By SCCF Environmental Policy Staff

HB 1175/SB 492, Mitigation Banks, is a bill that, if passed, will expedite wetland destruction across the state and cause further degradation of our overtaxed coastal systems.  

Mitigation banking is an idea that relies on compensatory action to be taken to allow for the destruction of wetlands. The idea behind the concept of mitigation banking was that if a developer wants to build in an area containing wetlands, then they should be responsible for building new wetlands in the same area to replace the ecosystem services that would be destroyed in their project. 

Wetlands are some of the most important ecosystems we have in south Florida, providing water filtration, storm protections, wildlife habitat and a myriad of other important benefits. When wetlands are replaced with buildings and asphalt, these benefits are lost.

As the tool became more commonplace, it was understood that constructing high-quality wetlands was a difficult undertaking, even if it wasn’t being done in conjunction with a development project.  To alleviate this issue, a credit system was implemented, whereby developers could buy ‘credits’ that were generated by the owner of a mitigation bank. The bank’s owner would construct and protect a large amount of wetlands and parcel out ‘credits’ that would, in theory, offset the damage done by the project. 

In practice, mitigation banking credits are difficult to monitor, and the further away from the project site the bank is, the less likely the area is to reap the same benefits from the bank’s ecosystem services. 

HB 1175/SB 492 is currently working its way through Tallahassee, and it would further erode any benefits realized by a system of mitigation banking while making unsustainable development easier. 

Rather than require the credits be purchased within the watershed, as is currently necessary, the bill would allow for credits to be purchased for projects outside the basin. This means that wetland destruction in south Florida could be offset by credits sold from a mitigation bank in north Florida.  The project area would see a removal of ecosystem services, with any benefits being gained by far-off ecosystems. 

Furthermore, under this bill, the gains may never materialize. The bill would allow for 60% of the planned credits of a bank to be sold before any of the actual gains are confirmed. This means a bank could be planned, established, and credits sold to offset projects, even if the planned wetlands never actually materialized. 

Our wetlands around Florida are some of the most important ecosystems for our safety, our environment, and our local economies. This bill will remove some of our last ability to protect fragile wetland environments while paving the way for more wholesale destruction.