Understanding, sensitizing and accounting Virtual Water Trade (the embedded water flow) between locations, nations and geographies is necessary to contain future water wars. Virtual water need not be limited to agricultural output, but can also be applied to all other products and services. Across nations, all organizations, farmers and consumers should be accounted for the Virtual Water Units consumed. There is a need for an international Virtual Water protocol defined similarly to the current Carbon Credits model and managed by an independent body. This paper discusses the need for Virtual Water Credits, an International Trading System for Virtual Water Trade between countries, roles and responsibilities of all key stakeholders.
- Virtual Water Credits
- Virtual Water Trading Protocol
- Virtual Water Trading System
- First received 12 December 2014.
- Accepted in revised form 31 March 2015.
- © IWA Publishing 2015