CF_D3 Washington SRC trading program. A stormwater credit market to encourage green infrastructure development
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Zenodo
2024
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| _version_ | 1866902077952753664 |
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| author | Machiels, Thomas |
| author_facet | Machiels, Thomas |
| contents | <p>The District of Columbia’s Stormwater Retention Credit (SRC) Trading program, initiated in 2013 along with new stormwater regulations for real estate developments, represents a pioneering market-based mechanism designed to mitigate stormwater runoff by incentivising green infrastructure. The business model leverages stormwater regulations to encourage private sector investment in green infrastructure by enabling private developers to meet retention standards either on-site (i.e., by building green infrastructure) or off-site through purchasing credits on the SRC market from SRC generators (SRC Aggregators). By offering regulated developments the opportunity for off-site compliance with retention requirements, the District encourages the dispersal of green infrastructure as much as possible to areas where untreated stormwater drains directly to District water bodies. The District’s stormwater regulations and SRC Trading program are key components of broad efforts to improve the water quality of its water bodies.</p> <p>The SRC Program's success lies in its ability to harness the regulated community’s need for compliance flexibility within stormwater regulations to create incentives for green infrastructure development in highpriority areas. This has created a dynamic market in which the supply of and demand for SRCs increases each year. A critical success factor and de-risking mechanism for the supply side of the SRC market is the SRC Price Lock program, which allows SRC Aggregators to sell credits to the DOEE at a fixed price. An important demand-side limitation is the SRC Trading Program’s voluntary nature, which encourages, but does not require, private developers to choose to meet stormwater requirements off-site. The transferability of the SRC trading model to other territories hinges on the alignment of program mechanics with existing regulations, a large enough scale, and the development of an informed and engaged market of participants. The program underscores a strategic shift from public to private investment in stormwater management, emphasising costefficiency and environmental stewardship.</p> |
| format | Recurso digital |
| id | zenodo_https___doi_org_10_5281_zenodo_13836667 |
| institution | Zenodo |
| language | |
| publishDate | 2024 |
| publisher | Zenodo |
| record_format | zenodo |
| spellingShingle | CF_D3 Washington SRC trading program. A stormwater credit market to encourage green infrastructure development Machiels, Thomas <p>The District of Columbia’s Stormwater Retention Credit (SRC) Trading program, initiated in 2013 along with new stormwater regulations for real estate developments, represents a pioneering market-based mechanism designed to mitigate stormwater runoff by incentivising green infrastructure. The business model leverages stormwater regulations to encourage private sector investment in green infrastructure by enabling private developers to meet retention standards either on-site (i.e., by building green infrastructure) or off-site through purchasing credits on the SRC market from SRC generators (SRC Aggregators). By offering regulated developments the opportunity for off-site compliance with retention requirements, the District encourages the dispersal of green infrastructure as much as possible to areas where untreated stormwater drains directly to District water bodies. The District’s stormwater regulations and SRC Trading program are key components of broad efforts to improve the water quality of its water bodies.</p> <p>The SRC Program's success lies in its ability to harness the regulated community’s need for compliance flexibility within stormwater regulations to create incentives for green infrastructure development in highpriority areas. This has created a dynamic market in which the supply of and demand for SRCs increases each year. A critical success factor and de-risking mechanism for the supply side of the SRC market is the SRC Price Lock program, which allows SRC Aggregators to sell credits to the DOEE at a fixed price. An important demand-side limitation is the SRC Trading Program’s voluntary nature, which encourages, but does not require, private developers to choose to meet stormwater requirements off-site. The transferability of the SRC trading model to other territories hinges on the alignment of program mechanics with existing regulations, a large enough scale, and the development of an informed and engaged market of participants. The program underscores a strategic shift from public to private investment in stormwater management, emphasising costefficiency and environmental stewardship.</p> |
| title | CF_D3 Washington SRC trading program. A stormwater credit market to encourage green infrastructure development |
| url | https://doi.org/10.5281/zenodo.13836667 |