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| Markit appointed registry for multiple environmental market initiative in Mid-Atlantic United States | | Sep 10 2009 | |
New York and Washington DC - Markit, a financial information services company, today announced that Markit Environmental Registry, a global provider of registries for the carbon and ecosystems markets, has been appointed as the official registry for the Bay Bank's multiple environmental marketplace and conservation programs in the Chesapeake Bay region (including Maryland, Delaware, West Virginia, New York, Pennsylvania, and Virginia).
The Bay Bank is being developed through a unique partnership between the Pinchot Institute for Conservation, Sustainable Solutions LLC, state and federal agencies, and a variety of environmental leaders across the US. The Bay Bank is designed to improve the overall quality of the region's ecosystem health and function by linking farmers and woodland owners to ecosystem service markets and conservation programs. The objective of the program is to help facilitate the adoption of land management practices that enhance water quality, mitigate climate change, and preserve biodiversity in this region.
Dan Nees, Director of Chesapeake Fund, said: "The partnership between Markit Environmental Registry and the Bay Bank signals a new and exciting era of market-focused infrastructure that will support water quality market programs for the region and provide the necessary national scalability for these programs."
The Bay Bank program includes a streamlined infrastructure platform enabling a landowner to search for their property, receive an assessment of feasibility of the possible credits that can be produced on their land and receive support to help generate and register those credits. Markit Environmental Registry will record the conservation action sites, issue the serialized credits based on verification reports, and track credits throughout the credit lifecycle.
In addition, a new feature on the registry will enable matching of the conservation actions with the funds that have been directed towards the conservation programs. Ensuring credit and fiscal transparency together with no double counting of any of the credit types generated under the Bay Bank program will be key to its success. This approach will help establish the essential independence, rigor and robustness of the Bay Bank marketplace for landowners, state and national governments, standards authorities, investors and corporations.
Helen Robinson, Managing Director of Markit Environmental Registry, said: "Water quality and habitat conservation are key issues for the Chesapeake Bay area and the Bay Bank is at the forefront of this new multi-credit environmental market on the East Coast. We are delighted to be working alongside the Bay Bank as the markets develop to ensure transparency and credibility of the programs. Only with the best quality multi-credit infrastructure can these environmental markets reach scale regionally, nationally and globally."
Eric Sprague, Program Director of the Pinchot Institute, said: "Markit Environmental Registry provides the world class infrastructure that we were looking for that could support the range of environmental credits in the Bay Bank multiple credit ecosystem marketplace. The creativity, knowledge and passionate expertise that Markit Environmental Registry brings to Bay Bank is critical to ensuring a successful partnership and the overall successful development of ecosystem markets."
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