agricultural and
for allocation, and have the technical skill and
uses of water.84 Legal recognition of the value of historic water user groups reduce consumption extractive industries that are negatively affected
political influence to persuade other stakeholders
rivers can include statutes or regulations that and free up water to support environmental when growth is unplanned. These partnerships
that it is in everyone’s best interest to both give
establish specific values as ‘beneficial uses’ or flows, including a diverse range of benefits: create openings for the broader value of rivers
to, and benefit from, rivers.
otherwise legally acceptable uses. In the Western sediment transport, wetland restoration (including to be considered in planning and allocation
Secondly, while benefits are distributed broadly USA, efforts to restore instream flows in water- flood risk reduction) and more traditional decisions. Box 9 provides 10 ‘golden rules’
and deferred, costs are often localised and stressed river basins have involved a multi-decade environmental goals linked to habitat restoration. of sustainable water allocation planning.

Valuing Rivers Valuing Rivers

52 53

8. ENVIRONMENTAL WATER RESERVES IN MEXICO

THE APPROACH
In 2005, the Gonzalo Río Arronte Foundation (FGRA) and WWF-Mexico formed an alliance to ILLUSTRATES HOW
explore new models for water management that would integrate the protection of environmental
VALUING RIVERS FOR
DIVERSE BENEFITS
flows within decisions for water allocation (e.g., for drinking water, irrigation or hydropower).
Pilot studies were conducted in three basins (including Rio Conchos: see photo) and,

CAN BE INTEGRATED
subsequently, FGRA-WWF proposed to Mexico’s National Commission on Water (CONAGUA)
a standard for determining environmental flows within water allocation processes.91

Rather than requiring a specific method to water allocation and water infrastructure,
INTO GOVERNANCE
MECHANISMS FOR
designate flow levels, the environmental the environmental review process for a
flow standard emphasized a set of scientific hydropower dam on the San Pedro was

WATER ALLOCATION.
principles intended to maintain a balance halted because it would not have been able
between flow protection and water use. The to be operated in a manner consistent
balance between these objectives is set along with the EWR.94
a continuum determined by the value of a
The Government of Mexico is now pursuing
river’s environmental resources and the level
one of the largest programmes in the world
of demand for water in the river basin.92 The
to integrate environmental flow protections
Mexican environmental flow standard was
within water allocation. In June 2018,
published in 2012 and ratified in 2017.93
Mexico’s President Enrique Peña Nieto
To translate environmental flow determinations signed a series of decrees establishing
into water allocation decisions that would EWRs in nearly 300 river basins. The
protect flows over the long term, FGRA-WWF decrees will guarantee water supplies for
joined with CONAGUA and the National the next 50 years for 45 million people, while
Commission of Natural Protected Areas protecting globally important wetlands and
(CONANP) to launch a National Water Mexico’s last free-flowing rivers. Among
Reserves Program (NWRP). Building on the these rivers is the Usumacinta, which is the
legal concept of a “water reserve” – a set largest and most biodiverse river in Central
volume of water dedicated to a specific use America and is now covered by an EWR

© Day's Edge / WWF-US

such as irrigation – the Program established an that protects 93 percent of its water.
“environmental water reserve” (EWR), defined
The EWR approach illustrates how valuing
as a volume of water that must remain in the
rivers for diverse benefits can be integrated
river to support environmental values and
into governance mechanisms for water
cannot be allocated for other purposes.
allocation. WWF is now proposing the
In September 2014, the first EWR was formally Environmental Water Reserve concept as a
established for 11 sub-basins within the model for other countries in Latin America,
San Pedro-Mezquital Basin. Demonstrating such as Bolivia, Colombia, Ecuador,
that the EWR can influence decisions about Guatemala and Peru.95

