Ecosystem services and the value of land

Duke Environmental Law and Policy Forum

Volumn 20, Issue 2, 2010, Pages 339-384

  Davis, Adam I ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

ECOSYSTEM SERVICE; ENVIRONMENTAL LEGISLATION; ENVIRONMENTAL POLICY; LAND MANAGEMENT; LAND RIGHTS; LANDOWNERSHIP;

UNITED STATES;

EID: 77957013620     PISSN: 10643958     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (261)

1. See U.S. GEN. ACCOUNTING OFFICE, LAND OWNERSHIP: INFORMATION ON THE ACREAGE, MANAGEMENT, AND USE OF FEDERAL AND OTHER LANDS 2 (1996), available at http://www.gao.gov/archive/1996/rc96040.pdf (stating that 272 million acres of the 622.8 million acres (roughly 44%) currently managed by federal agencies were held primarily for conservation purposes, thus allowing 66% to be available for resource extraction and related activities).
2. See Land Trust Alliance, 2005 National Land Trust Census, http://www.landtrustalliance.org/about-us/land-trust-census (stating that total acres conserved by local, state, and national land trusts doubled to 37 million acres. Dividing that by the total 2.26 billion acres of U.S. land equals 1.6 percent of the land base of the country).
3. RALPH J. ALIG, DEFORESTATION RESEARCH IN THE UNITED STATES: EVIDENCE TO INFORM THE AVOIDED DEFORESTATION DISCUSSION 2 (2007), available at http://www.docstoc.com/docs/23563543/Deforestation-Research-in-the-United-States-Evidence-To- Inform.
4. See generally JOHN SAWHILL & RICHARD COTTON, ENERGY CONSERVATION: SUCCESSES AND FAILURES 1-8 (The Brookings Inst. ed., 1986) (discussing many of the energy conservation successes of the past several decades).
5. U.S. CENSUS BUREAU, INTERIM PROJECTIONS OF THE TOTAL POPULATION FOR THE U.S. AND STATES: APRIL 1, 2000 TO JULY 1, 2030 (2005), available at http://www.census.gov/population/projections/SummaryTabA1.pdf.
6. See, e.g., Office of Gen. Counsel, U.S. Dep't of Energy, DOE NEPA Documents, http://www.gc.energy.gov/NEPA/DOE_NEPA_documents.htm (last visited May 30, 2010) (listing the variety of potential regulations and requirements for development under merely one of these statutes·NEPA).
7. See Simon H. Ginsberg, Comment: Economic and Environmental Challenges to Natural Resource Trade, 10 EMORY INT'L L. REV. 297, 297 (1996) (discussing the problems with natural resource subsidies in the context of U.S. trade policy); U.N. Env't Programme GEO-2000, Alternative Policy Study: Resource Use in North America, http://www.unep.org/Geo2000/apsnamerica/index.htm#subsidy (last visited May 30, 2010).
8. Eric Bontrager, MINING: Army Corps Moves to End Streamlined Mountaintop Permitting, GREENWIRE, July 15, 2009, available by subscription at http://www.eenews.net/Greenwire/print/2009/07/15/19.
9. U.S. Envt'l Prot. Agency, Climate Change-Regulatory Initiatives, Advance Notice of Proposed Rulemaking: Regulating Greenhouse Gas Emissions under the Clean Air Act, http://www.epa.gov/climatechange/anpr.html (last visited May 30, 2010).
10. See BARNEY DICKSON ET AL., U.N. ENV'T PROGRAMME, CARBON MARKETS AND FOREST CONSERVATION: A REVIEW OF ENVIRONMENTAL BENEFITS OF REDD MECHANISMS 6 (2009), available at http://www.unep-wcmc.org/climate/pdf/Env%20benefits%20from %20REDD%20091204_FINAL%20FOR%20COP15.pdf.
11. To see how these functional acres are applied in practice, see, e.g., WILLAMETTE PARTNERSHIP, ECOSYSTEM CREDIT ACCOUNTING-PILOT GENERAL CREDITING PROTOCOL: WILLAMETTE BASIN VERSION 1.1, at 6 (2009), available at http://willamettepartnership.org/ecosystem-credit-accounting/willamette-ecosystemmarketplace- documents/General%20Crediting%20Protocol%207.20.09.pdf.
12. See id.
13. See, e.g., Richard D. Cudahy, Thirtieth Anniversary Edition Essays: Coming of Age in the Environment, 30 ENVTL. L. 15, 15-18 (2000) (stating that the modern American environmental movement began after World War II when a rapidly proliferating automobile culture, mounting air pollution, suburban sprawl, widely publicized environmental disasters, and concern about the side effects of pesticide use on public health triggered the formation of the Environmental Protection Agency and the promulgation of early environmental regulation).
14. See generally William D. Ruckelshaus, Environmental Regulation: The Early Days at EPA, EPA Journal (1988), available at http://www.epa.gov/history/topics/regulate/02.htm (detailing the early actions taken by the new Agency were an effort to stop hot water discharges from power plants, a program to close 5,000 open dumps, and to file suit against the cities of Detroit, Cleveland, and Atlanta for polluting their rivers with sewage).
15. See generally ROBERT W. COLLIN, THE ENVIRONMENTAL PROTECTION AGENCY: CLEANING UP AMERICA'S ACT, 1-51 (2006) (asserting that of the major statutes administered by the EPA are nearly all aimed at stopping pollution and minimizing deleterious public health consequences. These statutes are: the Asbestos Hazard Emergency Response Act, the Atomic Energy Act, the Chemical Safety Information, Site Security and Fuels Regulatory Relief Act, the Clean Air Act, the Clean Water Act (including the Federal Water Pollution Control Act amendments), the Comprehensive Environmental Response, Compensation and Liability Act ("Superfund"), the Emergency Planning and Community Right to Know Act, the Endangered Species Act, the Energy Policy Act, the Federal Food, Drug and Cosmetic Act, the Federal Insecticide, Fungicide and Rodenticide Act (my personal favorite), the Food Quality Protection Act, the Lead Contamination Control Act, the Marine Protection, Research and Sanctuaries Act, the National Environmental Policy Act, the National Environmental Education Act, the National Technology Transfer and Advancement Act, the Nuclear Waste Policy Act, the Occupational Safety and Health Act, the Oil Pollution Act, the Pollution Prevention Act, the Resource Conservation and Recovery Act, and the Safe Drinking Water Act).
16. See infra p. 7-20 (discussing the development of market-based "offset" regulation).
17. KATHY MCCAULEY, BRUCE BARRON & MORTON COLEMAN, CROSSING THE AISLE TO CLEANER AIR: HOW THE BIPARTISAN "PROJECT 88" TRANSFORMED ENVIRONMENTAL POLICY 2-3, (2008), available at http://www.iop.pitt.edu/documents/Case%20Studies/Crossing%20the%20Aisle%20to%20Cleaner%20Air.pdf.
