The most recent report by the Intergovernmental Panel on Climate Change (IPCC) states that global warming will lead to “changes in all components of the freshwater system,” and concludes that “water and its availability and quality will be the main pressures on, and issues for, societies and the environment under climate change.”2 Nestlé’s chairman Peter Brabeck- Letmathe puts it more bluntly, calling water availability a bigger challenge than energy security. “I am convinced that, under present conditions and with the way water is being managed, we will run out of water long before we run out of fuel.”3 Already, China and.