FINANCING FOREST CONSERVATION ACROSS THE COMMONWEALTH USING AGGREGATION AND MITIGATION TO CONSERVE THE FORESTS OF MASSACHUSETTS By JAMES N. LEVITT, JASON SOHIGIAN AND KATE ISENBERG June 2010 Revised September 2010 THIS IS A RESEARCH PUBLICATION OF THE PROGRAM ON CONSERVATION INNOVATION AT THE HARVARD FOREST, HARVARD UNIVERSITY PREPARED WITH SUPPORT FROM The Massachusetts Environmental Trust Financing Forest Conservation Across the Commonwealth is a research product of the Program on Conservation Innovation at the Harvard Forest, Harvard University, and is based in part on a series of meetings of the Advisory Board on Financing Forest Conservation that were held in the Commonwealth of Massachusetts in 2009 and 2010. The report was prepared with the financial support of the Massachusetts Environmental Trust. Additional hard copies may be obtained from: James N. Levitt, Director, The Program on Conservation Innovation at the Harvard Forest, Harvard University (contact via postal mail PO Box 79218, Waverley, MA 02479 USA; telephone: 617-489-7800; e-mail:
[email protected]; web: www.ConservationInnovation.net). FINANCING FOREST CONSERVATION ACROSS THE COMMONWEALTH USING AGGREGATION AND MITIGATION TO CONSERVE THE FORESTS OF MASSACHUSETTS TABLE OF CONTENTS Page Executive Summary ……………………………………………………….. 1 Background ………………………………………………………………... 3 Organization of the Advisory Board on Financing Forest Conservation …. 5 Aggregation as a Strategy for Financing Forest Conservation ……………. 9 Mitigation as a Strategy for Financing Forest Conservation ……………… 17 Additional Strategies for Consideration …………………………………… 26 Recommendations ………………………………………………………….. 29 Appendix 1: Aggregation ………………………………………………….. 30 Appendix 2: Mitigation……………………………………………………... 44 Endnotes ……………………………………………………………………. 59 EXECUTIVE SUMMARY The conservation of the forests and watersheds of Massachusetts is key to the sustained health and well-being of present and future citizens of the Commonwealth.