Army Corps of Engineers (ACOE) Mitigation Credits
cole asset managementThe Tampa Bay Mitigation Bank can provide wetland mitigation for impacts within its federal wetland mitigation service area. The Environmental Protection Agency (EPA) notes the benefits afforded by mitigation banks:
Mitigation banking has a number of advantages over traditional permittee-responsible compensatory mitigation because of the ability of mitigation banking programs to:
- Reduce uncertainty over whether the compensatory mitigation will be successful in offsetting project impacts;
- Assemble and apply extensive financial resources, planning, and scientific expertise not always available to many permittee-responsible compensatory mitigation proposals;
- Reduce permit processing times and provide more cost-effective compensatory mitigation opportunities; and
- Enable the efficient use of limited agency resources in the review and compliance monitoring of compensatory mitigation projects because of consolidation.
In its 2001 critique of compensatory mitigation, the National Research Council (NRC) concluded that third-party compensatory mitigation such as mitigation banks offer advantages over permittee-responsible mitigation in the fulfillment of regulatory goals. One such advantage identified by NRC is the consensus-driven, interagency review process used to approve banks. The 2002 National Mitigation Action Plan acknowledges that more expertise and collaboration should be brought to bear on the Section 404 mitigation process. The 2008 Corps/EPA compensatory mitigation regulations codify the consensus-based interagency review team approach endorsed by the NRC. NRC also noted that banks are more likely than traditional compensatory mitigation to achieve desired long-term outcomes and to create mitigation sites that are protected in perpetuity by organizations dedicated to resource conservation.
Additionally, banking represents an increasingly important economic component of the environmental consulting sector, showcasing the synergies that can arise between effective environmental protection and economic expansion. Sixty two percent of the banks identified in ELI’s 2002 study were privately-owned entrepreneurial mitigation banks; entrepreneurial providers of bank credits have emerged as a nationally-organized industry contributing hundreds of millions of dollars annually to the domestic product. Learn more about our purchase process.
- Estuarine Intertidal, Emergent
- Estuarine Intertidal, Forrested
- Palustrine Emergent (Fresh Marsh)
- Palustrine Open Water (Fresh Pond)