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Governor Newsom’s Water Plan Represents Progress, But Misses The Power Of Markets
In mid-August, California Governor Gavin Newsom announced plans to tackle the state’s ongoing water crisis. California is in the midst of a drought, which some are now referring to as “the end of the dream.” Water shortages in the West are unfortunately becoming part of everyday life, thanks in large part to climate change.
Newsom’s plan appears to be moving the state in the right direction by focusing on increasing the supply of water available for residents’ wide-ranging purposes. However, his administration should be doing more to leverage the power of markets and market pricing, strategies noticeably absent from new proposals.
California’s problem is that over the coming 20 years, the state stands to lose 10 percent of its water supplies. This is primarily due to water evaporating at a higher rate, due to increased temperatures, and drier soils that are able to retain more runoff.