Closing the Implementation Gap of NBS for Water Security: Developing an Implementation Strategy for Natural Assurance Schemes

Abstract In the context of a climate and water crisis, and intensified by the Covid19 crisis awareness about the need to rethink our economic development paradigm has increased. Against this context the potential of Ecosystems and Nature-based Solutions (NbS) as important pieces of a new regenerative economic model and as important allies to mitigate water risks is being more and more recognised. Nevertheless, the implementation of NBS at system scale remains a challenge. In most cases NbS are still being implemented as pilot projects aside from mainstream procurement strategies. This book presents the conceptual frame to develop natural assurance schemes, as well as the tools and methods to bring these towards implementation. Following the Financing Framework for Water Security principles, this chapter has further tailored and developed additional elements to fit the innovative nature of NBS projects. NbS projects are characterised by important evidence gaps, such as the performance they can guarantee over time in terms of levels of service for and their expected cashflow and risk profiles. To fill these knowledge gaps, the chapter proposes a collaborative project preparation approach that enable transdisciplinary collaboration and the development of the full business case for investments in NBS for water security. In this chapter the basic methodological elements of this approach and the process required for its application are presented along with an illustration for the Medina del Campo Groundwater body (GWB) in Spain.