Water has a special role in the context of green growth, with important links to economic activity, ecosystem functioning and social well-being. There are three key pillars of planning that can be used to include water in green growth strategies – embracing risk, embracing uncertainty and embracing water allocation reform opportunities. One such method that has engaged these pillars is the natural capital accounting, used by the WAVES programme of the World Bank to look at the role of water use in Botswana and Guatemala. In each case water intensity and value added are separated into key economic sectors, informing policies that more effectively encourage development and sustainable water use. The realization of a green growth agenda necessitates looking at water as a core part of larger scale planning, enabling the effective pursuit of more robust pathways of economic growth and development.