Is Water The Next Carbon?
A national water shortage is looming. From urban California to the mountains of Colorado, a threat is looming that grows every day. Eventually, this crisis will impact every individual, every industry, and every locality. It’s predicted that by 2030 there will be a 40% shortfall in freshwater resources.
Just take a look at the headlines associated with Lake Mead. The nation’s largest reservoir, supplying water to over 20 million people and farmland across the Western United States is now at 27% of its capacity. Soon, the lake could reach a “dead pool” status, where water can no longer flow downstream from the Hoover Dam. The lake’s shrinkage is an all-too-visual reminder of the water conservation challenges we face.
The Evolution Of Water Restoration Credits
Fortunately, there is room for optimism. Our awareness of our environmental footprint and the importance of protecting the environment and natural resources has grown tremendously over the last decade. In addition to local drought bills and regulatory restrictions, the agriculture industry has been working relentlessly to develop innovative ways to encourage the responsible use of water. An emerging example is the concept of water conservation contracts.
Water conservation contracts could lead to an ecosystem in which farmers and industry could cooperate to implement water conservation technology. This partnership could generate “water dividends” through implementation of scientifically validated water conservation methods. These methods could lead to measurable water savings which could be monetized and invested back into water conservation technology and practices. The goal is to create a water conservation cycle in which positive results create a financial incentive for water conservation.
Measuring water savings is still an inexact science. However, as our water crisis intensifies, more companies and farmers are taking a deeper look at their water utilization. Consumers are also increasing their focus on the sustainability of the products they purchase and they are factoring eco-friendliness into their purchasing decisions. There is no blanket solution, but it is encouraging to see more cooperation to achieve our common goal.
What’s Next
The methods, standards, and certification process of water dividends is quickly evolving. It will be important to engage third-party organizations committed to establishing best practices for measuring water usage.
Given that 70% of the world’s freshwater withdrawal goes to agriculture, it’s essential that our industry adopts a leadership position in water conservation efforts. As experienced agriculturalists, we can have a significant impact on water conservation policy and implementation. Our leadership will be important in creating and customizing programs that support the installation of water-saving technology such as drip-irrigation systems.
While acknowledging the benefits water conservation contracts may bring to business, we must not forget the individual farmers who enable our country’s food security. I believe in the next five years, our farmers will be playing an important role in the development and application of water conservation contracts.
What We Can Do
With the best interests of the farmer as our goal, I am confident our industry can be a change leader, spreading awareness and working to educate and inform stakeholders about the potential of a water dividend system focused on water conservation.
Sustainability is a strategic objective at Netafim. We have been supporting farmers in water management, water stewardship, and growing more with less water for over 50 years. Through innovation, community engagement, educational programs, and partnerships with public and private organizations, we remain committed to supporting sustainable agriculture for generations to come.
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