18. ROBERT STAVINS ET AL., PROJECT 88: HARNESSING MARKET FORCES TO PROTECT THE ENVIRONMENT 2 (1988), available at http://www.hks.harvard.edu/fs/rstavins/Monographs_&_Reports/Project_88-1.pdf.
19. See MCCAULEY ET AL., supra note 17, at 7-8 (stating that the "acid rain debate" was one of the main stumbling blocks to reaching consensus when the Clean Air Act was revisited in debates throughout the 1980s).
20. Id.
21. See, e.g., MCCAULEY ET AL., supra note 17, at 7 (stating that more than 70 bills on acid rain were introduced before 1989 but none of them passed); Philip Stabecoff, Senators Announce Accord on Acid Rain Bill, N.Y. TIMES, July 14, 1988, at A30.
22. See, e.g., MCCAULEY ET AL. supra note 17, at 21-22 (discussing the novelty of a regulatory system with market-based economic incentives for compliance and how Senator Heinz went to the editorial boards of all the top American publications to convince them of the viability of such a program).
23. Id. at 30.
24. Id. at 33.
25. See generally id. at 19-31 (discussing the legislative history surrounding the passage of the CAA amendments of 1990 and asserting that the use of a program with market-based economic incentives for compliance was primarily what helped break the impasse that had formed to previous attempts at amendment).
26. See id. at 34-38 (noting that regulations using carbon offsets became an attractive alternative to traditional command and control environmental regulation).
27. See, e.g., id. at 25?32 (describing environmental activists initial suspicion of marketbased initiatives because they wanted to ensure that overall pollution levels were in fact being reduced).
28. See id. at 38.
29. See id.
30. See id. at 36.
31. Id.
32. See South Coast Air Quality Management District, RECLAIM Trading Credits (RTCs) Trade Information, http://www.aqmd.gov/reclaim/rtc_main.html (last visited April 23, 2010).
33. See MCCAULEY ET AL., supra note 17, at 39.
34. The analysis was conducted by ICF Resources International for the EPA's Office of Policy, Planning and Evaluation. Id. at 24.
35. Envtl. Def. Fund, The Cap and Trade Success Story, http://www.edf.org/page.cfm?tagID=1085 (last visited May 30, 2010).
36. See, e.g., id. (explaining that, in the 1990s, the U.S. acid rain cap-and-trade program allowed power plants to take advantage of the allowance banking provisions, reducing SO2 emissions twenty-two percent below mandated levels for the first phase of the program).
37. See generally Envtl. Def. Fund, The Four Elements of Good Carbon Cap Legislation, http://www.edf.org/article.cfm?contentID=9201 (last visited May 30, 2010) (explaining that the value in a carbon offset program comes from the allowance of effective management of cost at a baseline level without the need for a safety valve).
38. MCCAULEY ET AL., supra note 17, at 14.
39. See generally U.S. Envtl. Prot. Agency, Wetlands-Compensatory Mitigation, http://www.epa.gov/wetlandsmitigation/#regs (last visited Apr. 23, 2010) (noting the number of comprehensive federal statutes that create a formal mechanism governing mitigation banking).
40. STAVINS supra note 18, at 72.
41. See, e.g., OFFICE OF WATER & OFFICE OF WETLANDS, OCEANS AND WATERSHED, U.S. ENVT'L PROT. AGENCY, THREATS TO WETLANDS 1 (2001), available at www.epa.gov/owow/wetlands/pdf/threats.pdf (explaining that U.S. wetlands continue to be drained or developed at a rate of 60,000 acres per year).
42. See, e.g., id. (warning that destroying or degrading wetlands can lead to serious consequences, such as increased flooding, extinction of species, and decline in water quality). But see James Salzman & J.B. Ruhl, Currencies and the Commodification of Environmental Law, 53 STAN. L. REV. 607, 662-63 (2000) (noting that there is a fungibility problem in trading credits for wetlands ecosystem services because each wetland, and the services it provides, are specific to the context in which they occur).
43. See U.S. ENVTL. PROT. AGENCY, supra note 39, at 1.
44. THOMAS E. DAHL, U.S. FISH & WILDLIFE SERV., WETLANDS LOSSES IN THE UNITED STATES: 1780'S TO 1980'S 1 (1993), available at http://www.fws.gov/wetlands/_documents/gSandT/NationalReports/WetlandsLossesUS1780sto1980s.pdf (explaining that although wetlands cover only about 3.5 percent of U.S. land area, more than one-third of the United States' threatened and endangered species live exclusively in wetlands).
45. See Clean Water Act §404, 33 U.S.C. § 1344 (2007) (requiring entities to obtain a permit in most situations before they can dump dredged or fill material into watersheds).
46. See U.S. Fish & Wildlife Serv., Mitigation Policy: Notice of Final Policy, 46 Fed. Reg. 7,656 (Jan. 23, 1981), available at http://www.fws.gov/policy/A1501fw2.html.
47. U.S. Envtl. Prot. Agency, Wetlands: Mitigation Banking Factsheet, http://www.epa.gov/owow/wetlands/facts/fact16.html (last visited May 30, 2010).
48. See id.; Ecosystem Marketplace, U.S. Wetland Banking: Market Features and Rules, http://www.ecosystemmarketplace.com/pages/dynamic/web.page.php?section=biodiversity_mar ket&page_name=uswet_market (last visited June 1, 2010). But see 33 CFR 332.1 (2010) (some very rare exceptions to this are allowed by the U.S. Army Corps of Engineers).
49. See, e.g., U.S. Envtl. Prot. Agency, Wetlands Compensatory Mitigation Factsheet, http://www.epa.gov/owow/wetlands/pdf/CMitigation.pdf (last visited May 20, 2010).
50. See Palmer Hough & Lynda Hall, U.S. Envt'l Prot. Agency, National Forum on Synergies Between Water Quality Trading and Wetland Mitigation Banking, Background: The History and Status of Wetland Mitigation Banking and Water Quality Trading, Banking "Firsts" 11 (2005), available at http://www.eli.org/Program_Areas/events/wqt_forum.cfm (follow "Lynda Hall, U.S. Environmental Protection Agency: Power Point Presentation" hyperlink).
51. See, e.g., Wetlands Restoration: Get Involved, available at, http://planetgreen.discovery.com/travel-outdoors/wetlands-restoration.html (referencing the BBC Series, Nature Inc.).
