Endnotes 1. Global Water Intelligence, & XPV Water Partners. (2024, February). Investing in a water-secure future. https://xpvwaterpartners.com/insights/news/2024/02/05/report-investing-in-a-water-secure-future 2. PitchBook. (2025, July 18). Analyst note: Water tech. https://pitchbook.com/news/reports/q3-2025-pitchbook-analyst- note-water-tech 3. Taqi, J. E. (2025, May 12). Flowing forward: Emerging opportunities in the global water sector. https://www.whitecase. com/insight-our-thinking/currents-of-capital-report-2025-flowing-forward-emerging-opportunities-global-water-sector 4. Global Commission on the Economics of Water. (n.d.). Turning the tide. Retrieved August 5, 2025, from https://turningthetide.watercommission.org/ 5. WWF. (2023, October 16). WWF report: Water crisis threatens US$58 trillion in economic value, food security and sustainability. https://wwf.panda.org/wwf_news/?9842941/water-report-2023 6. Guo, Y., et al. (2022). Evaluation of groundwater storage depletion using GRACE/GRACE follow-on data with land surface models and its driving factors in Haihe River Basin, China. Sustainability, 14 (3), 1108. https://doi.org/10.3390/ su14031108 7. The World Bank (2024, September 16). Closing the $7 trillion gap: Three lessons on financing water investments from World Water Week. https://blogs.worldbank.org/en/water/closing-the--7-trillion-gap--three-lessons-on-financing-water-in 8. Li, P ., Yang, J., Islam, M. A., & Ren, S. (2023). Making AI less “thirsty”: Uncovering and addressing the secret water footprint of AI models. arXiv. https://arxiv.org/abs/2304.03271 9. Food and Agriculture Organization of the United Nations, OECD, & World Bank. (2025). Industrial water as a share of total water withdrawals. https://archive.ourworldindata.org/20250704-091220/grapher/industrial-water-as-a-share-of-total- water-withdrawals.html 10. Inrate. (2025, February 24). Investing in water: A critical opportunity for sustainability. https://inrate.com/blogs/investing- in-water-sustainability/ 11. CDP . (2021, March 19). Cost of water risks to business five times higher than cost of taking action. https://www.cdp.net/ en/press-releases/cost-of-water-risks-to-business-five-times-higher-than-cost-of-taking-action 12. Díaz-Mendoza, A. C., & Pardo, Á. (2023). Water and traditional asset classes. Finance Research Letters. https://doi.org/10.1016/j.frl.2022.103394 13. R-Kotze, C. (2023, June). Global trends on innovation in the water sector. Isle Utilities. https://randwater.co.za/ media/forums/presentations/Isle%20Global%20Innovation%20Trends.%20June%202023.%20Rand%20Water%20 Innovation%20Symposium.pdf 14. Food and Agriculture Organization of the United Nations. (2025). AQUASTAT dissemination system. https://data.apps. fao.org/aquastat/?lang=en 15. Fruschki, A., & Zilien, C. (2025, February 10). Six reasons why investors should dip their toes in water infrastructure in 2025. Allianz Global Investors. https://www.allianzgi.com/en/insights/outlook-and-commentary/six-reason-invest-in- water-infrastructure 16. Sjöstedt, E., Rushforth, R., Tidwell, V., Harris, M., McManamay, R., & Marston, L. (2025). Impact of thermoelectric power plant operations and water use reporting methods on thermoelectric power plant water use. Environmental Science & Technology, 59(9), 4482–4492. https://doi.org/10.1021/acs.est.4c02024 17. Li, P ., Yang, J., Islam, M. A., & Ren, S. (2023). Making AI less “thirsty”: Uncovering and addressing the secret water footprint of AI models. arXiv. https://arxiv.org/abs/2304.03271 18. UN Water. (2024). Water quality and wastewater. https://www.unwater.org/water-facts/water-quality-and-wastewater 19. Le Monde. (2024, July 30). Paris Olympics: Understanding the issue with Seine water quality. https://www.lemonde.fr/en/ sports/article/2024/07/30/paris-olympics-understanding-the-issue-with-seine-water-quality_6705160_9.html 20. IPCC. (2023). Summary for policymakers. In H. Lee, & J. Romero (eds.). Climate change 2023: Synthesis report. Contribution of Working Groups I, II and III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change (pp. 1–34). https://doi.org/10.59327/IPCC/AR6-9789291691647.001 21. Dupuy, E. (2024, March 22). The $58T water ecosystem & water tech innovation. Dealroom. https://dealroom.co/blog/ the-58t-water-ecosystem-water-tech-innovation 22. Ibid. 23. White & Case. (2025, May). Currents of capital 2025. https://www.whitecase.com/insight-our-thinking/currents-of-capital- report-2025#home 24. Global Water Intelligence, & XPV Water Partners. (2024, February 5). Investing in a water secure future. https://xpvwaterpartners.com/insights/news/2024/02/05/report-investing-in-a-water-secure-future 25. Financial Times. (2025, May 16). UK water watchdog woos investors with “guaranteed revenues” as it seeks £50 bn. https://www.ft.com/content/c1b48062-0ad6-4205-a7b5-376cff7bcc35 Investing in Water: Aligning Investment Strategies with Water Innovation 30

Investing in Water Aligning Investment Strategies with Water Innovation 2025