IAAE 2006 Water Resource Policy. IAAE 2006 2 Who is winning? Who is bravest?

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Presentation transcript:

IAAE 2006 Water Resource Policy

IAAE Who is winning? Who is bravest?

IAAE Water Policy Reform Much in common  India, Vietnam, NZ, China, Australia and USA Important Observations  Substantial gains from trading  But be careful, look beyond water prices and markets (infrastructure, governance)  Setting up markets is a long and tortuous process Issues  Savings – who gets them?  Governance – what structure for large systems?

IAAE Water as commodity 1.Input into production system  Intensive margin (Technology)  Extensive margin (Land-use change) 2.Supplier of unpriced ecosystem services 3.Ground and surface systems are connected  Efficient production of all goods and services is the goal

IAAE Top down v’s bottom up market development China and India are trialling bottom-up  Evolving  Progressively expanding the scale Australia now trying to align its systems Research Questions 1.Decide where and how entitlements should be defined  How many types?  Farmer, village, regional and system level? 2.Governance systems that work across scales – who is responsible

IAAE Social v’s Private Contracts – Meenakshi Social Contract (equity) Private Contract Tube well owners also have land without wells Repeat player game

IAAE Vietnam – Jim, Mark & Claudia “Charge-subsidy” reveals problem with pricing approaches  Unusual way of describing the first step in a process of assigning quasi-entitlements and eventually establishing entitlement and allocation markets

IAAE Starting up markets – Irene Parminter Very difficult to begin, systems takes time to build. China is trialling bottom-up approach Australia fixing up problems that a plethora of systems created NZ is searching for a template for unregulated, fast changing systems  How many formal products in one region? Sequencing is critical  Markets can allow you to trade into trouble and increase the cost of fixing problems Theory  Trading prices for scarcity  Then only have to get a supply charges and contracts right and manage externality

IAAE China – Jinxia, Ric and Steve Moving to trade but have not started on price Challenges  Urban-Rural transfer (Australia & USA too)  Rural-Environment Major warnings  Infrastructure capacity  Supply reliability (India on electricity)  g-water connectivity Yellow River over-allocation solved administratively! (After 17 in 20 yrs no flow it reflowed in a drought)

IAAE Climate change and over-allocation John Quiggin Need state-contingent allocation rules Market v’s administrative control of storage? (Dams stop small floods) Unbundle at two scales  Individual and system level  Design of robust instruments to manage for system uncertainty is in its infancy

IAAE Salinity and Wetlands – Keith & David Reuse provides opportunity Discounting Compensating projects Permit trading and banking

IAAE Environmental water management - Anna Heaney As markets develop more and more products will emerge State contingent instruments (Portfolio)  Entitlements  Option contracts  Leases Counter-cyclic trading has big potential  but has challenging governance implications

IAAE Frontiers 1.Governance (Institutions) 2.Accounting Flow reducing activities (risks) System losses 3.Exchange rates 4.Infrastructure management (Privatize?) 5.Third party aspirations 6.Communication

IAAE 2006 Design Contact: Prof Mike Young Water Economics and Management Phone: Mobile: