Even progressing economy and development can go hand in hand with environmental protection. For unavoidable environmental losses on wetlands caused by development activity, developing companies have to compensate the environmental damage by purchasing “credit” from “mitigation banks”.
The purpose of mitigation banks is to restore, create, enhance and preserve wetlands and other natural resources. Units of restored, created, enhanced or preserved wetlands are expressed as credits.
A Mitigation bank sells mitigation credits to a developer or other permittee to compensate the impact, a development project has on a piece of land – a development site. This has to occur before development actions start.
The sale of credits legally transfer the liability for mitigation from a developer or other permittee to the mitigation banker. It’s a solution for the situation when the compensation of the environmental loss cannot be achieved at the development site or would not be as environmentally beneficial. It also allows to consolidate a smaller fragmented mitigation plans into one large site.
Wildlands Forever Trust also plans to become a mitigation bank. It is another step to complete our mission to preserve the land and natural communities for future generations.