This report underlines the important roles that water plays in all social, economic and environmental decisions, highlighting policy implications across various sectors, from local and municipal to regional and international levels. It provides an overview of status trends and challenges, including drivers of water consumption, water resource variability, water management, institutions and capacity development, moving from raw data to informed decisions, and regional challenges. It also addresses issues around working under uncertainty and managing risk, including risk and uncertainties associated with the key drivers, the problem of undervaluing water, transforming management institutions to deal with change, investment and financing for a sustainable future, and responses to risks and uncertainties, including through mitigation and adaptation to climate change.