As a crushing climate change-driven drought continues across the Western United States, over a million Californians are without access to clean water. Unfortunately, special corporate interests are seeking to take advantage of this water crisis.
In December 2020, following a devastating wildfire season and in anticipation of a major drought, the Chicago Mercantile Exchange launched the world’s first water futures market, allowing hedge funds and Wall Street financial interests to gamble on water prices in California.
These financial speculators are on a dangerous mission to profit from water shortages and price hikes due to climate change-driven drought. No one should be allowed to gamble with our water resources!
It’s dangerous to allow financial speculators to profit off of climate change-driven water shortages and drive up prices on a resource that we all need. The only ones that would benefit from water futures trading are stock market gamblers.
Water is a human right, not a commodity! It should benefit all people, not enrich financial speculators. Senator Elizabeth Warren and Rep. Ro Khanna introduced the Future of Water Act – legislation that would ban water futures trading. This bill will protect water as a human right by declaring that water is not a commodity for Wall Street speculators to gamble with.
As the climate change-induced drought in California continues, leaving communities lacking access to clean water, Wall Street should not be profiting off people's suffering. Water should be affordable, easily accessible and guarded from futures markets prone to manipulation and speculation that could cause real-world price increases.
Food & Water Action and its affiliated organization, Food & Water Watch, are advocacy groups with a common mission to protect our food, water and climate.
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