By Nathaniel Carroll, Jessica Fox, Ricardo Bayon
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Extra resources for Conservation and Biodiversity Banking: A Guide to Setting Up and Running Biodiversity Credit Trading Systems (Environmental Markets Insight Series)
In recent years large-scale, multi-species HCPs are being used to direct conservation efforts in fast developing areas. Many of these HCPs are using, or plan to use, conservation banking or a conservation banking approach as part of their conservation strategy, including most of the countywide HCPs recently approved or pending approval in the western US. This level of planning strives to achieve upfront conservation for development impacts, net conservation benefits for species and streamlined regulatory processes associated with the ESA, CWA and other federal, state and local environmental laws.
It should be clearly identified through a map and written description. The service area should be a biologically justifiable area such as a watershed or species recovery unit in which the conservation bank is located. It is common for service areas to be constrained for other than biological reasons, like a desire by local governments to keep impacts and mitigation within their local planning area. However, within those constraints the service areas should reflect the needs of the species or other ecological resources for which the bank is to be established.
Petitions to list additional species are submitted to USFWS and NOAA Fisheries each year. Uncertainty on the part of resource agencies, developers and prospective entrepreneurial bankers also contributed to conservation banking’s slow start. Uncertainty on the part of the agencies was mainly due to the lack of success demonstrated by early wetland restoration and creation projects (DeWeese, 1994; Marsh et al, 1996; Redmond et al, 1996; Environmental Defense Fund, 1999). Unfortunately most of the early mitigation sites failed or provided much less than the expected ecological functions and values needed to offset the impacts for which they were intended to compensate.
Conservation and Biodiversity Banking: A Guide to Setting Up and Running Biodiversity Credit Trading Systems (Environmental Markets Insight Series) by Nathaniel Carroll, Jessica Fox, Ricardo Bayon