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The mitigation banking concept has been extended to develop other forms of biodiversity banking that are applied outside of the United States as a mechanism for biodiversity offsetting. [18] For example, mitigation banking has been used to inform and shape biodiversity banking frameworks in Australia, New Zealand, Canada, Colombia, and Brazil.
"No Net loss" is the United States government's overall policy goal regarding wetlands preservation. The goal of the policy is to balance wetland loss due to economic development with wetlands reclamation, mitigation, and restorations efforts, so that the total acreage of wetlands in the country does not decrease, but remains constant or increases.
[144]: 622 Cost estimates for mitigation for specific regions depend on the quantity of emissions allowed for that region in future, as well as the timing of interventions. [145]: 90 Mitigation costs will vary according to how and when emissions are cut. Early, well-planned action will minimize the costs. [146]
No net loss originated in 1980s in the United States, where it was developed as a policy goal for wetland conservation by the National Wetlands Policy Forum. [12] During his campaign for the 1988 United States presidential election, George H.W. Bush promised "no net loss of wetlands" as a national goal. [13]
The proposed mitigation cost for removing a specimen tree would increase from $50 to $500 per inch and $100 to $750 per inch for a landmark tree.
In the 1990s, regulatory frameworks for the US Clean Water Act enabled mitigation banking and wetlands offsetting, which set the procedural and conceptual precedent for carbon offsetting. [ 35 ] In 1997, the original international compliance carbon markets emerged from the Kyoto Protocol , which established three mechanisms that enable ...