No one should be allowed to gamble with clean, safe water – but that’s exactly what Wall Street is trying to do by trading water futures. They’re on a dangerous mission to profit from water price hikes from climate change-driven droughts and shortages.
In December 2020, following a devastating wildfire season and anticipating another major drought in California, the Chicago Mercantile Exchange launched the world’s first water futures market, allowing stock market traders to gamble on water prices in California.
It’s dangerous to allow financial speculators to profit off climate change-driven water shortages and drive up prices on a resource that we all need to live. From increased water prices to the loss of small family farms, the only people who would benefit from water futures trading are stock market gamblers.
As climate change has increased the severity and frequency of drought in our country, Wall Street should not be profiting off water or water rights. Water should be affordable, easily accessible, and guarded from markets prone to manipulation and speculation that could cause real-world price increases.
Putting an end to water rights futures trading would stop this dangerous speculation and protect our communities and agricultural producers. Water is a human right – not a commodity!
Food & Water Watch and its affiliated organization, Food & Water Action, are advocacy groups with a common mission to protect our food, water and climate.
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