Caps on groundwater use create a new market in California

  • 📰 TheEconomist
  • ⏱ Reading Time:
  • 80 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 35%
  • Publisher: 92%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

California lawmakers aim to bring groundwater use to sustainable levels by the early 2040s

of highway running between Los Angeles and San Francisco separates the dry hills to the west from the green plains of the San Joaquin Valley to the east, where much of America’s fruit, nuts and vegetables are grown. Every couple of miles billboards hint at the looming threat to the valley. “Is growing food a waste of water?” one billboard asks. Another simply says, “No Water, no Jobs”.

In the San Joaquin Valley agriculture accounts for 18% of jobs and agriculture runs on water. Most of it comes from local rivers and rainfall, some is imported from the river deltas upstate, and the rest is pumped out of groundwater basins. During the drought of 2012-16 landowners pumped more and more groundwater to compensate for the lack of rain. Thousands of wells ran dry.

The Public Policy Institute of California , a think-tank, estimates that this could result in as much as 15% of the valley’s 5.2m acres of irrigated cropland lying fallow. At first glance, each farmer seems to be faced with a choice: let land go fallow or grow crops which use less water.

Given the potential benefits of a market-based approach, non-profits such as the Environmental Defence Fund, the Fresh Water Trust and the Nature Conservancy have stepped in to advise thes on how to set up markets around California. Mr Terry’s wells, like others in Ventura, are equipped with meters, which send data to an online platform. The local water manager can check that everyone has complied with their respective cap. Participants who want to buy additional water can place a bid online.

Allocating pumping rights is the hardest part. Californian law allows landowners to use the groundwater under their property. But since a water basin connects all landowners underground, it suffers from the tragedy of the commons. When users cannot agree how to allocate quotas, courts will have to settle the dispute. Mr Terry and the market pioneers in Ventura County are trying to avoid this.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Calif lawmakers aim to bring groundwater use to sustainable In drought water scarcity is jacking up water price in Oz Farmers can not afford to buy water The market went crazy many traders making $-mils but farmers can not afford it

It will be late.. there and in any other place

May be a touch late.

Oh good. A short 20 years from now.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

California now has the biggest legal marijuana market in the world. Its black market is even biggerCalifornia is on track to post a record $3.1 billion in licensed cannabis sales this year, solidifying its status as the largest legal marijuana market in the world, according to a study released Thursday by financial analysts who advise the industry. I love Cali Wowowo billion?! 'So why is the illegal market still so competitive?' Simple answer to simple question..... THE WALLS are not up yet in California to stop the flow from the south. But then again... I can't imagine California's 'pothead' politicians figure out a simple question like this.
Source: latimes - 🏆 11. / 82 Read more »