Biodiversity banking

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Biodiversity banking, also known as biodiversity trading, conservation banking, mitigation banking, [1] habitat banking, compensatory habitat, [1] or set-asides, [1] describes a market-based framework for biodiversity offsetting where offsets can be traded in the form of credits to offset negative environmental impacts of development projects or activities. This involves biodiversity banks, areas with biodiversity value. [2] On the site of a biodiversity bank, conservation activities may be carried out to preserve, restore, enhance, or conserve biodiversity. [3] [4] The outcomes of projects carried out at biodiversity banks are valued in the form of credits, which can be purchased as a way to offset unavoidable adverse environmental impacts, often with the aim of achieving no net loss of biodiversity. [5]

Contents

Biodiversity banking emerged from wetland mitigation banking in the United States, beginning in the 1980s and arising from the no net loss policies developed with the Clean Water Act in the 1970s. [6] Since then the concept has been extended, including its application to the bond market. [7] [8]

The terms used to describe biodiversity banking are dependent on the focus of conservation aims and the policies of the country or region in which it is applied. [9] Some of the countries where biodiversity banking has been implemented include the United States, Australia, Canada, Brazil, and Colombia. [10]

Terminology

Biodiversity banking is distinct from biodiversity offsets, though they are closely related. Biodiversity offsets are measurable conservation outcomes that result from actions to compensate for the significant negative impacts of development projects, once appropriate measures to avoid or minimise these impacts have been taken. [11] Biodiversity offsetting and biodiversity banking are commonly applied with the goal of achieving no net loss of biodiversity, or more ambitiously, a net gain of biodiversity. [12]

Biodiversity banking generally turns offsets into assets that can be stored or traded, through the creation of biodiversity credits that quantify the value of projects undertaken to restore, create, or enhance biodiversity in advance of a development and away from its potential site. [13] [14] The sites where these projects are carried out are referred to as banks. [14] While more than 100 countries have developed requirements for biodiversity offsetting, [15] frameworks for biodiversity banking are less widespread.

The terms used to describe biodiversity banking differ according to the biodiversity that the system aims to conserve. For example, habitat banking, species banking, conservation banking, and mitigation banking are forms of biodiversity banking. [9]

In practice

Biodiversity banks and the credits that are generated from them rely on regulations and legal frameworks. When establishing a biodiversity bank, a legal arrangement, such as a conservation easement (also known as a conservation covenant) might be required to set aside the land for conservation and prevent the use of the land for development, either in perpetuity or for a specified time period. [16] This commitment remains in place for future owners of the land. Part of the agreement may involve establishing a trust fund dedicated to funding ongoing conservation on the site and monitoring its outcomes. [17]

Conservation activities

To generate credits, conservation activities must be carried out at the site of a potential biodiversity bank so that the credits represent improved outcomes for biodiversity that would not have otherwise happened. [18] This might include activities to preserve, enhance, restore, or create habitat on the site. [18]

On a practical level, this might involve reintroducing native plant species that had disappeared from the area, removing invasive species, or removing ditches and levees to restore a swamp. [19] [20] The exact methods used at a habitat bank for restoring or conserving biodiversity will vary depending on the type of habitat being targeted for conservation.

United States

In the United States, a mitigation banking process applies to impacts on wetlands and other aquatic habitats like streams. This involves a mitigation sequence, which requires that developers firstly avoid harm to wetlands, but if harm is considered unavoidable, then wetland habitat of similar function and values must be protected, enhanced, restored, or created to compensate for those that will be damaged. The process comes under the section 404 of the US Clean Water Act 1972, the US Army Corps of Engineers regulations [21] and the commitment to "no net loss" of wetlands habitat.

