Companies proclaim water the next oil in a rush to turn resources into profit
Key Excerpts from Article on Website of The Guardian (One of the UK's leading newspapers)
Posted: August 4th, 2014
Making money from water? Is this what Wall Street wants next? This summer, however, myriad business forces are combining to remind us that fresh water isnt necessarily or automatically a free resource. It could all too easily end up becoming just another economic commodity. At the forefront of this firestorm is Peter Brabeck, chairman and former CEO of Nestl. In his view, citizens dont have an automatic right to more than the water they require for mere survival, unless they can afford to pay for it. For context, the World Health Organization sets such survival consumption levels at a minimum of 20 liters a day for basic hygiene and food hygiene higher, if you add laundry and bathing. But Brabeck probably isnt the best standard-bearer for the cause of responsible water management, by any stretch of the imagination. Consider the fact that as the drought has worsened, Nestl Waters North Americas Inc the largest bottled water company in the country has continued to pump water from an aquifer near Palm Springs, California, thanks to its partnership with the Morongo Band of Mission Indians. Their joint venture, bottling water from a spring on land owned by the band in Millard Canyon, has another advantage: since the Morongo are considered a sovereign nation, no one needs to report exactly how much water is being drawn from the aquifer.
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