Biodiversity Banking

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= "a framework which allows biodiversity to be reliably measured, and for market-based solutions to place a monetary value on ecosystem services affected".

URL = http://en.wikipedia.org/wiki/Biodiversity_banking

Description

John Thackara:

"The Stern Review, and TEEB, provide new ways to measure the ecological impacts of economic activity on a large scale.

New tools are also nearly ready to help individual companies measure the impact of their day-to-day operations on ecosystems.

These tools are likely to be used, because companies anticipate increasing and more precise monitoring – not only of any pollution they might cause, but, more broadly, for positive or negative impacts on ecosystems in areas where they operate, or obtain resources.

Companies face not just regulation but indirect pressure, too, from investors, insurers, activists, employees or neighbourhood communities.

One of these new tools is Biodiversity Banking. This is a framework which allows biodiversity to be reliably measured, and for market-based solutions to place a monetary value on ecosystem services affected. The first practical aplications have been used in property development. Because biodiversity values are reduced through land clearing and building development, developers are being required to offset biodiversity loss.

In the United States, for example, a “wetland banking” process requires developers to avoid harm to wetlands – but if harm is agreed to be unavoidable, then similar wetlands of similar functions and values must be protected, enhanced or restored in compensation for those that will be damaged.

Some conservation organizations caution strongly that biodiversity offsets could be used by developers and government authorities to allow inappropriate developments. A business platform called Business and Biodoversity Offsets Program (BBOP) responds that biodiversity offsets do not only rehabilitate sites but also,“address a company’s full impact on biodiversity at the landscape scale”. The debate is ongoing." (http://thackara.com/notopic/metrics-and-aesthetics/)


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