As part of mitigation banking, compensation for impacts to river banks, known as "stream riparian zones", may be required. Dedicated stream mitigation banks may be established for compensate for impacts to streams, such as loss of ecological and hydrological functions. [22] In practice, impacts might result from activities like sedimentation, channelization, dredging, or similar activities. They might also come from agricultural activities or addition of structures to the river bank, such as concrete or rip rap. The suitability of using mitigation banking to compensate for these impacts will depend on the amount of the river bank (considered in terms of "linear distance" in feet) that is impacted - there must be the potential to enhance or restore at least 4,000 linear feet (1219.2 meters) of degraded first or second order streams to establish a stream mitigation bank. [23]

Conservation banking (also called species banking) is another form of biodiversity banking used in the United States. [24] It is used to compensate for impacts on species of special concern, typically those that are listed by state and federal agencies under the U.S. Endangered Species Act or its state-based equivalent. [18] The wetland mitigation banking system inspired the development of conservation banking in California in the mid-1990s [25] but, unlike mitigation banking, conservation banking does not require "no net loss". [26]

Australia

At least two biodiversity banking schemes have been set up in Australia as a framework for biodiversity offsetting. Biodiversity offsetting is required under the federal Environment Protection and Biodiversity Conservation Act and state guidelines for offsetting. Biodiversity banks were established on the state level based on regulations from state governments - for example, New South Wales' now defunct BioBanking Scheme set up in 2008 and the BushBroker scheme in Victoria. [27]

BioBanking in New South Wales

The BioBanking ('Biodiversity Banking and Offsets') scheme in New South Wales started in July 2008 with the aim of achieving no net loss (or a net gain) of biodiversity [28] but has since been replaced by a 'Biodiversity Offsets Scheme' under the state Biodiversity Conservation Act 2016. [29] BioBanking was run by the state government's Department of Environment and Climate Change as a voluntary market for biodiversity credits that could be applied as part of the planning process. Credits were created by landowners by establishing "biobanks" sites where they committed to conserving biodiversity. The credits represented improvement in biodiversity through conservation activities at the site and could be sold by the landowner for income and to fund the continued management of the biobank. The biodiversity credits under the system included ecosystem credits and species credits.

Native Vegetation Management in Victoria

In Victoria, the clearing of native vegetation is regulated under the Native Vegetation Management Framework. To regulate vegetation clearing, the BushBroker biodiversity banking scheme was set up in 2006 with the initial aim of net gain and later adoption of a no net loss aim. [30]

Canada

Canada has a policy to offset loss of fish and fish habitat through habitat banking, under the Fisheries Act. According to the act, "no person shall carry on any work, undertaking or activity, other than fishing, that results in the death of fish" [31] and "no person shall carry on any work, undertaking or activity that results in the harmful alteration, disruption or destruction of fish habitat". [31] Policy states that other aquatic species at risk should also be considered when conducting habitat banking. [32]

Habitat banking is a tool used to offset negative impacts of potential projects or development activities on fish (or their habitats), in advance of impact occurrence, by restoring, enhancing, or creating fish habitat by completing conservation projects. [33] The positive impacts of these conservation projects on fish are quantified through habitat credits. Habitat credits can then be withdrawn from the habitat bank to offset negative impacts on fish or their habitats, but only by the creator of the habitat bank to offset their own impacts - the credits cannot be sold or traded to third parties. [33] In addition, projects must adhere to the mitigation hierarchy, described as the hierarchy of measures, to be eligible to use habitat credits. [33]

In Canada, habitat banking was first used in 1993 in North Fraser Harbour in Vancouver. [34] Creation, restoration, and enhancement of habitat continues at Port Fraser - with creation, restoration, and enhancement of 15 hectares of fish and wildlife habitat since 2012, according to the Port Authority, to offset the effects of port development. [35] Across Canada, the majority of offset projects are aquatic, including 43% in wetlands, 33% in streams, and 22% in rivers. [36]

Further research is needed to determine a clear picture of the success of habitat banking in achieving no net loss of biodiversity and ecosystem functions in Canada. [37] A 2006 analysis found that 25% of habitat banking projects achieved no net loss of habitat productivity, while 12% achieved a net gain. [38] Compliance with monitoring requirements was also found to be low - it was difficult to determine the effectiveness of projects in achieving no net loss. [37]

As well as habitat banking to conserve fish, other related schemes, such biodiversity credit schemes, have been started in Canada. For example, in 2019, Ontario-based regional conservation biology charity, Carolinian Canada Coalition launched a pilot model for the Conservation Impact Bond, a financial tool which pays for actions to increase biodiversity. [39]