52. See, e.g., Adam Davis, Wetlands Expose Misses the Mark, Ecosystem Marketplace (2009) (reviewing CRAIG PITTMAN & MATTHEW WAITE, PAVING PARADISE: FLORIDA'S VANISHING WETLANDS AND THE FAILURE OF NO NET LOSS (2009)), available at http://64.27.23.230/pages/article.opinion.php?component_id=6796&component_version_id=1025 0&language_id=12.
53. See 40 C.F.R. § 230.91 (2009) (expanding the Section 404(b)(1) guidelines to include comprehensive standards for all three mechanisms for providing compensatory mitigation through a joint rulemaking of the EPA and the U.S. Army Corps of Engineers).
54. See ENVTL. LAW INST., THE STATUS AND CHARACTER OF IN-LIEU FEE MITIGATION IN THE UNITED STATES 1 (2006), available at http://www.elistore.org/Data/products/d16_04.pdf (explaining a form of mitigation wherein instead of doing actual mitigation, the regulated entity pays a fee to get their permit "in lieu" of compliance).
55. ENVTL. LAW INST., Mitigation of Impacts to Fish and Wildlife Habitat: Estimating Costs and Identifying Opportunities, October 2007, Washington, D.C.
56. See id. at 617.
57. See id. at 620.
58. ENVTL. LAW INST., MITIGATION OF IMPACTS TO FISH AND WILDLIFE HABITAT: ESTIMATING COSTS AND IDENTIFYING OPPORTUNITIES 2 (2007), available at http://www.elistore.org/Data/products/d17_16.pdf.
59. See 40 C.F.R. § 230.93 (2009); 33 C.F.R. § 332.3 (2009).
60. See ENVTL. LAW INST, supra note 58, at 24.
61. Id.
62. Rebecca Lave, Morgan M. Robertson & Martin W. Doyle, Why You Should Pay Attention to Stream Mitigation Banking, ECOLOGICAL RESTORATION 287, 287 (2008).
63. Personal communication with U.S. Army Corps of Engineers District public information officers, Jan.-June, 2009.
64. Cf. Christoph M. Gross et al., Nitrogen Trading Tool to Facilitate Water Quality Credit Trading, 63 J. SOIL & WATER CONSERVATION 44A (2008), available at http://ddr.nal.usda.gov/bitstream/10113/21718/1/IND44122483.pdf (showing a comparable system used in nitrogen trading).
65. See 16 U.S.C. § 1536(a)(2) (2007) (requiring all federal agencies to consult with the National Marine Fisheries Service ("NMFS") for marine and anadromous species, or the United States Fish and Wildlife Services ("FWS") for fresh-water and wildlife, if they are proposing an "action" that may affect listed species or their designated habitat).
66. 16 U.S.C. § 1539(a)(1)(B) (2007).
67. See id.
68. News Release, U.S. Fish & Wildlife Serv., Fish and Wildlife Service and National Marine Fisheries Service Announce Policy for Evaluation of Conservation Efforts when Making ESA Listing Decision (Mar. 31, 2003), available at http://www.fws.gov/news/newsreleases/r3/6120F5C2-EFE9-49A1-B7B95275ECF82A8C.html.
69. Guidance for the Establishment, Use, and Operation of Conservation Banks, 68 Fed. Reg. 24,753 (May 8, 2003).
70. Ecosystem Marketplace, U.S. Conservation Banking, http://www.ecosystemmarketplace.com/pages/dynamic/web.page.php?section=biodiversity_market&p age_name=uscon_market (last visited May 30, 2010).
71. Id.
72. Species Banking Home Page, http://www.speciesbanking.com/(last visited May 30, 2010).
73. Stephen Johnston, Harvesting Carbon Credits-the Prairies Next Big Crop?, CARBON OFFSETS DAILY, Nov. 9, 2009, available at http://www.carbonoffsetsdaily.com/pressrelease/harvesting-carbon-credits-the-prairies-next-big-crop-28767.htm.
74. ECOSYSTEM MARKETPLACE, STATE OF THE FOREST CARBON MARKETS 2009: TAKING ROOT AND BRANCHING OUT (2009), available at http://moderncms.ecosystemmarketplace.com/repository/moderncms_documents/SFCM_2009_smalle r.pdf.
75. Id. at 17.
76. Ricardo Bayon, California Leading: New Thinking on Carbon Accounting, Ecosystem Marketplace, http://www.ecosystemmarketplace.com/pages/dynamic/article.page.php?page _id=641§ion=home&eod=1 (last visited Apr. 13, 2010) (discussing examples that include the Climate Action Registry, Regional Greenhouse Gas Initiative, Chicago Climate Exchange and Voluntary Carbon Standard).
77. See id.
78. See generally California Climate Action Registry, Overview, http://www.climateregistry.org/about.html (last visited May 30, 2010).
79. See generally Regional Greenhouse Gas Initiative, Home Page, http://www.rggi.org/home (last visited June 1, 2010).
80. See Ecosystem Marketplace, Voluntary Over-the-Counter Offset (OTC) Market, http://www.ecosystemmarketplace.com/pages/dynamic/web.page.php?section=carbon_market& page_name=otc_market (last visited June 1, 2010).
81. Lauren Teigland-Hunt & Sara Hayes, Understanding Emissions Trading: Navigating the Regional Greenhouse Gas Initiative, COMPLINET, Sept. 21, 2009, at 3, www.teiglandhunt.com/webcp/assets/rtarticles/pdf/64.pdf.
82. See Bill Chameides, What's Different? Waxman-Markey Vs. Kerry-Boxer Climate Bills, THE GREEN GROK, Oct. 2, 2009, http://nicholas.duke.edu/thegreengrok/waxmanmarkey-vskerryboxer.
83. NOAA Office of Sustainable Fisheries, Catch Shares, NOAA Proposes Draft Catch Share Policy, http://www.nmfs.noaa.gov/sfa/domes_fish/catchshare/index.htm (last visited June 1, 2010).
84. Id.
85. Envtl. Def. Fund, Catch Shares (LAPPs): A Promising Solution, http://www.edf.org/page.cfm?tagID=3332 (last visited June 1, 2010).
86. Christopher Costello, Steven D. Gaines & John Lynham, Can Catch Shares Prevent Fisheries Collapse?, 321 SCIENCE 1678, 1678-81 (2008), available at http://www.sciencemag.org/cgi/reprint/321/5896/1678.pdf. and Erik Stokstad, NOAA Moves Forward with Catch Shares, SCIENCE, May 22, 2009, http://blogs.sciencemag.org/scienceinsider/2009/05/noaa-movesforw. html.
87. Costello et al., supra note 86, at 1678.
88. Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. §§ 9601-9675 (2007); see also U.S. Envtl. Prot. Agency, About Superfund, http://www.epa.gov/superfund/about.htm (last visited Apr. 13, 2010).
89. see 42 U.S.C. § 9607 (2007).
