Globe and Mail columnist Eric Reguly writes in today's Report on Business magazine that, "Spain is creating Europe's first 'water banks,' which may be the forerunners of the water markets of the future. This has the potential to be the biggest resources growth story since the oil trade began more than a century ago."
Due to water shortages in Spain, "Last summer, Barcelona briefly relied on shiploads of water from Marseilles to keep the taps on. Expensive, energy-gobbling desalinization plants-Spain has more than 700 of them-are being built everywhere."
Reguly writes that, "'water use rights exchange centres,' better known as water banks...allow farmers with irrigation rights, typically in the wetter central and northern parts of Spain, to sell to the parched regions in the south, where cities, resorts and golf courses are going dry."