I have no doubt that this will have various greenies up in arms:
Global shortages of water could lead to the precious liquid being exchanged in a similar way to permission schemes used by countries for carbon dioxide, the head of one of the world’s leading exchanges said yesterday.
Craig Donohue, chief executive of the Chicago Mercantile Exchange (CME), said that water could become a commodity as droughts and demand place huge pressures on river systems and water tables.
Trading water as a commodity would, it is argued, put financial pressure on users to keep consumption down, in the same way that carbon emission trading schemes penalise the biggest polluters.
You can hear it now, can\’t you? Water is a right, it shouldn\’t be commodified….and what about the Children!
A pity that none of them will actually look at the details: it\’s a form of insurance. Farmers (and we are talking about farmers, they use most of the world\’s fresh water) can buy insurance from speculators that there won\’t be enough water to grow their crops. That\’s how it will work: no one is actually suggesting a physical trading scheme, where water is taken from British Columbia to Australia, say.