90. David MacDonald, New Environmental Pitfalls in Land Development, SUSTAINABLE LAND DEVELOPMENT TODAY, July 1, 2005, http://www.sldtonline.com/content/view/219/71.
91. Id.
92. See DEP'T OF ENERGY, CERCLA INFORMATION BRIEF, NATURAL RESOURCE DAMAGE ASSESSMENT: PREASSESSMENT SCREENING AND INTEGRATION WITH CERCLA ECOLOGICAL EVALUATIONS, available at, http://homer.ornl.gov/nuclearsafety/env/guidance/cercla/nrda2.pdf.
93. See Authorization to Send Notification of Potential Liability Letters to Potentially Responsible Parties ("PRPs") on the Lower Duwamish River and Invitation to Engage in Discussions with Trustees to Resolve Their Natural Resource Damage Liability. Elliott Bay Trustee Council, December 16, 2009. http://www.darrp.noaa.gov/northwest/lowerduwamishriver/pdf/EB_TC_Resolution_2009-05.pdf.
94. See Damage Assessment, Remediation & Restoration Program at http://www.darrp.noaa.gov/partner/cap/index.html.
95. Id.
96. NOAA DAMAGE ASSESSMENT AND RESTORATION PROGRAM, HABITAT EQUIVALENCY ANALYSIS: AN OVERVIEW 1 (2006), available at www.darrp.noaa.gov/library/pdf/heaoverv.pdf.
97. See id. at 2.
98. Natural Resource Restoration and Enhancement Credit Protocol, available at http://www.darrp.noaa.gov/northwest/lowerduwamishriver/pdf/Bluefield%20Protocol.Executed %20052409.pdf.
99. U.S. Envtl. Prot. Agency, Overview of Impaired Waters and Total Maximum Daily Loads Program, http://www.epa.gov/owow/tmdl/intro.html (last visited Mar. 30, 2010).
100. See VA. NATURAL RES. LEADERSHIP INST., TOTAL MAXIMUM DAILY LOADS: BALANCING WATER QUALITY AND LAND USE 1 (2009), available at http://www.virginia.edu/ien/vnrli/docs/briefs/TMDL%202009.pdf.
101. WEST WATER RESEARCH LLC, REVIEW OF WESTERN U.S. ENVIRONMENTAL WATER LEASING PROGRAMS 1 (2003), available at http://www.ecy.wa.gov/programs/wr/instreamflows/Images/pdfs/WaterLeasingReview2003.pdf.
102. Id.
103. See ELEC. POWER RESEARCH INST., REGIONAL WATER QUALITY TRADING IN THE OHIO RIVER BASIN 2 (2008), available at mydocs.epri.com/docs/public/000000000001019305.pdf.
104. Charles Abdalla et al., Water Quality Credit Trading and Agriculture: Recognizing the Challenges and Policy Issues Ahead, CHOICES, (2007), available at http://www.choicesmagazine.org/2007-2/grabbag/2007-2-06.pdf.
105. Willamette Partnership, Ecosystem Credit Accounting, http://www.willamettepartnership.org/ecosystem-credit-accounting (last visited June 1, 2010).
106. Id.
107. COUNTING ON THE ENVIRONMENT WORKING GROUP MEMBERS, AGREEMENT IN CONCEPT ON ECOSYSTEM CREDIT ACCOUNTING SYSTEM 2-3, (2009), available at http://willamettepartnership.org/ecosystem-credit-accounting/willamette-ecosystem-marketplacedocuments/Agreement%20in%20Concept%20signed.pdf.
108. See Margaret Walls & Virginia McConnell, Incentive-Based Land Use Policies and Water Quality in the Chesapeake Bay, 2 (Res. for the Future, Discussion Paper No. 04-20, 2004).
109. Puget Sound Partnership Resource Center, http://www.psparchives.com/index.php (last visited Mar. 30, 2010).
110. See J.B. Ruhl & James Salzman, The Law and Policy Beginnings of Ecosystem Services, 22 J. LAND USE & ENVTL. L. 157 (2007).
111. Id. at 165.
112. Id.
113. See Wilderness.net, U.S. National Wilderness Preservation System Map, http://www.wilderness.net/index.cfm?fuse=NWPS (last visited June 1, 2010).
114. See id. at 1.
115. See id.
116. See WASH. DEP'T OF FISH AND WILDLIFE, WIND POWER GUIDELINES 9 (2009), available at http://www.wdfw.wa.gov/hab/engineer/windpower/final_wind_power_guidelines_ 2009.pdf ("Class I habitats have a greater number of associated Species of Greatest Conservation Need (SGCN) than the Class II habitats and Class II habitats have a greater number of associated SGCN than the Class III habitats. Class IV habitats are generally low value habitats.").
117. See id., at 19 (requiring "additional consultation" for proposed modification of Class I habitats in "excellent condition").
118. See id.
119. See id. at 8-9.
120. See, e.g., FRANK W. DAVIS ET AL., A FRAMEWORK FOR SETTING LAND CONSERVATION PRIORITIES USING MULTI-CRITERIA SCORING AND AN OPTIMAL FUND ALLOCATION STRATEGY 12-13 (2003), available at http://www.nceas.ucsb.edu/nceasweb/projects/4040/TerrBiod_framework-report.pdf.
121. Id. at 12.
122. Id. at 26.
123. See id.
124. See generally, id. (discussing different factors to be considered in developing a framework for conservation priorities).
125. See generally, id. (discussing need for flexibility in creation of conservation frameworks).
126. Id.
127. See REED F. NOSS, ET AL., ENDANGERED ECOSYSTEMS OF THE UNITED STATES: A PRELIMINARY ASSESSMENT OF LOSS AND DEGRADATION (1995), available at http://biology.usgs.gov/pubs/ecosys.htm (citing 261 major types of terrestrial ecosystems in the United States).
128. See Joy Nicholopoulos, The Endangered Species Listing Program, XXIV ENDANGERED SPECIES BULLETIN 6 (1999), available at http://www.fws.gov/endangered/bulletin/99/11-12/6-9.pdf.
129. Andrew Jackson Heimert, Keeping Pigs out of Parlors: Using Nuisance Law to Affect the Location of Pollution (pt. 1), 27 ENVTL. L. 403, 416 (1997).
130. See 42 U.S.C. §§ 9601-9675 (2007) (providing federal authority to respond to releases or threatened releases of toxic substances).
131. Surface Mining Control and Reclamation Act, 30 U.S.C. § 1202 (2007) (establishing a structure to address environmental damages from coal mining operations).
132. See, e.g., Ruhl & Salzman, supra note 110, at 170 ("[T]he nature of land use regulation as a legal institution implemented primarily at the local level has led to fundamental misconceptions of its capacity to participate in complex public policy problems.").
