CONSIDER THESE 3 RULES BEFORE IMPLEMENTING A PILOT GROUNDWATER CREDIT MARKET.
Implementing a groundwater credit market in California is fraught with risk. If done correctly, however, you will have a solid platform for managing towards your sustainability goals. We think a pilot market makes sense when these three rules are met:
YOUR STAKEHOLDERS ARE ENGAGED AND ARE LOOKING FOR A REASONABLE SOLUTION TO MANAGE GROUNDWATER.
If your stakeholder group has invested in wells and understands their pumping may be significantly reduced AND they are interested in finding a solution, you should consider a pilot with them. Now is especially a great time to implement a pilot to set a baseline of water use and best management practices.
YOU UNDERSTAND THAT MEASUREMENT DEVICES WILL BE NEEDED TO EFFECTIVELY IMPLEMENT A BROADER PROGRAM.
As we’ve said before, you can’t manage what you don’t measure. Leverage existing technologies to help measure water use from wells and other sources. Aggregating the data into a single location will help you manage the program and prove the value of the program to your remaining stakeholders.
YOU LEVERAGE TECHNOLOGY THAT CAN BE CONFIGURED AROUND YOUR PARTICULAR NEEDS.
The technology to manage your pilot market will need to incorporate various data sets, the rules of engagement and broader design in an easy to use interface. Pilot programs are intended to validate both the market design and technology. Your technology partner should understand your particular needs and have experience in managing groundwater markets.