Improving water markets in Spain: Lesson-drawing from the Murray-Darling Basin in Australia

Palomo-Hierro, Sara; Loch, Adam; Pérez-Blanco, C. Dionisio

doi:10.1016/j.agwat.2021.107224

Cited by 3 publications

(1 citation statement)

References 59 publications

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“…In the past, acquiring and interpreting such information might have also served as a source of transaction costs, but recent years have seen the emergence of detailed, publicly available (online) databases that can be used to this end, particularly in regions that have embraced water markets as a tool for managing water scarcity. In both Spain and Australia, local governments and authorities collect information on water rights and store it in public, digitally accessible registers (Palomo‐Hierro et al., 2022). Public institutions further facilitate markets using centralized clearinghouses (Spain) or federal registers (Australia) that can help potential buyers and sellers discover the timing and location of active markets.…”

Section: Methodsmentioning

confidence: 99%

Using Financial Contracts to Facilitate Informal Leases Within a Western United States Water Market Based on Prior Appropriation

Zeff,

Hadjimichael,

Reed

et al. 2024

Earth's Future

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The ability to reallocate water to higher‐value uses during drought is an increasingly important “soft‐path” tool for managing water resources in an uncertain future. In most of the Western United States, state‐level water market institutions that enable reallocation also impose substantial transaction costs on market participants related to regulatory approval and litigation. These transaction costs can be prohibitive for many participants in terms of both costs and lengthy approval periods, limiting transfers and reducing allocation efficiency, particularly during drought crises periods. This manuscript describes a mechanism to reduce transaction costs by adapting an existing form of informal leases to facilitate quicker and less expensive transfers among market participants. Instead of navigating the formal approval process to lease a water right, informal leases are financial contracts for conservation that enable more junior holders of existing rights to divert water during drought, thereby allowing the formal transfer approval process to be bypassed. The informal leasing approach is tested in the Upper Colorado River Basin, where drought and institutional barriers to transfers lead to frequent shortages for urban rights holders along Colorado's Front Range. Informal leases are facilitated via option contracts that include adaptive triggers and that define volumes of additional, compensatory, releases designed to mitigate impacts to instream flows and third parties. Results suggest that more rapid reallocation of water via informal leases could have resulted in up to $222 million in additional benefits for urban rights holders during the historical period 1950–2013.

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Section: Methodsmentioning

confidence: 99%

Using Financial Contracts to Facilitate Informal Leases Within a Western United States Water Market Based on Prior Appropriation

Zeff,

Hadjimichael,

Reed

et al. 2024

Earth's Future

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Trends in Water-Energy Nexus and Carbon Emissions Balance in Axarquia Region, Spain, in the Period 1990–2030

Tocados-Franco,

Martínez-Dalmau,

Espinosa-Tasón

et al. 2024

Environ. Process.

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This research explores the dynamic interplay of water, energy, and carbon in Axarquia, Spain (1990–2030), focusing on the escalating water deficit and rising emissions. It seeks to comprehend the impact of subtropical crop expansion on regional resources. A comprehensive methodology integrates data on water demand, alternative sources and energy-intensive processes. Key methods include assessing the influence of subtropical crops on water requirements by calculating the FAO 56 crop coefficient (Kc), the total annual energy (GWh) as a consequence of the volume of water demanded, identifying the predominant water sources and quantifying CO2 emissions by calculating the carbon footprint balance, providing a holistic view of regional resource dynamics. The methodology developed here can be adapted to basins elsewhere and can be a useful tool to help the design of water management policies in basins where the balance of the Water, Food, Energy nexus is of particular interest. The study reveals a substantial 30% surge in water demand due to exponential growth in subtropical crops. Additionally, energy-intensive processes linked to alternative water sources contribute to a projected surge in emissions (2022–2030), indicating significant regional challenges. Axarquia faces imminent challenges with a widening water deficit and escalating emissions. However, the region emerges as a vital carbon sink, evidenced by the net carbon balance. With 176,413 tCO2eq sequestered by cultivated plant mass, the study underscores the potential for environmental improvement and climate change mitigation in the region.

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Impact of alternative water policies for drought adaptation in the Guadalquivir Mediterranean river basin, southern Spain

Martínez-Dalmau

Gutiérrez‐Martín

Kahil

et al. 2023

Journal of Hydrology: Regional Studies

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Improving water markets in Spain: Lesson-drawing from the Murray-Darling Basin in Australia

Cited by 3 publications

References 59 publications

Using Financial Contracts to Facilitate Informal Leases Within a Western United States Water Market Based on Prior Appropriation

Using Financial Contracts to Facilitate Informal Leases Within a Western United States Water Market Based on Prior Appropriation

Trends in Water-Energy Nexus and Carbon Emissions Balance in Axarquia Region, Spain, in the Period 1990–2030

Impact of alternative water policies for drought adaptation in the Guadalquivir Mediterranean river basin, southern Spain

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