So I've come across something called "Mitigation Banking."
Mitigation banking is the restoration, creation, enhancement, or preservation of a wetland, stream, or habitat conservation area which offsets expected adverse impacts to similar nearby ecosystems. The goal is to replace the exact function and value of the specific wetland habitats that would be adversely affected by a proposed project.It sounds awesome: The creation of wetlands is similar to the creation of artificial reefs. It's a good way to offset the damage that's already been done to wetlands around the country. Requiring development to build offsets is the reason that France still has forests, and Scotland is devoid of trees. Napoleonic law required the planting of two trees for every tree cut down for development. The UK did not, so the great pine forests of the past are all gone, and the only real wooded areas are part of lumber production.
In the United States, the federal government (under section 404 of the Clean Water Act) as well as many state and local governments, require mitigation for the disturbance or destruction of wetland, stream, or endangered wildlife habitat. Once approved by regulatory agencies the mitigation bank may sell credits to developers whose projects will impact these various ecosystems.
I know about this system when it comes to the lumber industry, but I'm ignorant of it when it comes to wetlands. I'm having trouble finding resources online to give me a good view of the situation. So I though: why not ask the DailyKos community?
Anyone know anything about Wetland Banking? Pros? Cons? Problems with the system?
Thanks in advance.