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Vol. 1, No. 9: December 27, 2006
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The Ecosystem Marketplace's Mitigation Mail
Conservation and Wetland News You Can Bank On
Mitigation banking: from Sydney to Solano
During these final weeks of 2006 the Ecosystem Marketplace has dug up a number of interesting stories. We’ve seen mitigation banking get a strong legislative foothold in Australia while more decentralized progress is made in the Western U.S. In Renton, WA a DOT/city wetland bank is under development; Colton County is close to a conservation/development accord regarding the Delhi Sands flower-loving fly; and mitigation banking in Solano County continues to be warmly embraced by local officials. In national news, an ESA tax-incentive proposal that failed last year shows signs of a friendly welcome this year, although perhaps without the conservation banking component. And finally, while the New South Wales Biodiversity Banking bill had little trouble passing into law it is generating a good deal of criticism, but that is not all bad in our view.
Indeed, it is worth remembering how important criticism can be to the maturation of the mitigation banking market. If banks do not prove themselves ecologically and economically sound over the long-term, they pose a real and present danger to the success of the mitigation banking industry. Where abuses of this system exist, critics are never far behind, and that, we think, is a good thing. To wit, a two-part series in a Florida past week shone a bright light on some of the problems associated with mitigation banking in the state. We report on these and other stories below in the hopes that this industry continues to build on its successes and learn from its mistakes.
Happy Holidays—
The Ecosystem Marketplace Team
If you have comments or would like to submit news stories, write to us at mitmail@ecosystemmarketplace.com.
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Washington State DOT Partners to Protect Wetlands at Springbrook Creek
WSDOT and the City of Renton have launched an innovative partnership to re-establish and enhance over 130 acres of wetlands in the Renton area to address the effects of development within the City of Renton and I-405 expansion. The Springbrook Creek Wetland & Habitat Mitigation Bank Project, the first of its kind in Washington, will re-connect floodplain wetlands with Springbrook Creek and re-establish wetlands. Springbrook Bank is the first such partnership between a state agency and a local government in Washington State. Construction of Springbrook Bank is expected to begin in Spring 2007.
– Read the story
Governor Honors Conservancy Group
The Riverside Land Conservancy received a crystal award announced by Gov. Schwarzenegger. The conservancy was singled out, along with Vulcan Materials and the U.S. Fish and Wildlife Service, for helping to establish a 150-acre conservation bank in Colton. The land is habitat for the endangered Delhi Sands flower-loving fly.
– Read the story
New Senate ESA tax-incentive plan has backing of farmers and environmentalists
A proposal to create more tax incentives for conserving endangered species that went nowhere last year may find a more favorable climate in the Senate next year. The previous Lincoln-Crapo bill would give landowners tax credits and create a new system for conservation banking. Environmentalists took issue with parts of the proposal, saying it would provide tax breaks to developers and remove some habitat protections. The new proposal, however, already has support from environmentalists and farmers.
– Read the story
Officials close to habitat accord
Negotiations this month with Colton city officials and the U.S. Fish and Wildlife Service have produced a tentative conservation and development plan to make both parties happy. Under the plan, about 25 or 30 acres would be set aside for the Delhi Sands flower-loving fly, which is protected by the Endangered Species Act, while about 170 acres would be open for development. The land set aside for conservation would be in addition to the 150 acres already established at the Vulcan Conservation Bank.
– Read the story
Biobanking law criticized
The passage of the biobanking bill in New South Wales, Australia continues to be plagued by criticism. Specifically, environmentalists are concerned the Threatened Species Amendment Bill 2006, passed on Nov 22nd, will achieve little more than a reduction in red tape for developers.
– Read the story
Don't bank on this phony fix
The Sydney Morning Herald ran this opinion piece on New South Wale’s controversial biodiversity banking legislation. Two major complaints are that the scheme does not require eco-assessments of the land in questions and that it would allow high-conservation value coastal lands to be destroyed in exchange for the preservation of low value inland areas.
– Read the opinion piece
A Times Investigation: When dry is wet
Part 1: How billions are made 'restoring' Florida's wetlands
"Over the past decade, a little-known industry has reaped a billion-dollar bounty by convincing lawmakers it is the answer to saving the nation's wetlands. The promise of the wetland mitigation banking industry - a free-market solution that's good for the environment - pleases politicians of every stripe. 'It's a great way to make a living,' said Allison DeFoor, who works for a mitigation banker and is vice chairman of the Florida Republican Party. 'We're doing the Lord's work and getting paid for it.'"
– For more from the St. Petersburg Times
A Times Investigation: When dry is wet
Part 2: The Bad Apple of Mitigation Banking Goes Belly-Up
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