Conservation Market Study Finds Potential in Supporting Farms
jgiuntoli March 17th, 2009
The State Conservation Commission has concluded a study on the feasibility of conservation markets to provide additional revenue opportunities for working farms and forest land owners. Conservation markets are an economic system whereby ecosystem functions – such as wetlands, carbon sequestration, and habitat – are given a value, or “credit.” These credits are then sold in a market to purchasers who typically are developers who are then required to mitigate their impacts. These transactions have the potential to provide additional income for landowners while still maintaining the land in production.
The Commission’s study examined the potential of these markets for Washington, determined how conservation markets could support existing incentive programs, and gauged interest in the markets from landowners, developers, and state agencies that are required to mitigate for their impacts. The study also reviewed conservation markets in other states and nationally. Finally, the study provided recommendations on how a conservation market could be structured in Washington.
2009 Washington Conservation Markets Study: Final Report