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54 55

Context-based water targets Facility (internal) actions

9. TEN GOLDEN RULES OF WATER SUSTAINABLE TRADITIONAL Figure 9:
SITE WATER USE
Private sector companies are increasingly
ALLOCATION PLANNING understanding the importance of water to WATER USE WATER
How a Context-
based Water Target
(quantity or quality) MANAGEMENT
1 Init isbasins where water is becoming stressed, their financial performance and, in response, is formulated based
are integrating water stewardship into their on a site’s
important to link allocation planning to broader proportionate
social, environmental and economic development practices (e.g., Nestle Waters’ certification responsibility to
under the Alliance for Water Stewardship contribute to a
CONTEXTUAL AVAILABILITY
planning. Where inter-basin transfers are
standard; Box 10). While much corporate water WATER sustainable river
proposed, allocation planning also needs to link STEWARDSHIP system
to plans related to that development. stewardship activity to date has focused on (“contribution to/allocation” of river system’s water)
site-specific interventions (e.g., water use
2 Successful basin allocation processes depend on
the existence of adequate institutional capacity.
efficiency or pollution reduction), stewardship Catchment (external) actions
commitments and activities also represent a

3 The degree of complexity in an allocation

plan should reflect the complexity and challenges
form of water governance.
The process of setting CBWTs can help evaluate to implement practices that help to protect,
Experience to date suggests that site-specific
in the basin. whether investments are better placed internally maintain and enhance the value of rivers.
actions often fail to achieve broader benefits
or externally to most efficiently contribute to CBWTs can also be potentially linked to additional
4 Considerable care is required in defining the when they are developed and implemented
river basin challenges. For example, through the incentives (e.g., pay-for-performance green
amount of water available for allocation. Once without consideration of the site’s context – the
CBWT process, a company can understand its bonds with performance linked to attaining
water has been (over) allocated, it is economically, biophysical and social conditions within the
appropriate contribution to the environmental CBWTs, certification under the Alliance for Water
financially, socially and politically difficult to river basin and the interactions that flow both
flow needs of a river, with flow targets ideally Stewardship or conditional finance) to catalyze
reduce allocations. up- and downstream. For example, water use
accounting for river benefits such as fisheries or broad uptake.
efficiency targets should be adjusted to account
5 Environmental water needs provide a
foundation on which basin allocation planning
for the relative scarcity of water in a basin; limits
sediment transport. The development of CBWTs
can be an important catalyst for discussions
In summary, CBWTs offer a pathway not only to
on diversions from a river should be informed contribute to improving the status of river basins,
should be built. of formal water allocation, both voluntary and
by environmental flow needs of the ecosystems but also to open up policy dialogue around how we
regulatory, and potential needs for policy reform.
6 The water needs of certain priority purposes
should be met before water is allocated
and users downstream.
Context-based Water Targets, now being
value and govern our rivers. WWF is now piloting
these approaches, working with companies,
To address the limitations of site-focused
among other users. This can include social, discussed alongside the Global Commons partner organizations, and academics to offer
targets, a group of companies and stakeholders
environmental and strategic priorities. initiative, offer a tangible pathway for companies technical guidance on methods and governance.
are exploring the concept of context-based

7 Inassessments
stressed basins, water efficiency
and objectives should be developed
water targets (CBWT). The objective of placing
stewardship activities within a broader context
within or alongside the allocation plan. In of resources, impacts, and opportunities
Figure 10:
water-scarce situations, allocations should be echoes the major theme of this report – the
Elements to
based on an understanding of the relative need to move beyond the valuing of water as a consider in Terrestrial ecosystems
efficiency of different water users. bulk commodity and towards valuing rivers as calculating Evapotranspiration
systems that interact with natural and human “Contextual

