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“Water, like oil, is finite. There is only so much ocean saltwater, glacier freshwater and water in the air, while global consumption is growing twice as fast as the world’s population.”

It would be hard to believe that anyone could view these facts as a positive thing. But add the story of Warren Buffet, former world’s richest man, buying the water treatment company Nalco for US$ 3.7 billion through his investment firm Berkshire Hathaway, and suddenly you get that “investing in water is an untapped opportunity”. So argues journalist Tatiana Serafin on mint.com in an article entitled “Invest Like a Billionaire: Water Is The New Gold“.

Serafin considers publicly traded water utilities firms a bargain, quoting another author as saying “utilities are cheaper than they have ever been”. Her conclusion is, “invest like Buffet”, even if you’re on a budget.

One could also think that viewing the so-called global water crisis – which I recently wrote about here on World Water Day – as a hot investment opportunity would require the shrewd and narrow-minded perspective of the investment banking profession. Yet even the Netherlands-based IRC International Water and Sanitation Centre, an important resource centre in the water and development sphere, and at least not officially posing as a private sector think-tank, apparently agrees that water is “the new gold”. On its water and sanitation financing blog WASH news finance, the article quoted above was merely copied and uncritically reproduced.

This, among other cases from the NGO sector, shows how strategies of privatisation and commodification still heavily dominate development politics where they pertain to water. Though less aggressively and more subtly pursued now than the IFI-driven Structural Adjustment Programs and their successors, PRSPs, the new-millennium logic of privatisation is promoted instead by smaller, ostensibly unconnected agencies and through new, seemingly innovative means such as decentralisation, downscaling or microfinance – essentially a return to the days before the developmentalist state. Through blogs and social networks, the politics of liberalisation have adopted a postmodern aesthetic – as always arguing in the name of the poor – complete with Internet videos in HD.

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The Book

Governance across borders: transnational fields and transversal themes. Leonhard Dobusch, Philip Mader and Sigrid Quack (eds.), 2013, epubli publishers.
April 2010
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