Harvard's Endowment profits from California's dwindling water supply

In this photo taken Monday, May 21, 2018, workers trim leaves on Pinot Noir vines in the Azaya vineyard of the McEvoy Ranch in Petaluma, Calif.  (Photo: AP Photo )
WNYC | 19 December 2018

Harvard's Endowment profits from California's dwindling water supply
As climate change continues to affect global weather patterns, regions like California are facing a future where water shortages are becoming more common.
But following the principles of supply and demand, investment vehicles are increasingly looking to take advantage of that scarcity.
In California's wine country, Harvard University's multi-billion dollar endowment is doing just that. In 2012, the Harvard Management Company started buying up land at a premium through a shell company not obviously linked to the university.
The investments are raising ethical questions about who gets to access a limited natural resource, and this case points to a future in which moneyed interests may look toward the water as a means of turning a profit.
Russell Gold first reported on this story. He's a senior energy reporter for The Wall Street Journal, and he joins the program to share his findings.
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