• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 7 hours Science: Only correct if it fits the popular narrative
  • 3 hours Crazy Stories From Round The World
  • 2 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 24 hours EU has already lost the Trump vs. EU Trade War
  • 17 hours China's Renewables Boom Hits the Wall
  • 8 hours Do The World's Energy Policies Make Sense?
  • 2 days ''Err ... but Trump ...?'' *sniff
  • 18 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 11 hours Impeachment Nonsense
  • 2 days Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 2 days Tesla Launches Faster Third Generation Supercharger
  • 23 hours Water, Trump, and Israel’s National Security
  • 2 days Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 1 hour Who writes this stuff? "Crude Prices Swing Between Gains, Losses"

Breaking News:

Russia Plans To Boost Crude Oil Exports

Alt Text

Four Ways Oil Has Made Our Lives Better

Fossil fuels are being scrutinized…

Alt Text

The Top 5 Ways We Use Oil & Gas

Oil & gas products are…

Environmental Finance

Environmental Finance

Environmental Finance is still the only independent global magazine offering comprehensive coverage of the financial impact of environmental issues on the business community.  Leading industry…

More Info

Premium Content

Environmental Markets at Centre of Chesapeake Clean-Up Plan

In a ground-breaking initiative that could trigger a new era in ecosystem markets, the Obama administration issued an executive order yesterday to protect and restore the Chesapeake Bay, the US’s largest and most polluted watershed.

The Strategy for Protecting and Restoring the Chesapeake Bay Watershed embraces environmental markets in their multiple forms – nutrient, sediment, habitat, carbon and wetlands trading – as the primary tool for environmental restoration. It establishes steps to create robust markets and endorses the concept of stacking ecosystem services to allow landowners to sell ecosystem restoration credits into multiple markets. This makes it a model for environmental restoration efforts throughout the US, said Scott Van de Mark, director of special projects at the Pennsylvania Environmental Council.

The order could generate a windfall for environmental market investors. Cy Jones, a senior associate at environmental think-tank the World Resources Institute, predicted that nutrient trades alone could produce up to $300 million annually for farmers that trade credits to reduce the nitrogen their land leaks into the Bay.

This historic initiative responds to 26 years of frustrated efforts by state and federal governments to clean up the Chesapeake Bay, a 64,000-square mile watershed spanning six states that became so polluted by runoff from sewers, farms and factories that fish cannot survive in nearly half its water.

The federal government must create by December of this year an enforceable pollution cap – an essential element for driving market trades – called the Total Maximum Daily Load, limiting phosphorus and nitrogen leaked from wastewater treatment plants and runoff from farms that pollute the Bay. Simultaneously, states are required to develop plans on how to achieve their caps, said Rick Perish from the Southern Environmental Law Center.

Drawing on evolving state markets that have so far generated minimal trades, the order calls on the US Department of Agriculture, in cooperation with the Environmental Protection Agency (EPA) and other federal agencies, to establish a nutrient trading market to improve water quality, develop scientific tools to measure market performance, build a platform to facilitate trades and create a management infrastructure to over see the markets. It directs the Federal Wildlife Service to develop habitat-based credits by 2011.

The announcement was made the day after the EPA settled a lawsuit with Bay advocates. Its potential to drive ecosystem markets could skyrocket, said Beth McGee, senior water quality scientist with the Chesapeake Bay Foundation, if pending legislation to allow credit trades across state lines is approved.
“If this reduces pollution, it is well poised to be a model for broader trading schemes throughout the nation," McGee added.

By. Alice Kenny

Source: Environmental Finance




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play