Rising global temperatures bring a number of concerning threats, including an increase in heat-related illnesses, more intense and longer-lasting extreme weather conditions, and water scarcity.
If action isn't taken regarding the latter, water may be priced at a premium in the coming years as private companies look to profit off a vital resource we need to survive.
To prevent that from happening in the United States, Senator Elizabeth Warren and Representative Ro Khanna are seeking to establish a bill that would prevent water from being traded as a commodity.
The Guardian reported the hugely important move would stop investors, like hedge funds, farmers, and municipalities, from profiting from water-futures trading, much like companies already do with oil and gold.
The Future of Water Act would help to prevent investors from taking advantage of potential water scarcity, meaning that communities would not have to pay a premium to access something that should be a basic human right.
The water-futures market, specifically, involves entities speculating on the future cost of water. Only California has seen such activity so far, and interest has been low. These markets have already received criticism from the United Nations.
"Water is not a commodity for the rich and powerful to profit off of," Warren said, per the Guardian. "Representative Khanna and I are standing up to protect water from Wall Street speculation and ensure one of our most essential resources isn't auctioned off to the highest bidder."
The U.S. government is already seeking to help households reduce the cost of running a home, with the Inflation Reduction Act offering discounts and tax incentives to invest in money-saving domestic technology like solar power and heat pumps.
According to the Center for Climate and Energy Solutions, rising temperatures can increase evaporation, leading to drier conditions. Higher thermometer readings also mean reduced levels of snowfall, with snowpacks a vital water source during spring.
But a warmer climate also makes the risk of deadly storms more pronounced. This feast or famine situation makes flash flooding more likely, as excess water is not as easily absorbed by soil and earth that has been deprived of moisture for so long.
Intense periods of storms and droughts mean that water storage would be vital to supply demand in drought conditions, and this could be an area where bad-faith companies and investors seek to profit.
"There's a big water grab out West that now is a really good time to … cut off one avenue for these massive financial interests to exploit water scarcity," said Mary Grant, campaign director with Food and Water Watch, per the Guardian.
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