WHEREAS the information provided by the Policy Proposal on British Columbias new Water Sustainability Act concerning the trading of water rights is very general in nature; AND WHEREAS it is not substantiated how water rights trading might serve to improve water efficiencies; AND WHEREAS water availability may fluctuate from year to year and from basin to basin: THEREFORE BE IT RESOLVED that UBCM express its strong reservations to the provincial government that the use of trading water rights as an economic instrument will have the desired benefits and may indeed have serious unanticipated consequences to water management and agriculture in the province.
Ministry of Environment The Policy Proposal on British Columbias new Water Sustainability Act generated a high level of public concern that tradable permits sometimes referred to as water markets will mean privatization and deregulation of BCs water. The provincial government has no intention of privatizing BCs water resources. Under the current Water Act, water is vested in the Crown on behalf of the public and this will not change in the proposed Water Sustainability Act. Tradable permits are one of a number of economic instruments that can improve water use efficiency. They would enable water licensees to trade water rights locally on a short-term or seasonal basis to address water scarcity. Further research and public review is needed before such a policy tool would be considered in BC.