Water is at the foundation of our economic, societal, and environmental well-being, and nearly every product in global commerce depends on water for its production and delivery to the marketplace. However, water traditionally has not been considered a material characterized by integrated analyses to quantify flows and stocks, opportunity costs, and full valuation (i.e., social, environmental, and service costs) through its myriad of uses. This leads to an undervaluing of water as a finite resource – an oversight that could lead to even greater water shortages as a result of increasing pressures and poorly informed decision-making.
The project focuses on the Great Lakes region due to its large volume of available freshwater (but low rate of replacement), high economic impact, complex governance issues including an international border, and increasing competition for water allocation among industrial, agricultural, municipal, recreational, and ecosystem needs, as well as existing and future threats to water quality deterioration. Our frameworks for assessing the value of water as a material can be extended to other regions in the U.S. and the world for informed water use decision-making and policies promoting a sustainable future.