Water will become more valuable than oil as rising demand from people, industries and agriculture puts pressure on supplies, according to the chief executive of French utility Suez. Jean-Louis Chaussade, whose company this month agreed to buy General Electric’s water unit for $3.4bn, said water scarcity posed one of the biggest challenges facing industries such as chemicals, drugs, mining and energy. Asked whether water would one day be a more valuable commodity than oil, Mr Chaussade told the Financial Times: “In future, probably yes.” He cited projections that by 2035 some 40 per cent of the world population will live in areas facing water scarcity. This would put companies in competition with people and farming for supplies. “Governments are saying to industries: ‘you can operate here but you can’t take water from underground’,” Mr Chaussade said. “Companies will have to rely on…