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Implementing Compensatory Mitigation Banking Globally
Emily Chae Cerritos High School 10th Grade
Compensatory mitigation focuses on the restoration, establishment, enhancement, and or preservation of any environmental resource in a country that a private sector, or a company offsets.
For example, if Company A wants to build new infrastructure on a plot of land that is already contains an ecosystem, the government will give consent to build on top of that ecosystem. However, the company would have to compensate for that land by building new ecosystems and increasing biodiversity elsewhere, which would not only help with the ecological aspect of a country, but also the economic aspect as well. Regarding compensatory mitigation, American comes in as the oldest, most established biodiversity offsetting, creating a sustainable platform for many developing nations to model.
Creating a globally unified system will increase the implementation to expand on a larger scale of environmental damage. Carbon crediting could benefit from a more secure integration along with other forms of environmental offsetting. This unified system will take in account the different land composition as well as different regions of countries in order for biodiversity offsetting to be implemented successfully with trained inspectors and officials to inspect and report the success of the biodiversity offsetting annually.
This globally unified system should also take into account the corruption of company officials as well as corruption in the government. Corruption within governments and private sectors will create a less of an ecological impact on the country, resulting in only a ecological and economic downfall. By implementing anti-corruption measures, this will help with proper land restitution creating a healthier environment for the people benefitting from certain environments as well. The integration of an international legislation and system will take into account certain circumstances within a country in order to best fit practices which can be set to see through the success of implementing compensatory mitigation.