User:Manxshearwater/biodiversitybanking

= Biodiversity banking = Biodiversity banking, also known as

Terminology
Biodiversity banking is distinct from biodiversity offsets, though they are closely related. Biodiversity offsets are measurable conservation outcomes that result from actions to compensate for the significant negative impacts of development projects, once appropriate measures to avoid or minimise these impacts have been taken. Biodiversity offsetting and biodiversity banking are commonly applied with the goal of achieving no net loss of biodiversity, or more ambitiously, a net gain of biodiversity.

Biodiversity banking generally turns offsets into assets that can be stored or traded, through the creation of biodiversity credits that quantify the value of projects undertaken to restore, create, or enhance biodiversity away from a potential development site. The sites where these projects are carried out are referred as banks. While many countries have developed requirements for biodiversity offsetting, frameworks for biodiversity banking are less widespread.

The terms used to describe biodiversity banking differ according to the biodiversity that the system aims to conserve. For example, habitat banking, species banking, conservation banking, and mitigation banking are forms of biodiversity banking:

Background
Biodiversity banking emerged from mitigation banking policy in the United States.

Since its origin, biodiversity banking has been expanded and applied outside of the United States.

Australia
In 2006, BioBanking legislation was introduced in New South Wales with the aim of achieving no net loss of biodiversity. Its aim was to achieve no net loss of biodiversity

Canada
Under the Fisheries Act, habitat banking has been implemented in Canada since 1993, when the first project at Fraser Port in Vancouver was started to offset the impacts of the port on fish and their habitat. Creation, restoration, and enhancement of habitat has continued at Port Fraser since then. Creation, restoration, and enhancement projects have covered 15 hectares of fish and wildlife habitat since 2012, according to the Port Authority, and have been used to offset the effects of port development.

In Canada, habitat banking is a tool used to offset negative impacts of potential projects or development activities on fish (or their habitats), in advance of impact occurrence, by restoring, enhancing, or creating fish habitat by completing conservation projects. The positive impacts of these conservation projects on fish are quantified through habitat credits that can be issued by the Minister for Fisheries, Oceans, and the Canadian Coast Guard. Habitat credits can then be withdrawn from the habitat bank to offset negative impacts on fish or their habitats, but only by the creator of the habitat bank to offset their own impacts - the credits cannot be sold or traded to third parties. In addition, projects must adhere to the mitigation hierarchy to be eligible to use habitat credits.

Further research is needed to determine a clear picture of the success of habitat banking in achieving no net loss of biodiversity and ecosystem functions in Canada. A 2006 analysis found that 25% of habitat banking projects achieved no net loss of habitat productivity, while 12% achieved a net gain. Compliance with monitoring requirements was also found to be low, meaning it was difficult to determine the effectiveness of projects in achieving no net loss.

Controversy
The use of biodiversity banks is controversial.


 * Assigning value to biodiversity is challenging and this is controversial

Debate also surrounds terminology when referring to biodiversity banks.