Nutrient trading is quickly becoming one of the major strategies in the Chesapeake Bay restoration process. Enabling the least-cost pollution reductions in subwatersheds to occur first and bringing market forces to bear on cleanup efforts helps to ensure that the citizens of the region get the most pounds of nutrient and sediment pollution reduction per dollar expended.
Legislation passed by the Virginia General Assembly earlier in 2005, and signed by Gov. Mark Warner, established the first point source, watershed-based, nutrient trading system in the Bay region. This plan allows point source dischargers in the state’s subwatersheds to buy and sell credits from each other to help meet their 2010 nutrient reduction goals.
In September 2005, the Pennsylvania Department of Environmental Protection issued draft policies that would establish the first point source and nonpoint source nutrient trading program in the Bay watershed. In addition, it would allow for third party participation in the purchase or exchange of nutrient credits. This is a major step…”