133. ZHAO MA, DENNIS R. BECKER & MICHAEL A. KILGORE, THE INTEGRATION OF CUMULATIVE ENVIRONMENTAL IMPACT ASSESSMENTS AND STATE ENVIRONMENTAL REVIEW FRAMEWORKS 49-50 (2009), available at http://www.forestry.umn.edu/publications/staffpapers/Staffpaper201.pdf.
134. See generally C.D. Clark & C.S. Russell, Ecological Conservation: The Problems of Targeting Policies and Designing Instruments, 1 J. NATURAL RES. POL'Y RESEARCH 21-34 (2009) available at http://www.informaworld.com/smpp/content~content=a906544265&db=all (stating that current policy frameworks fail to properly address ecological diversity).
135. See Clean Water Action Council, Land Use & Urban Sprawl, http://www.cwac.net/landuse/index.html (last visited June 1, 2010).
136. See Celia W. Dugger, Half the World's Population Will Live in Cities Next Year, UN Report Says, N.Y. TIMES, June 27, 2007, available at http://www.nytimes.com/2007/06/27/world/asia/27iht-27city.6363039.html?_r=1 (reporting the United Nation's prediction that 3.3 billion people would live in either towns or cities in 2008).
137. Cities Now Home to Half of All People (VOA News radio broadcast Oct. 9, 2009), transcript available at http://www.voanews.com/specialenglish/2009-10-09-voa3.cfm.
138. See U.N. POPULATION DIV., WORLD URBANIZATION PROSPECTS tbl A.1 (2007), available at http://www.un.org/esa/population/publications/wup2007/2007WUP_Highlights _web.pdf (listing the percent of the United States population living in cities at 81.4 percent).
139. See, e.g., Ohio State Univ., Study Shows Urban Sprawl Continues to Gobble Up Land, SCIENCEDAILY, Dec. 24, 2007, http://www.sciencedaily.com/releases/2007/12/071217171404.htm.
140. Nat'l. Res. Conservation Serv., National Resources Inventory, 2003 Annual NRI, http://www.nrcs.usda.gov/technical/NRI/2003/nri03landuse-mrb.html.
141. Junjie Wu, Land Use Changes: Economic, Social, and Environmental Impacts, CHOICES (2008), available at http://www.choicesmagazine.org/magazine/article.php?article=49.
142. See Encyclopedia of the Nations, United States: Population, http://www.nationsencyclopedia.com/Americas/United-States-POPULATION.html (last visited June 1, 2010) (citing population of U.S. in 2003 of 294,043,000); NationMaster, People Statistics: Population (1982) by country, http://www.nationmaster.com/graph/peo_pop-peoplepopulation& date=1982-01-01 (last visited June 1, 2010) (citing population of U.S. in 1982 of 231,664,000).
143. Forest Serv., U.S. Dep't of Agric., Forest Disturbance Processes: Fragmentation and Land Use Change, http://www.nrs.fs.fed.us/disturbance/land_use_fragmentation/(last visited June 2, 2010).
144. Press Release, U.S. Dep't. of Commerce Pub. Info. Office, An Older and More Diverse Nature by Midcentury (Aug. 14, 2008), available at http://www.census.gov/Press- Release/www/releases/archives/population/012496.html.
145. Kurt H. Riitters et al., Fragmentation of Continental United States Forests, 5 ECOSYSTEMS 815, 816 (2002), available at http://www.mrlc.gov/pdf/ecosystems_riitters02.pdf.
146. See U.S. Dep't of Agric., Natural Res. Conservation Serv., Acres of Non-Federal Forest Land, 1982, http://www.nrcs.usda.gov/technical/NRI/maps/meta/m5979.html (last visited June 2, 2010).
147. See Susan M. Stein et al., Forests on the Edge: Evaluating Contributions of and Threats to America's Private Forest Lands, Proceedings of the Seventh Annual Forest Inventory & Analysis Symposium 135, 138 (2005), available at http://www.nrs.fs.fed.us/pubs/gtr/gtr_wo077/gtr_wo077_135.pdf ("Watersheds with the greatest percentage of private forest land are generally in New England, the Southeast, and the Pacific Northwest. ... Development threats to private forest land area are concentrated in southern New England and the Southeast, although some are also found in the Pacific Northwest.").
148. John C. Bliss, Erin C. Kelly, & Jesse Abrams, Disintegration of the Industrial Forest Estate and the Future of Small-Scale Forestry in the United States 3 (Rural Studies Program Working Paper No. 08-03, 2008), available at http://ruralstudies.oregonstate.edu/sites/default/files/pub/pdf/rsp_reports/rsp-08-03.pdf.
149. Id.
150. Id.
151. David J. Nowak & Jeffrey T. Walton, Projected Urban Growth (2000-2050) and Its Estimated Impact on the US Forest Resource, J. FORESTRY, Dec. 2005, at 383, available at http://www.fs.fed.us/ucf/supporting_docs/Nowak_Walton_JoF_Dec_2005.pdf.
152. See U.N. Conference on Env't and Dev., June 3-14, 1992, Agenda 21, ¶ 11.10 ("The impacts of loss and degradation of forests are in the form of soil erosion, loss of biological diversity, damage to wild habitats and degradation of watershed areas, deterioration of the quality of life, and reduction of the options for development.").
153. See W.A. Rodgers, Patterns of Loss of Forestry Biodiversity-a Global Perspective, in CONSERVATION OF FOREST ECOSYSTEMS 7, 23 (World Forestry Cong., 1997).
154. Id. at 24.
155. See Susan Ruffo & Peter Kareiva, Using Science to Assign Value to Nature, 7 FRONTIERS IN ECOLOGY & ENV'T 3, 3 (2009), available at http://www.esajournals.org/doi/abs/10.1890/1540-9295-7.1.3.
156. Robert W. Dietz & Brian Czech, Conservation Deficits for the Continental United States: an Ecosystem Gap Analysis, 19 CONSERVATION BIOLOGY 1478-87 (2005).
157. Frank Casey, Contours of Conservation Finance in the United States at the Turn of the Twenty-First Century, in FROM WALDEN TO WALL STREET 37, 40 (James N. Levitt ed., 2005).
158. Reed F. Noss, Edward T. LaRoe III & J. Michael Scott, Endangered Ecosystems of the United States: A Preliminary Assessment of Loss and Degradation, in NAT'L BIOLOGICAL SERV., BIOLOGICAL REPORT 28 (1995), available at http://biology.usgs.gov/pubs/ecosys.htm.
159. Id.
160. See, e.g., MARGARET WALLS, FEDERAL FUNDING FOR CONSERVATION AND RECREATION: THE LAND AND WATER CONSERVATION FUND 1 (2009) available at http://www.rff.org/RFF/Documents/RFF-BCK-ORRG_LWCF.pdf.
