“New roads, power lines, mines, and oil extraction projects impact the environment, degrading and destroying habitat that will ideally be replaced elsewhere, through mitigation. But when people live near areas where habitats been dramatically altered, those communities can still lose important benefits even with mitigation if the replacement sites are too far away.
Recognizing that current mitigation practices can leave affected communities worse off, many prominent permitting agencies and financial institutions, such as the International Finance Corporation (IFC), part of the World Bank Group, have added new language to their performance standards. These are the requirements that projects must meet before receiving financing. Specifically, the IFC, as well as the 84 institutions who have adopted the Equator Principles, are now requiring development mitigation plans to address impacts on people by exploring their impacts on ecosystem services.
In practice though, this analysis is rarely happening, and this means that the substantial money being used for mitigation is contributing to inequity, says a recent paper published in Environmental Modeling & Software…”
Read on at: Natural Capital Project