Colombia

Biodiversity banking has been implemented in Colombia since 2017, when the first habitat banks were registered there. [40] Habitat banking is allowed as a mechanism for biodiversity offsetting through the purchase of biodiversity credits from habitat banks. [40] The sale of these credits is used to fund conservation and restoration activities at the habitat bank for at least 30 years. [41]

The first habitat bank to be established in Colombia was the El Meta Habitat Bank. [42] The bank had been issued 600 biodiversity credits, all of which have since been sold. [41] By August 2023, 14 habitat banks had been registered in the country, according to Cambio , a Colombia-based magazine. [43]

The Ministry of Environment and Sustainable Development released habitat banking regulations in June 2017 under Resolution No. 1051. [44] These were updated in 2018 with Resolution No. 256, requiring the use of a mitigation hierarchy (a sequence of measures meant to be applied in order to compensate for adverse impacts on the environment) to direct the use of habitat banking and other environmental mitigation measures. [44]

It is thought that habitat banks could be used as a way to fund achievement of conservation goals (such as the National Biodiversity Strategy) while providing income and jobs for land owners and local communities. [45]

United Kingdom

Habitat banking is being developed in England, as part of a Biodiversity Net Gain policy implemented in February 2024. The BNG policy requires a 10% net gain in biodiversity levels at a development site, measured using a 'Statutory Biodiversity Metric'. Habitat banks are suggested by Natural England as an off-site method for delivering biodiversity gains in advance of losses by creating and enhancing habitat, both on public or private lands. [46] Credits generated from habitat restoration at these banks can then be purchased by developers as a way to achieve a 10% gain, if it is not possible to do on the site.

According to the Department for Environment, Food, and Rural Affairs, the land for a habitat bank must be secured using a conservation covenant or planning obligation, which acts as a legal commitment to managing the habitat for at least 30 years. [47] A management and monitoring plan is then agreed between the landowner and a regulatory body, before the land can be added to a public register of biodiversity gain sites and sell credits to developers. [47]

In England, habitat banks can be created by private or public landowners. For example, Berkshire, Buckinghamshire & Oxfordshire Wildlife Trust has created habitat banks. [48] According to Devon County Council, one of the first registered habitat bank in England was established in the county at Duryard Valley Park near Exeter in March 2024. [49] Other examples include habitat banks in Heacham and Doncaster. [50] [51]

See also

Related Research Articles

<span class="mw-page-title-main">Wetland</span> Type of land area that is flooded or saturated with water

A wetland is a distinct semi-aquatic ecosystem whose groundcovers are flooded or saturated in water, either permanently, for years or decades, or only seasonally for a shorter periods. Flooding results in oxygen-poor (anoxic) processes taking place, especially in the soils. Wetlands form a transitional zone between waterbodies and dry lands, and are different from other terrestrial or aquatic ecosystems due to their vegetation's roots having adapted to oxygen-poor waterlogged soils. They are considered among the most biologically diverse of all ecosystems, serving as habitats to a wide range of aquatic and semi-aquatic plants and animals, with often improved water quality by the plants removing excess nutrients such as nitrates and phosphates.

<span class="mw-page-title-main">Resource depletion</span> Depletion of natural organic and inorganic resources

Resource depletion is the consumption of a resource faster than it can be replenished. Natural resources are commonly divided between renewable resources and non-renewable resources. The use of either of these forms of resources beyond their rate of replacement is considered to be resource depletion. The value of a resource is a direct result of its availability in nature and the cost of extracting the resource. The more a resource is depleted the more the value of the resource increases. There are several types of resource depletion, including but not limited to: mining for fossil fuels and minerals, deforestation, pollution or contamination of resources, wetland and ecosystem degradation, soil erosion, overconsumption, aquifer depletion, and the excessive or unnecessary use of resources. Resource depletion is most commonly used in reference to farming, fishing, mining, water usage, and the consumption of fossil fuels. Depletion of wildlife populations is called defaunation.

<span class="mw-page-title-main">Habitat conservation</span> Management practice for protecting types of environments

Habitat conservation is a management practice that seeks to conserve, protect and restore habitats and prevent species extinction, fragmentation or reduction in range. It is a priority of many groups that cannot be easily characterized in terms of any one ideology.

