Currents of Capital 2025 Report

By Bill Malarkey

The water sector faces unprecedented challenges: escalating water scarcity, deteriorating infrastructure and intensifying climate impacts. These pressures have elevated water from a niche concern to a strategic priority for governments, corporations and institutional investors. Given that funding gaps for global water infrastructure are estimated to be in the trillions of dollars, solutions must be efficient, scalable, collaborative and financeable.

The Currents of Capital 2025 Report, which Roland Berger developed in partnership with White & Case , provides insights into how investment is flowing into water infrastructure and water-related technology and services worldwide. Our research draws on the perspectives of over 300 senior decision-makers across the water value chain, including water utilities, multinational corporations, investment funds, engineering firms and technology providers, with respondents’ teams representing more than 20 countries.

Our findings reveal a growing recognition of the fundamental importance of water to economic security and sustainable development. In 2025, 96 percent of respondents plan to maintain or increase their investments in the water sector compared to 2024. This commitment is substantial. Thirty percent of respondents have deployed more than US$500 million in 2024.

However, challenges persist. Regulatory uncertainty can result in delayed investment decisions and project timelines, while the fragmentation of the water markets complicates efforts to scale solutions. The dual nature of water—as both a public good and an economic input—requires specialized investment approaches that differ from traditional infrastructure models.

In the coming years, how water is valued, managed and financed will continue to evolve. Organizations that can navigate the regulatory complexities and uncertainties in the market while harnessing technological innovation will find themselves well positioned to capture value.

More importantly, this rising tide of capital presents a historic opportunity to address global water challenges if investments are channeled toward solutions that balance economic returns with sustainability and equitable access. The Currents of Capital 2025 Report provides insights for stakeholders seeking to navigate these currents of capital toward a sustainable water future that benefits communities, ecosystems and investors.

Joanne Emerson Taqi, Partner, White & Case co-authored this report.

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