PUNE, India, Feb. 25, 2020
Some of the prominent players operating in the mitigation banking market includes, Alafia River Wetland Mitigation Bank, Inc., Burns & McDonnell
PUNE, India, Feb. 25, 2020 /PRNewswire/ -- Rising awareness on environmental issues are influencing governments to take initiatives to reduce degradation of environment, leading to a boost in the growth of global mitigation banking market over the forecast period. Rise in urbanization and rapid industrial development are leading to destruction of costal and natural resources degrading the environment around us. Industrial activities including oil drilling, deforestation, plastic production among others are major contributors degrading quality of soil, water and air. To tackle environmental damage, governments are introducing taxes and penalties on industries. For instance, Organization for Economic Co-operation and Development (OECD), an international organization for stimulating economic progress, is assisting its member countries to develop environmental taxation system and contribute in reducing the damage to environment. These on-going taxations and extra costs have mandated industries to utilize available options including mitigation banking for effectively tackling environmental damage. Mitigation banking has proved its mettle to cope with the adversaries posed to environment.
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In December 2002 the U.S., National Wetlands Mitigation Action Plan was created which further helped in the maturing of the mitigation banking system in the U.S. These taxes for restricting the pollution and incentives for promoting environmental balance are poised to boost the growth of global mitigation banking market over the forecast period. Government agencies are exploring public-private partnership models to implement mitigation banking initiatives. In such an instance, Pennsylvania Department of Transportation has planned to allocate 140 acres of property in Chalfont county of Pennsylvania as wetland mitigation banking site to a private player who will lease this land for 13 years.
Rise in economic development is majorly leading to harmful impact on our streams and wetlands among others. Governments across the globe are developing new systems to restore and preserve wetlands, streams, and wildlife habitat affected by the growth in consumption rate of goods and industrial developments. For example, in the state of Florida, Florida Department of Environmental Protection is playing a critical role in monitoring and working closely with mitigation banker. Across Florida, there are more than a hundred permitted mitigation bank projects underway, representing over 190,000 acres of conservation land. These projects are restoring freshwater ecosystems and saltwater coastal wetlands, protecting the basins of waterways. Such initiatives are expected to contribute towards the highest share of wetland or stream banks segment in the global mitigation banking market throughout the forecast years.
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The detailed research study provides qualitative and quantitative analysis of the global mitigation banking market. The mitigation banking market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major owning or managing partner and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
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Global Mitigation Banking Market
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