Water grabbing or the large-scale, rapid privatization of water is happening worldwide, affecting global food security because local farmers are losing access to both land and water resources.
Gaining control of water is often a motive behind land grabs, and according to a 2013 report published in the Proceedings of the National Academy of Sciences, up to 57 million hectares of land and 454 billion cubic meters of water are grabbed each year. Africa accounts for 47 percent of global grabbed land while Asia accounts for and 33 percent. Both of these continents are home to some of the world’s hungriest people.
According to Citigroup’s chief economist, Willem Buiter, “Water as an asset class will, in my view, become eventually the single most important physical-commodity based asset class, dwarfing oil, copper, agricultural commodities and precious metals.”Companies such as General Electric, Goldman Sachs, Dow Chemical, Talisman Energy, and Coca-Cola have already acquired many land and water resources and are all members of Aqueduct Alliance, a water mapping project that helps investors identify and assess water risks. While this technology can help companies use water resources responsibly, the Institute for Agriculture and Trade Policy notes that it can also contribute to more water grabbing because companies will have greater knowledge of water resources.
When companies grab land and water resources, local farmers have to find ways to still grow enough food to feed themselves and earn a living. Small-scale farmers in sub-Saharan Africa have recently increased their use of affordable, sustainable irrigation techniques to overcome challenges created by water scarcity, but water grabbing may damage this progress. According to a National Geographic article, “the best opportunity in decades for societal advancement in the region will be squandered” if African governments and foreign investors fail to support local farmers’ initiatives in favor of large-scale water deals that mainly benefit corporations. More
