April 3, 2023
NSB’S PRIVATE BANK REPORT SUMMARIZES WATER CONSERVATION EFFORTS AND IMPACTS
LAS VEGAS – The Private Bank by Nevada State Bank released the latest edition of the High Net Worth Report series today. Issue 1 of 2023 summarizes recent water conservation negotiations and developments regarding water supply in the Colorado River Basin. This issue also highlights conservation efforts and strategies by the Southern Nevada Water Authority to make the most of Nevada’s water supply in the arid western U.S.
Highlights from the current issue include:
- Long-term drought and overuse have shrunk Lake Mead to historically low levels, triggering water shortage declarations by the U.S. Bureau of Reclamation, which manages the Colorado River. The lake is at its lowest level since it was filling in the 1930s, and projections predict additional declines that would threaten the availability of water for Nevada, California, Arizona and Mexico and the ability of Hoover Dam to generate electricity.
- To avoid unilateral cutbacks, the Bureau of Reclamation directed the seven states in the Colorado River Basin to agree on immediate water usage cuts of between 2 million acre-feet and 4 million acre-feet, which is equivalent to between 20 percent and 40 percent of the river’s annual flow.
- Six states, including Nevada, agreed on a proposal to meet that target. California issued its own proposal that would limit its cutbacks. The Bureau of Reclamation had not yet issued a response.
- The Southern Nevada Water Authority has used conservation policies and strategic investments to prepare for a future of reduced water supply from the Colorado River. Between 2002 and 2021, its conservation efforts have reduced per capita water use by 48 percent while the community population increased by more than 50 percent. Investments such as the third intake at Lake Mead provide insurance that the region can access water even if lake levels fall to critically low.
“As climate change and aridification continue to squeeze the amount of water available across the southwest U.S., the SNWA’s efforts and our community’s commitment provide confidence that Southern Nevada can continue to grow and prosper,” said James Rensvold, Executive Vice President and Director of Private Banking. “While climate conditions may be out of our immediate control, it is invigorating to see our community take proactive measures to support long-term sustainability.”
The Private Bank’s High Net Worth Report is available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702.855.4596.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank is a full-service bank offering a complete range of consumer, private, and business banking services, as well as wealth management services, with a robust statewide branch network. Nevada State Bank’s colleagues regularly volunteer in their communities and have been dedicated to helping make Nevada a better place to live for the last 63 years. Zions Bancorporation, N.A. is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION). For more information on Nevada State Bank, visit www.nsbank.com.
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