Water scarcity is a growing reality driven by population growth,urbanisation and climate change.The need for investment in new infrastructure is undisputed.In this report we focus only on those markets where municipal customers are willing to pay cost reflective tariffs without subsidy and industrial water growth.These markets,in our view,offer attractive returns to equity investors.Even the UK’s National Infrastructure Commission(NIC)published a report on 26 April 2018‘Preparing for a drier future:England’s water infrastructure needs’.