Water being traded in Wall Street
Wall Street being the home of the magnanimous New York Stock Exchange and other banks, securities and brokerages has an outstanding reputation on the international market and is big on the numbers. With bustling numbers, persistent trades and well-respected geniuses working amidst them, NYC’s Wall Street has established itself to be a monumental exemplar in the world of stock exchange and trading.
It has come to light that in recent times, a depleting yet invaluable resource has been brought in to trade in Wall Street. You guessed it right. Water has begun to be traded at Manhattan’s iconic Wall Street. This has proven to be a revolutionary move in the history of stock exchange and has left people and stock brokers baffled over the specifics of this case. This game-changing contract was initiated by Chicago-based CME group in December, 2020. As we all know, groundwater is depleting rapidly and droughts have become seemingly more common in multiple areas. With this contract, areas which have received less rainfall than compared to their yearly statistics or areas with a dire need of water can now bet on future contracts to purchase water when the prices are seemingly lower. So far, the January 2021 contract which was put forth on December 7th, 2020 had two successful trades of water in a timespan of a month. This concept was first brought forth keeping California’s dry spells, worsening heat conditions and frequent wildfires due to climatic conditions. The information on this contract is limited due to the recentness of it but this definitely proves to be a thought provoking move in the history of this planet. While water was once perceived to be a gift provided to us by Mother Nature, who intended for us to use it wisely, is now being traded on the market for manmade monetary units. Is this a flaw in our lifestyle or just another step towards a more progressive world?
What are some of the core reasons for water trade?
Some of the core reasons for water trade include rapid depletion of groundwater around the world, water scarcity, securing crops and allocating water through the basis of priority and need. Water trading is a measure taken after a rather alarming reduction in water around the world, lack of crops and rising risk of Day Zero in many regions. Increasing high in drought, heat and wildfires is also a core reason for the introduction of water trading.
How can we help conserve water?
When it comes to conserving water, there are always multiple ways to do so. Starting from simple home methods to billion dollar projects, methods to save water are always being invented in today’s world due to a peak in water scarcity. Here are some of the simple, DIY ways to save water at home and in our surroundings.
- Reusing water – reusing the water used to wash vessels, boil vegetables and clean fruits can be used to water plants.
- Using soap instead of shower gel – using soap reduces water wastage by upto 20% when compared to using a shower gel because they are easier to wash off yet they provide a satisfactory wash.
- Installation of water savers – water savers are by far the most cost-efficient, energy-efficient and planetary way to save water. Earthfokus water savers can be installed in your tap via a simple DIY manner and saves upto 95% water when compared to normal taps. Our water savers come in various models that are tailored to fit maximum user preferences and each variant has distinct qualities that are designed to fit different environments such as homes, workspaces, kitchens and more.
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- Use water prudently – avoid taking long showers for leisure, avoid wasting water for leisure activites/trends (i.et The Ice Bucket Challenge, etc), consciously reuse water wherever possible and encourage others around you to do the same. Close leaking taps when spotted and always frequently check your house for any leaks and get them tended to immediately.
Water is our most precious and essential resource that makes it impossible for us to live without. Mankind has been bestowed with a multitude of resources with the trust that we will conserve and flourish and proceed to pass it onto the next generation. It is our solemn duty to be responsible ancestors to our future generation and a trusty benefactor of Mother Earth’s precious resources. Let us all join hands and put in the littles efforts to conserve water. Any amount of change is still some amount of change.