Mumbai: Like precious metals and crude oil, now water trading has started in the commodity market. Its trading has been started on Wall Street in view of water scarcity. This means that farmers, investors and municipalities will be able to do water business. Water is becoming a resource all over the world, the scarcity of which is continuously increasing.
According to the United Nations, by the year 2050, about 5 billion people will be affected by water shortages all over the world. This water trading contract has been launched by the CME Group in Chicago, USA. A report said that the group has contracted California's $ 1.1 billion spot market. California was experiencing an 8-year drought after rising heat in many areas of the US and fire in the forests. In view of this, water trading has been announced in September itself. In the last few years, the price of water in California has increased manifold. This trading has been started on December 7 last week.
CME Group will issue contracts based on California Spot Water. For this, an index has also been prepared, which is named NQH2O. CME Group says that the new contract will help in the management of water scarcity.
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