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Moving to Markets in Environmental RegulationLessons from Twenty Years of Experience$
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Jody Freeman and Charles D. Kolstad

Print publication date: 2006

Print ISBN-13: 9780195189650

Published to Oxford Scholarship Online: January 2007

DOI: 10.1093/acprof:oso/9780195189650.001.0001

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 “No Net Loss”: Instrument Choice in Wetlands Protection

 “No Net Loss”: Instrument Choice in Wetlands Protection

(p.323) 12 “No Net Loss”: Instrument Choice in Wetlands Protection
Moving to Markets in Environmental Regulation

James Salzman

J. B. Ruhl

Oxford University Press

This essay evaluates wetlands mitigation banking (WMB) as a tool for accomplishing the policy of no net loss of the nation's wetlands. The first part describes the legal and historical background to wetlands mitigation banking, identifying the expected advantages and highlighting the practical difficulties. The discussion then focuses on the three main limitations of WMB design: ensuring meaningful compliance monitoring, currency adequacy, and exchange adequacy. These theoretical concerns are tested by looking at experiences to date in the field. Finally, key lessons for market-based approaches to watershed protection are drawn out.

Keywords:   wetlands mitigation banking, wetlands compensatory mitigation, environmental policy, compliance monitoring, current adequacy, exchange adequacy

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