161. See generally Craig A. Arnold, The Structure of the Land Use Regulatory System in the United States, 22 J. LAND USE & ENVTL. LAW 441 (2007) (discussing various ways in which the laws regulates land use).
162. See generally WILLAMETTE PARTNERSHIP, supra note 11 (providing an example of scientific accounting as the basis for an ecosystem services system).
163. See, e.g., id.
164. Barton H. Thompson, Jr. Ecosystem Services & Natural Capital: Reconceiving Environmental Management, 17 N.Y.U. ENVTL. L.J. 460, 486-87 (2008).
165. See U.S. ENVTL. PROT. AGENCY, FY 2011 EPA BUDGET IN BRIEF (2010), available at www.epa.gov/budget/2011/2011bib.pdf; Press Release, Bureau of Land Mgmt., Dep't of the Interior, President Proposes $1.1 Billion for BLM in Fiscal Year 2011 to Protect Resources and Manage Uses of Public Lands (Feb. 1, 2010), available at www.blm.gov/or/news/files/2-01- 10_BLM_Budget_Press_Release.pdf; Nat'l Park Serv., Dep't of the Interior, Fiscal Year 2011 Greenbook, http://home.nps.gov/applications/budget2/fy11gbk.htm (last visited June 2, 2010); U.S. Fish & Wildlife Serv., Dep't of the Interior, Fiscal Year 2011 Budget Justifications, www.fws.gov/budget/2011/toc%202011.html (last visited June 2, 2010); U.S. Forest Serv., Dep't of Agric., Budget, http://www.fs.fed.us/aboutus/budget/(last visited June 2, 2010).
166. See Jeffery T. More, The Grey and the Green: The Built Infrastructure and Conservation Investment, in FROM WALDEN TO WALL STREET: FRONTIERS OF CONSERVATION FINANCE 172, 173 (James N. Levitt ed., 2005) (citing figures for DOT financing); Office of Mgmt. & Budget, The Federal Budget: Fiscal Year 2011-The U.S. Army Corps of Engineers, http://www.whitehouse.gov/omb/factsheet_department_corps/(last visited June 2, 2010).
167. This is the average expenditure per year over the past 22 years from state and local ballot measures. See Trust for Pub. Land, TPL Landvote Database, https://www.quickbase.com/db/bbqna2qct?a=dbpage&pageID=10 (last visited June 2, 2010).
168. This figure is not inclusive of all non-profit conservation spending, but includes "conservation activities and actions." The Nature Conservancy, Consolidated Financial Statements 4 (2009), available at http://www.nature.org/aboutus/annualreport/files/fs_fy2009.pdf (indicating expenses in FY 2008-2009 for "conservation activities and actions" of $386 million); see also The Conservation Fund, Combined Financial Statements 19 (2009), available at http://www.conservationfund.org/sites/default/files/The%20Conservation%20Fund_Financials_ 2007_2008.pdf (indicating total program expenses of $153 million for 2008 and 2007).
169. Timothy B. Wheeler, U.S. Calls for More Curbs on Chesapeake Bay Pollution, BALTIMORE SUN, Nov. 10, 2009, at A3.
170. Id.
171. Id.
172. Press Release, Senator Benjamin Cardin, Cardin Announces Details of Draft Chesapeake Bay Reauthorization, Including New Funding for States and New Enforcement Provisions (Sept. 8, 2009), available at http://cardin.senate.gov/news/record.cfm?id=317548.
173. U.S. GOV'T ACCOUNTABILITY OFFICE, GAO REPORT NO. 06-96, CHESAPEAKE BAY PROGRAM: IMPROVED STRATEGIES ARE NEEDED TO BETTER ASSESS, REPORT AND MANAGE RESTORATION PROGRESS at 22, 29 (2005).
174. See Puget Sound Partnership, About the Partnership, http://www.psp.wa.gov/aboutthepartnership.php (last visited June 2, 2010).
175. Puget Sound Partnership, Fact Sheet, http://www.psp.wa.gov/downloads/FACTSHEET_ v2-2008.pdf (last visited June 2, 2010).
176. See Puget Sound Partnership, Action Agenda: Financing Strategy, Funding Strategy, Estimates of Spending Related to Puget Sound 4 (2009), available at http://www.psp.wa.gov/downloads/AAAPX/funding.pdf.
177. Jennifer Steinhauer, California Water Overhaul Caps Use, N.Y. TIMES, Nov. 4, 2009, at A16, available at http://www.nytimes.com/2009/11/05/us/05water.html.
178. Id.
179. The population increased from 8,385,982 to 16,797,132 between 1950 and 2007. CBO Data Center, Chesapeake Bay Program Indicator Framework: Reporting Level Indicators, Indicator and Data Survey, available at http://archive.chesapeakebay.net/status/status08/population2008.doc.
180. See, e.g., TOM HORTON, GROWING! GROWING! GONE! THE CHESAPEAKE BAY AND THE MYTH OF ENDLESS GROWTH 2 (2008) abell.org/pubsitems/env_growing_808.pdf (noting that approximately 1.7 million people move into the Bay area every 10 years).
181. Cory Nealon, Record $50m Ok'd for Restoration, DAILY PRESS, Nov. 2, 2009, http://articles.dailypress.com/2009-11-02/news/0911010041_1_bay-s-problems-restore-federal-affairsdirector.
182. Rex Springston, EPA Adjusts Chesapeake Bay Pollution Figures, RICHMOND TIMESDISPATCH, Nov. 27, 2009, http://www2.timesdispatch.com/rtd/news/state_regional/article/BAYY27_20091126-222205/308146.
183. The population is projected to grow by 1.6 million before 2040. PUGET SOUND REGIONAL COUNCIL, VISION 2020+20 UPDATE: ISSUE PAPER ON REGIONAL DEMOGRAPHICS AND GROWTH TRENDS i (2005), http://www.psrc.org/assets/2026/appIF8-demographics.pdf.
184. PUGET SOUND PARTNERSHIP, PUGET SOUND ACTION AGENDA: PROTECTING AND RESTORING THE PUGET SOUND ECOSYSTEM BY 2020 2, 4 (2008), available at www.psp.wa.gov/downloads/ACTION_AGENDA_2008/Action_Agenda.pdf.
185. See US Census Bureau, Data Finder, http://www.census.gov/(last visited June 2, 2010).
186. The Census Bureau estimates there will be 46,444,861 people in California in 2030. See City-Data.com, Census Bureau's 2030 Population Projections for 50 states and DC, http://www.city-data.com/forum/general-u-s/468856-census-bureaus-2030-population-projections-50- a.html (last visited June 2, 2010).
