Water rights play a critical role in western ecosystem markets. Unique to the West, a water right must underlie all new water use for ecosystem services. This requires reallocating or acquiring the water rights necessary for your project (i.e. wetland development). Lotic has had the fortunate opportunity to work with mitigation bank developers across the West. The mission for most of these banks aligns perfectly with Lotic’s vision of turning blue into green. As a result, this is work we enjoy and actively pursue.
To show our support and eagerness to further engage in this market, Lotic sponsored the National Mitigation and Ecosystem Banking Conference. We have also developed a slidedeck (below) that highlights our services in this market.
Similarly, Lotic will be presenting at the Ecosystem Markets Conference in Madison, Wisconsin. This presentation will highlight the importance of water rights in western ecosystem markets and explore additional opportunities that exist with water markets. The abstract for this presentation is provided below. We hope to see you there.
In the West no water right means no water. Ecosystem services are no exception when it comes to the importance of water rights. Securing water rights is a critical component of establishing mitigation banks. This session will demonstrate the importance of water rights in mitigation bank development and will help you to recognize additional market opportunities that these water rights assets provide.
Mitigation banks in the West require appropriate consideration of existing water rights. Researching and taking inventory of all water rights and determining how to reallocate them is critical to the overall success of mitigation bank development. Furthermore, securing valid water rights for a mitigation bank can increase its return on investment and decrease its legal risk of water rights. Having valid water rights can also lead to additional market opportunities.
Pressure to reallocate water rights from agriculture to urban and environmental use is driving water quantity markets across the West. With increasing thirst and decreasing supply, this arid region needs an efficient system to distribute water rights among competing users. The answer lies in private water quantity banking. Water banks provide private market opportunities to mitigate groundwater development. Stacking water quantity banks with other mitigation banks offers additional profits for mitigation bank development.