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Probably, someone should be working on a way to clean water, rather than machines to capture carbon from the environment (a job for trees).
Water joined gold, oil and other commodities traded on Wall Street, highlighting worries that the life-sustaining natural resource may become scarce across more of the world.
Farmers, hedge funds and municipalities alike are now able to hedge against — or bet on — future water availability in California, the biggest U.S. agriculture market and world’s fifth-largest economy. CME Group Inc.’s January 2021 contract, linked to California’s US$1.1 billion spot water market, last traded Monday at 496 index points, equal to US$496 per acre-foot.
The contracts, a first of their kind in the U.S., were announced in September as heat and wildfires ravaged the U.S. West Coast and as California was emerging from an eight-year drought. They are meant to serve both as a hedge for big water consumers, such as almond farmers and electric utilities, against water prices fluctuations as well a scarcity gauge for investors worldwide.
Despite the fact that the narrative around clean water is obviously somewhat hysterical, it raises a real issue – water, like plastic, is a legitimate environmental concern.
It really makes you wonder why we are instead sitting around talking about how carbon dioxide is changing the weather, when actual crises are taking place.
Maybe it’s because there is no scheme to create a global tax and a global governing body to stop dirty water or plastic.