187. Bay Area Alliance for Sustainable Communities, Snapshot of the Bay Area, http://www.bayareaalliance.org/snapshot.html (last visited June 2, 2010).
188. Michael Doyle, No Cash Flows for Water Plan: Future of Cal-Fed in Doubt, SACRAMENTO BEE, June 14, 2000, available at www.calwater.ca.gov/Admin_Record/F- 002692.pdf.
189. Samantha Young and Erica Werner, Results Few After $4.7 Billion Calif. Water Plan, ASSOC. PRESS, Oct. 12, 2007, available at http://www.msnbc.msn.com/id/21269067.
190. See id. (noting that CalFed programs "have done almost nothing to achieve the main goals state and federal lawmakers laid out").
191. Id.
192. See, e.g., Press Release, Bay Bank, Pinchot Institute-Willamette Partnership Joint RFQ Now Available (July 2, 2009), available at http://www.thebaybank.org/?p=402 (announcing that the Pinchot Institute and Willamette Partnership seek to develop an Ecosystem Service Crediting Platform).
193. Willamette Partnership, Counting on the Environment: Workshop #3, Ecosystem Credit Calculator 14 (Apr. 17, 2009), available at http://willamettepartnership.org/ecosystemcredit- accounting/willamette-ecosystem-marketplacedocuments/April%20Counting%20Workshop%20Materials.pdf.
194. Id.
195. Kathryn Maloney, An Ecosystem Service Marketplace for the Chesapeake Bay, THE BAY BANK, Jan. 4, 2008, available at http://www.na.fs.fed.us/ra/specialinitiatives/080103%20FP%20Bay%20Bank_final.pdf.
196. Willamette Partnership, supra, note 193, at 24.
197. Willamette Partnership, Counting on the Environment, http://willamettepartnership.org/ongoing-projects-and-activities/nrcs-conservation-innovationsgrant- 1/counting-on-the-environment (last visited June 2, 2010).
198. Markit, Markit Environmental Registry, http://www.markit.com/en/products/registry/markit-environmental-registry.page (last visited June 2, 2010).
199. Joint Statement of Agreement for an Ecosystem Credit Accounting System, in Willamette Partnership, Counting on the Environment: Workshop #5, at 5 (2009), available at http://willamettepartnership.org/ecosystem-credit-accounting/willamette-ecosystemmarketplace- documents/Workshop%20-5%20Materials.pdf.
200. Pinchot Inst. for Conservation, The Bay Bank: A Marketplace of Opportunity, http://www.pinchot.org/current_projects/baybank (last visited June 2, 2010).
201. Margot Anderson, Conservation, the Environment, and the Farm Bill, 101 UNIV. COUNCIL ON WATER RES. 4, 4 (1995).
202. HOUSE COMM. ON AGRIC, 2007 FARM BILL CONSERVATION TITLE: INVESTING IN CONSERVATION PROGRAMS THAT PRESERVE NATURAL RESOURCES 1 (2008), available at agriculture.house.gov/republicans/farmbill/title2factsheet.pdf.
203. Anderson, supra note 216, at 4-5.
204. Craig Cox, Foreword to ENVIRONMENTAL BENEFITS OF CONSERVATION ON CROPLAND: THE STATUS OF OUR KNOWLEDGE vii (Max Schnepf & Craig Cox eds., 2006).
205. ExpectMore.gov, Programs Related to Natural Resources and the Environment, http://www.whitehouse.gov/omb/expectmore/topic/Natural_Resources_and_the_Environment.h tml (last visited June 2, 2010).
206. Id.
207. Ralph E. Heimlich & Tim Osborn, Buying More Environmental Protection with Limited Dollars, When Conservation Reserve Program Contracts Expire: The Policy Options, Conference Proceeding, (Feb. 10-11, 1994).
208. Id.
209. See Andrea Cattaneo et al, The CRP Balancing Act: Trading Off Costs and Multiple Environmental Benefits, AM. AGRIC. ECON. ASS'N 30 (2002), available at ageconsearch.umn.edu/bitstream/19810/1/sp02ca03.pdf.
210. ExpectMore.gov, Program Assessment: Conservation Reserve Program, http://www.whitehouse.gov/omb/expectmore/summary/10003008.2005.html (last visited June 2, 2010).
211. Cox, supra note 204, at vii.
212. U.S. Dep't. of Agric., Natural Res. Conservation Serv., CEAP Background, http://www.nrcs.usda.gov/technical/nri/ceap/about.html (last visited June 2, 2010).
213. Nat'l Sustainable Agric. Coal., Conservation Stewardship Program, http://sustainableagriculture.net/publications/grassrootsguide/conservation-environment/conservationstewardship- program/(last visited June 2, 2010).
214. See id.
215. Id.
216. See Millennium Ecosystem Assessment, Guide to Millennium Assessment Reports, http://www.millenniumassessment.org/en/index.aspx (last visited June 2, 2010); see generally H. JOHN HEINZ III CTR FOR SCIENCE, ECON. & ENV'T, THE STATE OF THE NATION'S ECOSYSTEMS: 2008, MEASURING THE LANDS, WATERS AND LIVING RESOURCES OF THE UNITED STATES (2008).
217. See Richard Cudahy, Coming of Age in the Environment, 30 ENVTL. L. 15 (2000) (tracing the development of environmental law throughout the twentieth century); see also Carol Rose, Expanding the Choices for the Global Commons: Comparing Newfangled Tradable Allowance Schemes to Old-Fashioned Common Property Regimes, 10 DUKE ENVTL. L. & POL'Y F. 45, 47 (2000) ("By now, of course, we have seen a whole generation of Leviathan's solutions to environmental problems, taking the form of command-and-control regulations."); Ruhl & Salzman, supra note 110, at 166 (reviewing the "current status of ecosystem services in environmental law.").
218. H. JOHN HEINZ III CTR., supra note 216, at 1.
219. Charles Duhigg, Millions in U.S. Drink Dirty Water, Records Show, N.Y. TIMES, Dec. 8, 2009, at A1, available at http://www.nytimes.com/2009/12/08/business/energyenvironment/08water.html.
220. Chapika Sangkapitux et al., Willingness of Upstream and Downstream Resource Managers to Engage in Compensation Schemes for Environmental Services, 22 INT. J. OF THE COMMONS, available at http://www.thecommonsjournal.org/index.php/ijc/article/viewArticle/123/60.
221. Adena Rissman et al., Conservation Easements: Biodiversity Protection and Private Use, 21 CONSERVATION BIOLOGY 709, 710 (2007).
222. Salzman & Ruhl, supra note 42, at 607.
223. See generally JESSICA B. WILKINSON ET AL, THE NEXT GENERATION OF MITIGATION: LINKING CURRENT AND FUTURE MITIGATION PROGRAMS WITH STATE WILDLIFE ACTION PLANS AND OTHER STATE AND REGIONAL PLANS (2009).
