National Wetland Mitigation Banking Study-Commercial Wetland Mitigation Credit Markets: Theory and Practice.
1997
Scodari, Paul | Shabman, Leonard | White, David
This report examines existing and proposed commercial ventures (e.g., wetland mitigation banks) and area-wide and watershed rules governing the operation of commercial credit markets. Some wetland permit recipients have only one prospective project-for which on-site required compensatory mitigation is either not practicable or not ecologically preferable-and of too small a size to warrant developing a single user bank. In these instances, a commercial mitigation supply venture might provide the required mitigation (credits) in response to payment from the permit recipient. The venture may be a government agency, a non-profit conservation agency, or a private firm that becomes legally and financially responsible for the permittees required mitigation. A mitigation credit market emerges when one or more ventures sell credits to one or more permit applicants for a price established by bargaining among sellers and applicants. Mitigation credit markets only exist because wetlands regulations create the demand for wetland development permits and, in turn, create demand for mitigation credits. This report examines venture and market level success as related to quality control rules.
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