Habitat Banking describes the concept where new habitat is created or old habitat is restored to compensate for the future loss of habitat from unavoidable impacts (thus “banking” compensation habitat for a time when it is needed).
Organizations that create habitat are awarded credits that can be spent on future projects when timelines may be more restricted. Creating habitat is a proactive step that shows that businesses are invested in our collective sustainable future, which in turn is useful for marketing, public relations and corporate responsibility initiatives. Habitat banking ensures that habitat is fully functional before the credits are spent, so that ecological gains are already recorded, not just planned.
Much like financial investing, habitat banking means creating a diversity of habitats or restoring sites of high ecological value. For organizations that choose to purchase habitat credits for projects that impact low ecological value sites, they are ensuring the creation and protection of high ecological value sites in return.
We offer expertise in the areas of:
- MOU (habitat banking agreement) negotiation with DFO
- Site selection, assessment and project design
- Habitat construction/rehabilitation
- Post-construction monitoring and annual reporting
- Habitat bank tracking and transaction administration
Habitat banking offers:
- Functional, agency-approved compensation before it is needed
- Instant compensation fulfillment (without the 5+ year wait to complete monitoring)
- Compensation planned and conducted when financial resources are available
- Compensation work focused on areas of greatest need
- Research opportunities
Our software development team has created Tracking Software which provides proponents, habitat banking managers and DFO with access to a central database housing all habitat banking related documentation and transaction records. Through secure, online log-in credentials users are able to access such information as current account status details, account balances, monitoring reports and e-mail history.