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Water scarcity is a critical environmental issue worldwide, especially in arid and semiarid regions. In those regions, climate change projections suggest further reductions in freshwater supplies and increases of the recurrence, longevity and intensity of drought events. At present, one important question for policy debate is the identification of water policies that could address the mounting water scarcity problems. Suitable policies should improve economic efficiency, achieve environmental sustainability, and meet equity needs. This paper develops and applies an integrated hydro-economic model that links hydrological, economic and environmental elements to such issues. The model is used to conduct a direct comparison of water markets, water pricing and institutional cooperation, based on their economic, environmental and equity outcomes. The analysis is performed in the Jucar Basin of Spain, which is a good natural experiment for studying water scarcity and climate change policies. Results indicate that both institutional and water market policies are high performing instruments to limit the economic damage costs of droughts, achieving almost the same social benefits. However, the environmental effects of water markets are worrying. Another important finding is that water pricing is a poor policy option not only in terms of private and environmental benefits but also in terms of equity.

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Depletion of groundwater aquifers along with all of the associated quality and quantity problems which affect profitability of direct agricultural and urban users and linked groundwaterecosystems have been recognized globally. During recent years, attention has been devoted to land subsidence-the loss of land elevation that occurs in areas with certain geological characteristics associated with aquifer exploitation. Despite the large socioeconomic impacts of land subsidence most of these effects are still not well analyzed and not properly recognized and quantified globally.In this paper we developed a land subsidence extent index (LSIE) that is based on 10 land subsidence attributes, and applied it to 113 sites located around the world with reported land subsidence effects. We used statistical means to map physical, human, and policy variables to the regions affected by land subsidence and quantified their impact on the index. Our main findings suggest that LSIE increases between 0.01 and 5% by changes in natural processes, regulatory policy interventions, and groundwater usage while holding all other variables unchanged.Effectiveness of regulatory policy interventions vary depending on the lithology of the aquifer system, in particular its stiffness. Our findings suggest also that developing countries are more prone to land subsidence due to lower performance of their water governance and institutions.

Agriculture and forestry activities are one of the many sources of greenhouse gas (GHG) emissions, but they are also sources of low-cost opportunities to mitigate these emissions compared to other economic sectors. This paper provides a first estimate of the potential for mitigation in the whole Spanish agriculture. A set of mitigation measures are selected for their cost-effectiveness and abatement potential and an efficient mix of these measures is identified with reference to a social cost of carbon of 40 €/tCOe. This mix of measures includes adjusting crop fertilization and managing forests for carbon sequestration. Results indicate that by using the efficient mix of mitigation measures the annual abatement potential could reach 10 million tCOe, which represents 28% of current agricultural emissions in Spain. This potential could further increase if the social cost of carbon rises covering the costs of applying manure to crops. Results indicate also that economic instruments such as input and emission taxes could be only ancillary measures to address mitigation in agriculture. These findings can be used to support the mitigation efforts in Spain and guide policymakers in the design of country-level mitigation strategies.