User:Manxshearwater/biodiversitybanking
Biodiversity banking
Biodiversity banking, also known as
Terminology
A variety of definitions are used across organisations and governments to refer to biodiversity banking and its various forms. According to the definition by the Biodiversity banking refers to “a market where the credits from actions with beneficial biodiversity outcomes can be purchased to offset the debit from environmental damage."
| Type of banking | Definition | Analogous terms |
|---|---|---|
| Biodiversity banking | A market where the credits from actions with beneficial biodiversity outcomes can be purchased to offset the debit from environmental damage. | |
| Conservation banking | A conservation bank is a parcel of land managed for its conservation values. In exchange for permanently protecting the land, the bank owner is allowed to sell credits to parties who need them to satisfy legal requirements for compensating environmental impacts of development projects. | |
| Mitigation banking | A site (suite of suites) where biodiversity is preserved, enhanced, restored, or created to address significant negative impacts on biodiversity that remain once efforts have been made either to avoid or minimise these impacts, enacted in advance of proposed development projects. | Habitat banking, species banking |
Biodiversity banking is distinct concept from biodiversity offsets, though they are related. Biodiversity offsets are measurable conservation outcomes that result from actions to compensate for significant negative impacts that arise from development projects, once appropriate measures to avoid or minimise these impacts have been taken.[1] Biodiversity offsetting is commonly applied with the goal of achieving no net loss of biodiversity, or more ambitiously, a net gain of biodiversity. 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 away from a potential development site. The sites where these projects are carried out are referred as "banks". While many countries have developed requirements for biodiversity offsetting, frameworks for biodiversity banking are less widespread.[2]
Background
Biodiversity banking emerged from mitigation banking policy in the United States, as part of no net loss wetlands policy. Since then, the concept has been expanded and applied to other countries.
In practice
Australia
Canada
Under the Fisheries Act, habitat banking has been implemented in Canada since 1993, when the first project at Fraser Port in Vancouver was started to offset the impacts of the port on fish and their habitat. Creation, restoration, and enhancement of habitat has continued at Port Fraser since then. Creation, restoration, and enhancement projects have covered 15 hectares of fish and wildlife habitat since 2012, according to the Port Authority, and have been used to offset the effects of port development.
In Canada, 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. The positive impacts of these conservation projects on fish are quantified through habitat credits that can be issued by the Minister for Fisheries, Oceans, and the Canadian Coast Guard. 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. In addition, projects must adhere to the mitigation hierarchy to be eligible to use habitat credits.
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. A 2006 analysis found that 25% of habitat banking projects achieved no net loss of habitat productivity, while 12% achieved a net gain. Compliance with monitoring requirements was also found to be low, meaning it was difficult to determine the effectiveness of projects in achieving no net loss.
United States
Controversy
The use of biodiversity banks is controversial.
Debate also surrounds terminology when referring to biodiversity banks.
References
- ^ "BBOP Glossary". Forest Trends. 2012-06-29. Retrieved 2024-07-16.
- ^ Bull, Joseph William; Strange, Niels (2018-11-23). "The global extent of biodiversity offset implementation under no net loss policies". Nature Sustainability. 1 (12): 790–798. doi:10.1038/s41893-018-0176-z. ISSN 2398-9629.