<span class="mw-page-title-main">Buffer zone</span> Intermediate region, typically between belligerent entities

A buffer zone is a neutral zonal area that lies between two or more bodies of land, usually pertaining to countries. Depending on the type of buffer zone, it may serve to separate regions or conjoin them. Common types of buffer zones are demilitarized zones, border zones and certain restrictive easement zones and green belts. Such zones may be comprised by a sovereign state, forming a buffer state.

<span class="mw-page-title-main">Land development</span> Landscape alteration

Land development is the alteration of landscape in any number of ways such as:

<span class="mw-page-title-main">Habitat destruction</span> Process by which a natural habitat becomes incapable of supporting its native species

Habitat destruction occurs when a natural habitat is no longer able to support its native species. The organisms once living there have either moved to elsewhere or are dead, leading to a decrease in biodiversity and species numbers. Habitat destruction is in fact the leading cause of biodiversity loss and species extinction worldwide.

<span class="mw-page-title-main">Ecosystem service</span> Benefits provided by intact ecosystems

Ecosystem services are the various benefits that humans derive from healthy ecosystems. These ecosystems, when functioning well, offer such things as provision of food, natural pollination of crops, clean air and water, decomposition of wastes, or flood control. Ecosystem services are grouped into four broad categories of services. There are provisioning services, such as the production of food and water. Regulating services, such as the control of climate and disease. Supporting services, such as nutrient cycles and oxygen production. And finally there are cultural services, such as spiritual and recreational benefits. Evaluations of ecosystem services may include assigning an economic value to them.

Environmental mitigation refers to the process by which measures to avoid, minimise, or compensate for adverse impacts on the environment are applied. In the context of planning processes like Environmental Impact Assessments, this process is often guided by applying conceptual frameworks like the "mitigation hierarchy" or "mitigation sequence". This generally includes the steps avoid, reduce, restore, and offset. In some countries, environmental mitigation measures, including biodiversity offsetting, may be required by law.

<span class="mw-page-title-main">Biodiversity action plan</span>

A biodiversity action plan (BAP) is an internationally recognized program addressing threatened species and habitats and is designed to protect and restore biological systems. The original impetus for these plans derives from the 1992 Convention on Biological Diversity (CBD). As of 2009, 191 countries have ratified the CBD, but only a fraction of these have developed substantive BAP documents.

Ecosystem Marketplace, an initiative of Forest Trends, is a non-profit organization based in Washington, DC, that focuses on increasing transparency and providing information for ecosystem services and payment schemes.

<span class="mw-page-title-main">Mitigation banking</span> Market-based system to compensate for environmental impacts to wetlands

Mitigation banking is a market-based system of debits and credits that involves restoration, creation, or enhancement of wetlands to compensate for unavoidable impacts to a wetland in another location. It involves a system of mitigation banks, sites where projects to restore, create, or enhance wetlands can be carried out in advance of impacts. The outcomes of these projects are valued through the creation of compensatory mitigation credits that can be purchased from mitigation banks to offset the negative impacts of developments or agriculture expansion on wetlands and aquatic habitats. This process is generally conducted with the aim of achieving no net loss of function and value for specific aquatic habitats, such as in terms of the biodiversity or ecosystem services provided by a wetland.

<span class="mw-page-title-main">Wetland conservation</span> Conservation of wet areas

Wetland conservation is aimed at protecting and preserving areas of land including marshes, swamps, bogs, and fens that are covered by water seasonally or permanently due to a variety of threats from both natural and anthropogenic hazards. Some examples of these hazards include habitat loss, pollution, and invasive species. Wetland vary widely in their salinity levels, climate zones, and surrounding geography and play a crucial role in maintaining biodiversity, ecosystem services, and support human communities. Wetlands cover at least six percent of the Earth and have become a focal issue for conservation due to the ecosystem services they provide. More than three billion people, around half the world's population, obtain their basic water needs from inland freshwater wetlands. They provide essential habitats for fish and various wildlife species, playing a vital role in purifying polluted waters and mitigating the damaging effects of floods and storms. Furthermore, they offer a diverse range of recreational activities, including fishing, hunting, photography, and wildlife observation.