8 Allocation plans need to have a clear and

equitable approach for addressing variability
systems to produce diverse benefits.
availability”

between years and seasons. CBWTs strive to link water use and stewardship TOTAL Freshwater ecosystems
at a site to its basin context, including shaping ANNUAL In-stream flow requirements
9 Allocation plans need to incorporate flexibility
in recognition of uncertainty over the medium to
targets so that they contribute both meaningfully PRECIPITATION
and proportionally to the protection of river (i.e, sum of Human consumption
long term in respect of changing climate and available (Human Right to Water)
values. More specifically, CBWTs are specific
economic and social circumstances. renewable
time-bounded targets that consider a site’s water water resource) Economic & social
10 A clear process is required for converting
regional water shares into local and individual
performance (e.g., aqueous emissions, water
consumption, etc.) based on a site’s proportionate
water allocation
In-stream flow requirements
water entitlements, and for clearly defining responsibility to contribute to a sustainable river Specific facility allocation
annual allocations. system (Figure 9). They explicitly account for Your facility’s “fair share”
in context that will ensure
rivers by considering environmental flow needs sustainablility
Excerpted from Speed et al. 2013.96
as well as other ecosystem service needs in the
basin, along with basic social needs (Figure 10). © WWF International NB Adapted from McElroy & van Engelen (2012)

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Bankable Water Solutions KEY CHARACTERISTICS OF

10. THE ALLIANCE FOR To achieve the SDGs, the world will need an WWF’S BANKABLE WATER SOLUTIONS
WATER STEWARDSHIP additional US$2.5 trillion of investment annually97; INITIATIVE INCLUDE:
The Alliance for Water Stewardship (AWS) the Organization for Economic Co-operation and
is a global membership-based collaboration Development (OECD) estimates that at least US$1 1. Scale: While investments flow toward
whose mission is to lead a global trillion of annual investment is needed for wastewater individual projects, these projects should be
network that promotes responsible use of treatment, water plants, and supply networks alone. planned at a basin scale to better manage
freshwater that is socially and economically The gap can only be filled by leveraging philanthropic cumulative impacts and/or to achieve
beneficial and environmentally sustainable. and public sector capital with capital from the private system-scale conservation benefits.
sector. While this blended finance approach is receiving
AWS employs a global water stewardship
system, centered on the International Water
increasing attention, a number of constraints are 2. Integration across financial players:
limiting its application, including a lack of local Financial Institutions (FIs) often operate in
Stewardship Standard (the AWS Standard), sponsors with the capital to develop the business case silos. WWF has relationships with various
that provides a globally-applicable framework and weak regulatory environments that deter investors. FIs, including public and private institutions,
for major water users to understand their water
Furthermore, traditional investment approaches banks and investors. This means that we
use and impacts, and to work collaboratively
risk repeating past outcomes, in which a narrow set can broker relationships and introduce
for water stewardship - and stronger water
of objectives (Box 3) are pursued to the detriment of opportunities that siloed FIs do not see. We
governance – within a catchment context.
rivers’ other diverse values. Investors and banks have can move them beyond the simple transaction
The AWS Standard is in turn supported with
strong interest in investing in more sustainable water of a project to the broader opportunities that
training, membership and a certification
projects, but currently there is a limited pipeline of exist by matchmaking partners.
programme that drives, recognizes and
rewards good water stewardship performance viable projects.
in water governance, water balance, water
3. Supply chains: Through relationships with
WWF is developing a ‘Bankable Water Solutions’
suppliers (assets) and supply chains,
quality and important water-related areas. initiative that is intended to address these investment
we can involve global brands – the companies
Established in 2009, AWS now has over and sustainability challenges (Figure 11). Through
that source from these areas – and involve
100 members, hundreds of sites moving this initiative, WWF hopes to redirect investment from
them in investment-based solutions.
towards certification, and thousands of poorly planned infrastructure projects toward projects
sites implementing the standard. that will have positive impacts on river basins, while
4. Leveraging bankable solutions with
providing investors with an acceptable return on
other sources of funding: While
their investment.
bankable water solutions focus on investments
Bankable water solutions can involve projects in that can produce a return, the initiative’s
several categories: objectives overlap with those of traditional
conservation. By taking a basin-scale
• 
System-scale planning for sustainable
© Staffan Widstrand / WWF
approach, we can mobilize conservation
infrastructure, including investment mechanisms
funding that will have synergistic impacts
that promote early planning for sustainable projects
alongside bankable investments as well as
and low-risk investments (see Box 7).
‘fund the un-fundable’ by supporting the
• 
Renewable energy: the cost of wind and solar institutions, regulations and governance
projects has fallen dramatically in the past few years that are critical to the objectives of bankable
and increasing reliance on these generation sources solutions but are not on the agenda of FI
can reduce the demand for hydropower projects, project financiers.
which have high negative impacts on environmental
and social resources. In some places, wind and 5. W WF will help raise the seed capital to
solar can benefit from the suite of services and bring bankable projects from a concept or
partnerships mobilized through bankable solutions. idea to a pre-feasibility phase, where we
have made the business case, specified
• 
Clean technology for water management and
the revenue model and identified a potential
treatment, including improvements to irrigation
project sponsor. Once the sponsor and
systems and pollution management.
investor have been identified to fund the
• Investing in ecosystems for improving water quality subsequent phases, WWF’s role will change
or reducing flood risk (see Box 11). to an advisory and monitoring role.

