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Global change poses unprecedented threats to society through impacts on both the natural environment and engineered infrastructure. Specifically, growing global population requires urban and infrastructure development at the same time as global warming demands massive investment in measures for both adaptation to future climate and mitigation through reduced emissions. The water sector is at the heart of this 21 st century challenge, and the need of the hour is to have a major revision of our approaches and implementation of technology for the management of water resources, flood risk and pollution. As mentioned recently by the Water Supply and Sanitation Technology Platform (2005) -WSSTP -representing all the European water sector actors, "water supply, storm-water drainage, wastewater collection and treatment, as well as quality and quantity management of natural water resources need to be efficiently secured or, where necessary, improved. Only through a paradigm shift from fragmented towards integrated urban water management economic development, social balance and ecological integrity can be secured. [...] During the last three decades the European water industry has built up a great competitive strength based on innovative supply and sanitation concepts, technology, knowledge and skills; availability of financial resources; wide experience in many industrial sectors; close cooperation with European R&D organisations and universities, including active involvement in R&D projects in the various European Union R&D Framework Programmes; expanding markets in the European Union and outside; European Union policy on sustainability, environment and energy; a broad spectrum of efficient governmental structures, tailored to specific local needs. The three largest companies providing water supply and sanitation services in the world are European. In addition, a large number of European Small & Medium Enterprise's (SME's) export their expertise and equipment across the world. Several European firms and institutes have prominent positions in the open market for major water and sanitation studies and implementations. The European water sector is a major economic player -1% of GDP -with a turnover in the European Union of about 80 billion Euro and an average growth rate of 5% per year, compared to 2.5% per year average growth rate for the European Union economy." The diagnostic provided by the profession at the European level and with the support of the WSSTP mentions that sustainable approaches for the development of water projects are needed to deliver social, economic and environmental benefits. These demands are pressing issues in the new European Member States, and in developed and developing countries outside Europe. Technologies need to be properly integrated with social, economic and www.intechopen.com