This report advocates for scaling up investments in the treatment of used water to transform it into ‘new’ water suitable for municipal and industrial use. It presents a compelling business case and outlines actionable roadmaps for governments and the private sector to transition toward sustainable water use. These investments are essential for ensuring inclusive water service delivery, job creation, and economic development. The report emphasizes the public sector’s role in shaping markets to attract private sector participation - as users, solution providers, and financiers by setting and enforcing water-related regulations, designing financial incentives, and investing in infrastructure. It highlights the importance of creating enabling environments through market design, pricing strategies, and regulatory frameworks that support the development of a robust ‘new’ water economy. The document also underscores the need for collaboration between public and private sectors, and where appropriate, the World Bank Group, to drive this transformation. A central focus is on generating ‘new’ water for municipal systems and industrial users, which can significantly enhance water security, reduce environmental impact, and support sustainable development. By turning wastewater into a valuable resource, the report envisions a future where water reuse becomes a cornerstone of resilient and inclusive urban and industrial growth.