Valuing Rivers Valuing Rivers

58 59

LANDSCAPE FINANCE PLAN FOR KAFUE FLATS,

ZAMBIA -- INCLUDING BANKABLE WATER SOLUTIONS
11. INVESTING IN ECOSYSTEMS
Improving the condition of rivers, wetlands,
and other freshwater ecosystems can
improve water quality and the resiliency
of systems – both ecosystems and
infrastructure systems – to disturbances
such as floods and droughts.

Last year, the utility Anglian Water in Great

Britain raised £250 million in a green bond jointly
arranged by the bank ING. Bond proceeds will
be invested in a broad range of ecosystem-
related interventions intended to increase
drought resilience.

In California, privately funded forest restoration

programmes – thinning forests that have
become unnaturally dense due to a century
of suppressing the natural fire regime – are
improving forest health and reducing the risk of
wildfires. By reducing rates of evapotranspiration
from overly dense forest, this intervention
also allows forests to release more water into
downstream reservoirs, benefiting hydropower
and water supply. The work is funded by a
The bankable water solutions initiative creates Figure 11: A set of ‘Forest Resilience Bond’, which pays out to
potential bankable
an investment structure through which blended investors when projects meet pre-agreed goals.
water solutions for the
finance can flow to support projects that produce Kafue Flats region, part
of the Zambezi River
Additional opportunities may come from
a return while maintaining or restoring rivers’
basin in Zambia. The reducing flood risk through investments in
diverse values, including those that are hidden
system-scale approach urban green infrastructure, with recent floods
and overlooked – and often negatively impacted identifies a suite of
in Houston and Bangkok illustrating the
– by status quo approaches to investment. A projects that would work
together to collectively urgent need for strategies that can reduce
system-scale approach can align individual
contribute to landscape flood risk for major cities.
investments with landscape-scale conservation conservation objectives,
objectives and identify needs or opportunities as well as identify how
that will require traditional conservation to combine bankable
solutions (that have
funding. Through this approach, bankable an investment return,
solutions can help resolve tradeoffs between noted in green) with
infrastructure development and conservation. traditional conservation
funding (grants and
The overarching goal of this initiative is to help subsidies, noted in red) for
shift investment decisions so that they recognize synergistic impact.
and support river values up front, before these
values are lost to poorly planned infrastructure
or water pollution.
© Charlotte Sams / WWF-UK

