WHAT IS MITIGATION BANKING?
Mitigation/Conservation banks are large scale restoration projects designed to provide compensatory offsets through the creation and sale of credits. Applicants can pay a one-time fee to satisfy their environmental permit needs and transfer their environmental liabilities to these banks. Mitigation banking is the preferred method for the U.S. Army Corps of Engineers (USACE) and in certain regions, conservation banking is also the preferred method for the U.S. Fish and Wildlife Service.
WHO HAS TO MITIGATE?
Real estate, infrastructure, and energy projects are the primary sectors of business who drive credit purchases; however, any applicant who’s project who might have impacts under the Clean Water Act, or the Endangered Species is required to mitigate those damages. It is important to check with your local USACE District, or USFWS office to determine what type of permits your project will need and the options for offsetting any environmental impact through mitigation banking or permittee responsible projects (Wildwood works to provide these options when and where available).
Mitigation credits provide a cost effective and efficient avenue to providing a permit for your project. These one-time fees not only allow for the transfer of credits to specific projects satisfying the necessary mitigation plans for your permit, but also, and more importantly, transfer the environmental liabilities to the mitigation banks. The actual on the ground mitigation taking place at these banks provides for superior replacement and protection of important natural resources without a continued effort from the applicant.