224. Id. at 1.
225. COMM. ON ENVTL. IMPACTS OF WIND-ENERGY PROJECTS, ENVIRONMENTAL IMPACTS OF WIND-ENERGY PROJECTS (2007).
226. See INTERAGENCY TRANSP. INFRASTRUCTURE STREAMLINING TASK FORCE, ENVIRONMENTAL STEWARDSHIP AND TRANSPORTATION INFRASTRUCTURE PROJECT REVIEWS 3-4 (2004), available at http://www.dot.gov/execorder/13274/annualreport04/annualreport04.pdf (discussing infrastructure improvements required to meet the needs of a growing population).
227. John M. Broder, Obama Offers Targets to Cut Greenhouse Gas, N.Y. TIMES, Nov. 26, 2009, at A1.
228. See J.B. Ruhl, The Background Principles of Natural Capital and Ecosystem Services- Did Lucas Open Pandora's Box?, 22 J. LAND USE & ENVTL. L. 525, 525-26 (2007) ("[A]lthough there is much yet to be learned about the ecology, geography, and ecology of natural capital and ecosystem services, what is already known demands attention from the discipline of the law.").
229. See Endangerment and Cause or Contribute Findings for Greenhouse Gases Under Section 202(a) of the Clean Air Act, 74 Fed. Reg. 18,886 (proposed Apr. 24, 2009) (to be codified at 40 C.F.R. pt. 1) (stating that greenhouse gases from motor vehicle emissions contribute to air pollution which endangers public health).
230. Id. at 18,901.
231. 42 U.S.C. § 7408(a)(1)(A) (2007) ("[T]he Administrator shall... publish... a list which includes each air pollutant- emissions of which, in his judgment, cause or contribute to air pollution which may reasonably be anticipated to endanger public health").
232. See supra note 228 and accompanying text.
233. Ruhl, supra note 228, at 527 n.9.
234. See id. at 527-28 (arguing that the better understanding of natural capital and ecosystem services can and will supplant a harm based approach that currently dictates common law protections).
235. See id. at 532.
236. William K. Jaeger, The Effects of Land-Use Regulations on Property Values, 36 Envtl. L. 105, 112-13 (2006).
237. See Heritage Foundation, The Negative Economic Impact of Environmental Regulations, Opposing Views, Jan. 30, 2009, http://www.opposingviews.com/i/the-negativeeconomic- impact-of-environmental-regulations.
238. Jaeger, supra note 258, at 105.
239. See id. at 126 ("[L]and-use regulations can, and often do, have positive effects on land values in settings where amenity effects, scarcity effects, or both kinds of effects are at work. There is also abundant empirical evidence that documents how land-use regulations have raised rather than lowered property values in many cases").
240. See, e.g., Salzman & Ruhl, supra note 42, at 609-10 (noting that regulators shape the trading factors).
241. ENVTL LAW INST., MITIGATION OF IMPACTS TO FISH AND WILDLIFE HABITAT: ESTIMATING COSTS AND IDENTIFYING OPPORTUNITIES 2 (2007).
242. Interview with Jon E. Soderberg, Senior Program Mgr., U.S. Army Corps of Engineers, Directorate of Civil Works (Nov. 3, 2008).
243. See, e.g., Salzman & Ruhl, supra note 42, at 609; Elliott Bay Trustee Council, Lower Duwamish River Resolution 2009-05 (2009), available at http://www.darrp.noaa.gov/northwest/lowerduwamishriver/pdf/EB_TC_Resolution_2009-05.pdf; Rick Pruetz, Beyond Takings and Givings, About TDR, http://www.beyondtakingsandgivings.com/tdr.htm (last visited June 2, 2010).
244. Compensatory Mitigation for Losses of Aquatic Resources, 73 Fed. Reg. 19,594, 19,595 (Apr. 10, 2008) (to be codified at 40 C.F.R. pt. 230).
245. JOHN LARSEN ET AL., BRIEF SUMMARY OF THE WAXMAN-MARKEY DISCUSSION DRAFT 4 (2009), available at http://www.wri.org/stories/2009/04/brief-summary-waxmanmarkey- discussion-draft.
246. Id.
247. See American Clean Energy and Security Act of 2009, H.R.2454, 111th Cong. § 507 (2009) (assessing §507, which governs the certification of offset credits, revealing the lack of provisions for clear title).
248. See Salzman & Ruhl, supra note 42, at 611-12 (noting governmental measures that impact the investment in wetlands and other preserves).
249. See id.
250. Chris Lott, Ritchie Lowry, &,Reid Cooper, Subject: Strategy - Socially Responsible Investing, The Investment FAQ, Mar. 23, 2001, http://invest-faq.com/cbc/strat-sri.html.
251. See Green Century Capital Management, What Is Green Investing: Historical Overview of Socially Responsible Investing (SRI), http://www.greencentury.com/greeninvesting/how-it-works/Historical-Overview-of-Socially-Responsible-Investing (last visited June 2, 2010) (giving an overview of the history of socially responsible investing).
252. Andrew Thomson, Cleantech: The Future, Now, INVESTMENT WEEK, May 18, 2009, available at http://www.investmentweek.co.uk/investment-week/feature/1376836/cleantechfuture.
253. See European Investment Bank, The European Investment Bank Proposes Two New EIBURS Sponsorships Within Its EIB-Universities Research Action, July 3, 2009, http://www.eib.org/about/news/two-new-eiburs-sponsorships-within-eib-universities-researchaction- 2009-2012.htm (noting developments in Europe).
254. See Greentech Group LLC, Cleantech Investments Reach New Apex of $5.18 Billion Over 2007 and Sixth Consecutive Year of Growth, Jan. 17, 2008 http://cleantech.com/about/pressreleases/011708.cfm.
255. Personal communication, Adam Davis, with individual fund Managers from 11/09 through 5/10
256. Greentech Group, supra note 254.
257. HERNANDO DE SOTO, THE MYSTERY OF CAPITAL: WHY CAPITALISM TRIUMPHS IN THE WEST AND FAILS EVERYWHERE ELSE 110-11 (Basic Books 2000).
258. See id.
259. JOHN LOVE, GEODAESIA: OR, THE ART OF SURVEYING AND MEASURING OF LAND MADE EASIE (1688), excerpted at Surveyhistory.org, Surveying Books Used in the United States (1600's-1700's), http://www.surveyhistory.org/surveying_books_1600s_-_1700s.htm (last visited Apr. 23, 2010).
260. Willamette Partnership, supra note 193.
261. Voluntary Carbon Standard, Frequently Asked Questions, http://www.v-cs.org/faq.html (last visited June 2, 2010).