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 4
60 61

© Nicolas Axelrod / Ruom / WWF-Greater Mekong

CONCLUSIONS
Rivers are central to most nations’ histories and cultures,
However, these projects were built to provide a
narrow set of benefits and without consideration
for the much broader range of benefits that
rivers can support. These broader benefits often
remain hidden to decision makers – hidden, that
is, until crises arise. Due to their low profile,
growth – such as the dramatic decline of the
Columbia River’s massive runs of salmon.
Without a change in how we value and manage
rivers, this narrow approach, and consequent
losses, will play out in similar ways in river
basins around the world, with significant negative
weaving their way through songs, stories and myths. They have these diverse values of rivers have declined or consequences for economies. This report emphasizes
been tapped for a range of benefits, including hydropower and been lost across the world, often because they that these losses are not inevitable and unavoidable.
were not fully understood or recognized in the Existing solutions, alongside emerging innovations,
irrigation, delivered through often extraordinary infrastructure
first place or because their loss was viewed as point toward much greater potential to reconcile
projects that have spurred economic growth. unavoidable collateral damage for economic economic growth with healthy rivers.

Valuing Rivers Valuing Rivers

62 63

Fulfilling this potential will require a new

way of valuing rivers’ diverse benefits,
supported by policies and practices
designed to maintain or restore them.
Methods to quantify these benefits have
made considerable progress in the past
two decades, such as ecosystem service
valuations. However, to date, the results of
improved valuation have had limited
impact on policies and practice.
Thus, valuing rivers – effectively managing
them for their full range of benefits –
requires far more than just rigorous
valuation of those benefits. Although a
foundation of strong science is necessary,
it is not sufficient. Equally as important
are factors such as who collaborates
on those valuations, whose views are
represented, and how those values are
communicated to important audiences

© Thomas Cristofoletti / WWF-US

that can form coalitions to support
improved management.
This report provides a framework for
improving how societies measure, value,
and promote rivers’ diverse benefits,
adapted from a recent framework on THE FRAMEWORK’S MAJOR COMPONENTS INCLUDE:
valuing water To move beyond valuation,
• Measure: Sustainable river management will require a foundation
the framework encompasses approaches
of greatly improved measurement of benefits, based on rigorous
to communicate this value to diverse
understanding of key river processes and relationships. The so-called
audiences and build coalitions to support
“Fourth Industrial Revolution” offers a number of promising pathways
improved management; and a set of
to improve how we measure water and river systems.
promising governance structures needed
to make these reforms and innovations •  alue: Various methods have been developed, or are emerging, to
V
widespread and durable, with roles improve the valuation of water and rivers’ services, including rapid
for government, financial institutions and progress in quantifying ecosystem services. However, improved
the private sector. valuation methods and results will not have major impacts on policy
and management unless this information is delivered to the necessary
The approaches described under this
audiences – including powerful decision makers not directly involved
framework are relatively new and, while
in river management – in a format that they find compelling.
progress is being made, much work remains
to be done: the full value of rivers is still • Understand tradeoffs: Even with improved measurement and
relatively unknown to decision makers, valuation of resources, decision making about river management will
or to people in general – most sectors and require navigating difficult tradeoffs. Decision science has recently
people who depend on healthy rivers do not produced new approaches to integrate a more diverse set of values
fully recognize this flow of benefits. into planning, management and policy decisions.

We hope the framework offered in this Improve governance: Implementing decisions and ensuring that
• 
report will help governments, companies progress is durable requires effective water-management institutions
and communities to better understand and governance, with roles for government, financial institutions
rivers’ diverse values and then and the private sector.
collaboratively work on the solutions
needed protect and restore them.

Valuing Rivers Valuing Rivers

64 65

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Valuing Rivers Valuing Rivers

Valuing rivers 100%

•
VALUING RIVERS: HOW THE DIVERSE BENEFITS OF HEALTHY RIVERS UNDERPIN ECONOMIES
RECYCLED

500 MILLION
People live on deltas
sustained by sediment

12 MILLION
from rivers

Tonnes of freshwater
fish caught per year

19%
2 BILLION
Cover © Annemarie Winkelhagen, this page © Wild Wonders of Europe / Ruben Smit / WWF

Of global GDP comes

from watersheds
with high to very People depend
high water risk directly on rivers for
drinking water

Working to sustain the natural

[Link]

world for people and wildlife

together possible TM [Link]

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