<span class="mw-page-title-main">No net loss policy in the United States</span> Environmental policy goal for wetland conservation in the United States

"No net loss" is the United States government's overall policy goal regarding wetlands preservation. The goal of the policy is to balance wetland loss due to economic development with wetlands reclamation, mitigation, and restorations efforts, so that the total acreage of wetlands in the country does not decrease, but remains constant or increases.

<i>The Economics of Ecosystems and Biodiversity</i> Study

The Economics of Ecosystems and Biodiversity (TEEB) was a study led by Pavan Sukhdev from 2007 to 2011. It is an international initiative to draw attention to the global economic benefits of biodiversity. Its objective is to highlight the growing cost of biodiversity loss and ecosystem degradation and to draw together expertise from the fields of science, economics and policy to enable practical actions. TEEB aims to assess, communicate and mainstream the urgency of actions through its five deliverables—D0: science and economic foundations, policy costs and costs of inaction, D1: policy opportunities for national and international policy-makers, D2: decision support for local administrators, D3: business risks, opportunities and metrics and D4: citizen and consumer ownership.

<span class="mw-page-title-main">Forest Trends</span> American non-profit organization

Forest Trends is a non-profit organization founded in 1998 and based in Washington, DC, that connects with economic tools and incentives for maintaining ecosystems. Its mission is four-fold: to expand the value of forests to society, to promote sustainable forest management and conservation by creating and capturing market values for ecosystem services, to support innovative projects and companies that are developing these markets and to enhance the livelihoods of local communities living in and around those forests.

<span class="mw-page-title-main">Biodiversity offsetting</span> System to mitigation negative development impacts

Biodiversity offsetting is a system used predominantly by planning authorities and developers to fully compensate for biodiversity impacts associated with economic development, through the planning process. In some circumstances, biodiversity offsets are designed to result in an overall biodiversity gain. Offsetting is generally considered the final stage in a mitigation hierarchy, whereby predicted biodiversity impacts must first be avoided, minimised and reversed by developers, before any remaining impacts are offset. The mitigation hierarchy serves to meet the environmental policy principle of "No Net Loss" of biodiversity alongside development.

The Lacassane Company is a land management company, with a goal of sustainable land management using an environmental management scheme that involves a host of tools including holistic management. Located primarily in Jefferson Davis and Cameron parish, with property in Ragley, Louisiana, the company headquarters is in Lake Charles, Louisiana.

<span class="mw-page-title-main">Conservation banking</span>

Conservation banking is an environmental market-based method designed to offset adverse effects, generally, to species of concern, are threatened, or endangered and protected under the United States Endangered Species Act (ESA) through the creation of conservation banks. Conservation banking can be viewed as a method of mitigation that allows permitting agencies to target various natural resources typically of value or concern, and it is generally contemplated as a protection technique to be implemented before the valued resource or species will need to be mitigated. The ESA prohibits the "taking" of fish and wildlife species which are officially listed as endangered or threatened in their populations. However, under section 7(a)(2) for Federal Agencies, and under section 10(a) for private parties, a take may be permissible for unavoidable impacts if there are conservation mitigation measures for the affected species or habitat. Purchasing “credits” through a conservation bank is one such mitigation measure to remedy the loss.

<span class="mw-page-title-main">Wetlands and wetland policies in Canada</span>

Canadian wetlands account for approximately one quarter of the world's total wetlands and is ranked with the highest surface area of wetlands on the Ramsar Conventions List of Wetlands of International Importance. Canada holds 37 designated areas of International Importance which equates to approximately 13,086,767 hectares of land.

"No net loss" (NNL) is an environmental policy approach that aims to counterbalance the negative impacts of development projects on the environment by using environmental mitigation measures. For example, the policy aims for no net loss of wetlands in the United States or no net loss of biodiversity in other regions. It is now used in many countries as an objective for biodiversity offsetting, such as in Colombia, France, and Uganda. Its application and feasibility for conserving biodiversity is a subject of debate.

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