Biodiversity banking

Biodiversity banking, also known as biodiversity trading, biodiversity offsets or conservation banking is a process by which biodiversity loss can be reduced by creating a framework which allows biodiversity to be reliably measured, and market based solutions applied to improving biodiversity. Biodiversity banking provides a means to place a monetary value on ecosystem services.

Two biodiversity banking schemes operating in Australia are the New South Wales BioBanking scheme [1], which commenced in 2008, and the Victorian Native Vegetation Management Framework scheme. Both schemes apply particularly to developers, where biodiversity values will be reduced through land clearing and building development. The framework requires developers to source biodiversity credits through a market mechanism to offset biodiversity loss.

The "wetland banking" process in the United States requires developers to firstly avoid harm to wetlands, but if harm is considered unavoidable, then similar wetlands of similar functions and values must be "protected, enhanced or restored" in compensation for those that will be damaged. The process comes under the US Clean Water Act 1972 the US Army Corps of Engineers regulations. [2]

See also

• Conservation in Australia
• Environmental issues in Australia
• Economics of biodiversity

External links

• NSW Department of Environment and Climate Change
• ABC Breakfast Carbon markets to provide lessons for global trade in biodiversity
• ABC Saturday Extra Biodiversity banking part one
• ABC Saturday Extra Biodiversity banking part two

Further reading

• Bayon, Ricardo; Fox, Jessica; Carroll, Nathaniel (2007). Conservation and Biodiversity Banking A Guide to Setting Up and Running Biodiversity Credit Trading Systems. Earthscan. ISBN 9781844074716.{{cite book}}: CS1 maint: multiple names: authors list (link)