When was it released: n.a.
By whom: Vikram Jhawar
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.”