Earlier today, President Biden announced the first components of his proposed $2 trillion national infrastructure plan to rebuild failing, aging, and outdated water, energy, transportation, and communications systems. While the current information provides only the broadest outlines of his proposals, and the details will have to be worked out in specific legislation to be debated in Congress, it is clearly the most ambitious plan to have been put forward in many years.
In California’s Water Futures Market: Explained, Cora Kammeyer describes how futures markets operate generally and the particulars of California’s version. This new water futures market has attracted considerable attention and hyperbole. Here we explore the potential implications of this novel financial tool through the lens of California water supply reliability.
What does it mean to “build back better” as the global economy seeks to recover from the shock of COVID-19? The international environmental community has proposed a “green” global recovery that prioritizes reducing greenhouse gas emissions as governments work to create jobs and stimulate economic growth.
A recently launched water futures market in California drew global attention, from Wall Street to the United Nations. While news of the market has brought both skepticism and speculation, much of the coverage has failed to address the fundamental question: what actually is a water futures market?
Water systems in most large urban areas like California’s Silicon Valley are linear and highly centralized. Water is cleaned at a central treatment plant, distributed to homes and businesses through a vast and decades-old system of pipes, used once, and then returned through another set of pipes to a wastewater treatment plant, before being discharged into a nearby waterway like the San Francisco Bay.
Water systems across the country are facing budget shortfalls as a result of the pandemic and need assistance. For small water systems (systems serving 10,000 people or fewer) total budget shortfalls are estimated to be $4 to 6 billion, primarily caused by decreased demand, delayed payments, and additional costs for protective equipment and sick time.
The fact is that water challenges in the U.S. are severe and worsening. As the COVID-19 pandemic revealed, poor water infrastructure and the failure to provide universal access to safe water and sanitation threaten public health. Water shortages, poor management, and antiquated water systems threaten the nation’s food supply, ecosystems, and economy. Conflicts over water around the globe threaten our national security. Worsening climate changes are increasing these risks, and the failure to act now will only make solving these issues harder.
Approximately 25 million people in the United States are served by water systems that regularly fail to meet federal safe drinking water standards. In addition, systems with poor water quality are more likely to serve low‐income and semi‐rural communities, as well as people of color. Internationally, other developed nations like Canada and Australia also struggle with delivering safe drinking water universally, particularly to rural, indigenous communities.
In recent years, a wide range of water-related factors have contributed to political instability, human dislocation and migration, agricultural and food insecurity, and in more and more cases, actual conflict and violence.
COVID-19 — and the ensuing economic crisis — is affecting all sectors of society, including water. Across the country, water utilities are facing lower revenues, more unpaid and late water bills, and higher costs to protect essential staff from COVID-19.
The Pacific Institute has developed an interactive guide, Sustainable Landscapes in California: A Guidebook for Commercial and Industrial Site Managers, which provides step-by-step help for businesses interested in sustainable landscapes.
In January 2020, California state agencies released a draft document meant to signify a new chapter in California water. Now, six months later and after extensive public consultation, the final draft of the Water Resilience Portfolio has arrived.
It goes without saying that California today, in the throes of the coronavirus pandemic, looks very different from the California of January 2020. Governor Gavin Newsom’s May Revisions to the 2020-2021 state budget reflect this drastic change in circumstance, announcing a $54.3 billion budget deficit and proposing $18 billion in cuts to State funds expenditures.
The newly proposed House of Representative’s emergency supplemental appropriations bill was just released. Among the $3 trillion dollars it allocates are several provisions related to water and wastewater agencies, residential water use, and agriculture.
The COVID-19 pandemic has brought up problems and challenges related to basic sanitation, as this is not only a global health crisis, but also a social crisis that affects the lives of millions of people living in vulnerable situations.
The 2020 Coronavirus Pandemic is having the unexpected and unintended effect of teaching us lessons about both the vulnerability and the resilience of our natural ecosystems and environment. As of this writing in late April, we are still in the middle of it, with no obvious end in sight, as the virus continues to spread around the world.
Urban stormwater is an important and undervalued alternative water supply in California. In two recent articles, Pacific Institute researchers examined how to better value urban stormwater capture and incorporate co-benefits provided by this water source.
The Colorado River Basin is the lifeblood of the West, providing water to more than 40 million people in seven U.S. states and two states in Mexico. Irrigation using Colorado River water generates an estimated $8 billion annually in agricultural products like winter vegetables, cotton, and cattle and dairy. In addition, recreation along the river and its tributary streams (boating, swimming, hiking, camping, etc.) contributes $17 billion per year to local economies.
In January 2020, California state agencies released a draft document meant to signify a new chapter in California water: the Water Resilience Portfolio. The Portfolio was developed in response to Governor Newsom’s Executive Order (N-10-19), which called for a comprehensive strategy to build a climate-resilient water system for the 21st century.
2019 was a critical year for climate and water. Major events – from hurricanes to droughts and brushfires – highlight that climate’s impacts are being felt now and that the world needs to take action to build resilience while also accelerating action to reduce greenhouse gas emissions.
At both major international climate events this year – COP25 in Madrid this month and the Climate Action Summit in New York City in September – there was a clear, resounding message from the environmental community: “We are exactly on track to where we don’t want to go, and change is needed now.” This message, while not new, was spoken this year with unprecedented urgency...
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