SHORT INFO — Understanding The Basics Of Mitigation Banking

What’s it about in short: arti­cle explain­ing (US) mit­i­ga­tion banking

When was it released: n.a.

By whom: Vikram Jhawar

More info:

Short extract:

Mit­i­ga­tion bank­ing is a sys­tem of cred­its and deb­its devised to ensure that eco­log­i­cal loss, espe­cially to wet­lands and streams result­ing from var­i­ous devel­op­ment works, is com­pen­sated for by the preser­va­tion and restora­tion of wet­lands, nat­ural habi­tats, streams, etc. in other areas so that there is no net loss to the envi­ron­ment. To mit­i­gate means to reduce the sever­ity of some­thing, in this case, the dam­age caused to the environment.

Accord­ing to NMBA (National Mit­i­ga­tion Bank­ing Asso­ci­a­tion), mit­i­ga­tion bank­ing is defined as “the restora­tion, cre­ation, enhance­ment, or preser­va­tion of a wet­land, stream, or other habi­tat area under­taken expressly for the pur­pose of com­pen­sat­ing for unavoid­able resource losses in advance of devel­op­ment actions, when such com­pen­sa­tion can­not be achieved at the devel­op­ment site or would not be as envi­ron­men­tally beneficial.”

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