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Vol. 1, No. 1: March 14, 2006
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The Ecosystem Marketplace's Mitigation Mail
Conservation and Wetland News You Can Bank On
In the world of environmental markets, carbon is king. With an estimated $11.3 billion in carbon credits traded last year, that is understandable. But carbon--or to put it more precisely, the climate regulation service of the atmosphere--isn't the only ecosystem service that is being "valued" through the use of markets. Throughout the world, people are setting up markets to trade in water-related ecosystem services, and biodiversity. In the sphere of biodiversity, there is a particularly interesting market developing in the U.S. Known as mitigation banking when it applies to wetlands, or conservation banking when it applies to species, this market is interesting for several reasons: First, it is probably the most developed market-based approach in the world for conserving species and ecosystems. Although no figures exist concerning its overall size, experts in the field estimate that these markets already trade more than $1 billion a year. Not surprisingly, new businesses (some multi-million dollar businesses) aimed at servicing this booming market are developing daily. Finally, mitigation/conservation banking in the U.S. is interesting because it is informing market based approaches to conserving biodiversity worldwide. For instance, borrowing heavily from the U.S. system, Australia recently launched a "Biodiversity Banking" initiative. Likewise, biodiversity offset projects worldwide are benefiting from the trials (and errors) of mitigation banks in the U.S., and similar systems are being looked at in France, Latin America, South Africa, and elsewhere. So, while currently a very "U.S.-centric" industry, mitigation/conservation banking holds great potential "East of New York and West of Los Angeles". For this reason, the Ecosystem Marketplace has devoted extensive time and attention to becoming a de-facto industry publication for this nascent market. In this spirit, we have put together "Mitigation Mail": a new bi-monthly newsletter. WE ARE SENDING THIS FIRST ISSUE TO ALL OF THE ECOSYSTEM MARKETPLACE'S SUBSCRIBERS. HOWEVER, IF YOU WISH TO RECEIVE MITIGATION MAIL ON A REGULAR BASIS, PLEASE SIGN UP FOR IT BY CLICKING HERE. The link will take you to a page where, once you enter your e-mail, you will be asked which of the Ecosystem Marketplace newsletters you wish to receive.
Stick with us. We look forward to providing for you news, commentary, and feature stories focusing on this "other" environmental market; one that you may not have heard of yet, but one that, we think, you will see a lof of in the future.
And, if you are in the business of mitigation/conservation banking, here is the first e-mail newsletter geared specifically at letting you know what is happening, who is cutting deals, and what regulatory/scientific developments are taking place in your industry. Sign up for this newsletter and we look forward to sending you, every two weeks, all the wetland and species news you can bank on.
Sign up now to continue receiving Mitigation Mail »
The Ecosystem Marketplace Team
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Mitigation Bank provides successful mitigation on Little Pine Island, in Florida
In 1997, Little Pine Island, owned by the State of Florida, became a mitigation bank. Mariner Properties Development, Inc. began financing restoration activities for 1,500 acres of the 4,700 acre island. Sixty-five percent of Mariner's restoration area has since been completed, and Mariner officials expect the remainder to be completed in the next two years. Before restoration activities began, the island was dominated by exotic vegetation. The number of animals on the island was low, and there was little species diversity. Now the island supports over 300 animals species, and native plant communities are responding very well.
– Read the press release
Port of Everett, Washington, plans 358 acre Wetland Mitigation Project
The Port of Everett intends to restore 358 acres of tidal marshland in the Snohomish River Estuary. The project, ten years in the making, will benefit Puget Sound salmonid populations, including chinook salmon, which are a federally-listed species. The project will take place on the Biringer property, which was converted from tidal marshland to agriculture in the early 20th century. Wildlands of Washington is assisting with the development of the project and will breach the dike holding back the river and reconnect Union and Steamboat Slough in that area. Mitigation credits will be available for the Port's terminal expansion projects and outside developers.
– See news story
Two Mitigation Banks proposed in Oregon
The U. S. Army Corps of Engineers and the Oregon Department of State Lands are considering proposals to establish two mitigation banks in Oregon, one in Benton County, and one near Philomath. In Benton County, the proposed 134.8-acre mitigation bank is located southeast of Muddy Creek. Muddy Creek Bank, LLC, will develop wetland credits by restoring cropped wetlands to wet prairie and by enhancing an existing forest wetland corridor. The proposed service area includes portions of Linn, Benton, Polk, and Lane Counties. Near Philomath, the sponsor will restore semi-permanently and seasonally flooded and saturated palustrine emergent, scrub-shrub and forest wetland areas.
See Army Corps of Engineers Information on the projects:
– Corps reviews proposal to establish wetland mitigation bank
– Corps announces proposed Evergreen wetland mitigation bank
Greens Bayou Mitigation Bank receives new credits
Ohio EPA has draft for new wetland mitigation and replacement rules
The Ohio EPA is accepting comments on draft rule changes that will affect wetland mitigation procedures and add new guidelines for stream mitigation until April 17, 2006. The draft rules include a new mitigation credit and debit system that assigns scale values to rate stream quality. Currently, Ohio has no established rules to guide stream mitigation projects. The draft rules describe how to assess stream impacts and mitigation using factors such as aquatic life, habitat quality, and stream bank and flood plain quality. Proposed revisions to existing wetland mitigation criteria include the amount of mitigation required, location of mitigation, and new success criteria.
– Read the news release
US Gulf Coast Senators introduce offshore oil and gas revenue sharing bill; could provide money for mitigation
US Gulf Coast Senators issues press releases with the following information:
Six Gulf Coast senators joined together today to introduce bipartisan legislation that will direct a portion of offshore oil and gas revenues from the Gulf of Mexico to the states of Mississippi, Louisiana, Alabama and Texas. The Gulf Coast senators' bill would share with the coastal producing states 50 percent of the federal revenue generated by production in an area known as Area 181. The bi-partisan legislation introduced today allows for the funding to be used by states and parishes or counties for the restoration of coastal wetlands; mitigation of damage to wildlife and natural resources; implementation of federally-approved conservation management plans; projects pertaining to onshore infrastructure; and activities related to energy production or administrative costs necessary to comply with the legislation. While the exact amount of funding created by the legislation remains unknown, Area 181's total lifetime royalties are estimated to be as high as $11 billion.
– Read the press release
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