The Guardian - Water is more valuable than oil’: the corporation cashing in on America’s drought
“The climate crisis and chronic overuse have sapped the Colorado River watershed, leaving cities and farmers alike to contend with shortages.”
The Colorado River near Cibola, Arizona, where Greenstone bought hundreds of acres. Photograph: Caitlin O’Hara/The Guardian
This article published by The Guardian highlights a battle over water rights unfolding in Cibola, Arizona amidst a worsening drought crisis. Greenstone Resource Partners LLC, a private company backed by global investors, orchestrated a landmark deal by purchasing agricultural land and selling its water rights to a suburban area 200 miles away. This transaction, notable in its scale and implications, has raised concerns among local residents about the future of water management and rural communities.
“Here we are in the middle of a drought trying to preserve the Colorado River, and we’re allowing water to be transferred off Regina Cobb, former state representative”
As Cibola and other communities grapple with water scarcity and climate change, projects like the Canada1Water project (C1W) continue to be a necessary initiative that aims to address these challenges through comprehensive research and development. By analyzing the effects of climate change on water resources, C1W provides decision-makers and stakeholders with invaluable insights and tools to navigate the complexities of water management in the face of evolving environmental conditions..
The involvement of private investors and corporations in water transactions highlights the need for greater transparency and accountability in water governance. Communities like Cibola are advocating for collaborative efforts and innovative solutions to ensure equitable access to water and mitigate the impacts of drought on both rural and urban areas.
Click here to read the article at The Guardian
“With ongoing shortages on the river, driven by climate change, Colorado River water is going to become very valuable. Anyone who understands this dynamic thinks, ‘Well, if I could buy Colorado River water rights, that’s more valuable than owning oil in this country at this stage.’”