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WEBINAR RECORDING: A look at innovative methods of addressing the nutrient reductions requirements to help improve and protect the Chesapeake Bay resources.
Recorded live on Wednesday December 3, 2014 at 11:00 am PDT / 2:00 pm EDT.
The Pennsylvania Infrastructure Investment Authority (PENNVEST) – a state agency – finances water quality improvement projects which reduce nutrient discharges like nitrogen and phosphorous into streams that flow into the Bay. An innovative new program that PENNVEST is creating will help raise funding from the sale of voluntary nutrient credits.
PENNVEST is a financing authority established by the Commonwealth of Pennsylvania in 1988, providing a consistent source of low interest loan and grant funding to public communities and private entities to fund clean water projects. Since 1988, PENNVEST has awarded $7.4 billion in funding. In 2010, PENNVEST began to administer the state’s nutrient credit trading clearinghouse, transacting nutrient reductions generated by point and non-point sources to permitted dischargers to reduce nutrient loads to waterways in response to the Chesapeake Bay TMDL. The trading program provides a cost-effective means for the regulated public and private waste water treatment plants and other parties to purchase credits to meet their nitrogen and phosphorus discharge limits for the compliance year. PENNVEST serves as the central counterparty and clearinghouse for the auction transactions. The buyers and sellers contract with PENNVEST thereby reducing risk which in turn helps create a stable nutrient credit trading market. As an extension to the clearinghouse, PENNVEST is now expanding the market place to voluntary transactions as a means to expedite reduction goals and further improve water quality to save the Chesapeake Bay.
The voluntary market primarily mirrors the traditional credit trading program by implementing a nutrient reduction practice, quantifying the reduction, verifying the reduction, then registering the reduction to a nutrient credit registry. In the voluntary market, non-point source best management practices are chosen, such as forested buffers that are a source for nutrient reductions compared to technology based practices. The primary difference in the voluntary market is that nutrient reductions get issued in a voluntary nutrient credit registry, transferred to the purchaser’s account and then retired under the name of the purchaser. For this proposal, PENNVEST has been collaborating with Markit, a global information services company. In the environmental space, Markit is an advisor to governments, standards bodies and NGOs on the voluntary and emerging markets as well as an infrastructure registry provider for environmental programs and auction services. Forest buffers have been chosen as one of the most cost effective best management practices to fund and provide reductions annually for as long as the buffer is maintained. Additionally, other credits may be claimed for the same acreage of forested buffer that are maintained. The goal is to encourage the purchase for installation of forested buffers for 63% of stream bank and shoreline miles in the Chesapeake Bay Watershed by 2025.
Wednesday December 3, 2014 at 11:00 am PDT / 2:00 pm EDT.
Sustainability professionals will be able to further their company’s sustainability goals and contribute to the restoration of one of America’s largest and most important estuaries by helping shape and participate in this new water quality credit marketplace.
Free admission for ISSP members. $10 for all guests. Can't make it live? Register anyway and we'll send you the recording in the followup email.
Paul Marchetti, Executive Director of PENNVEST, began his career as a staff economist with the U.S. E.P.A. Paul worked as a Senior Economist at the U.S. General Accounting Office and as a Fiscal Policy Specialist for the Governor's Office of the Budget before being appointed as PENNVEST's Executive Director in 1988, a position he has held while also serving as the President of the Council of Infrastructure Financing Authorities.
Mr. Marchetti earned his Bachelor's Degree in Economics from the University of Massachusetts, and a Master of Arts and Ph.D. in Economics from the University of Maryland.
Brion Johnson, Deputy Executive Director for Project Management, joined PENNVEST as a Project Specialist in 1988.
In his role in Project Management, Brion coordinates the efforts of the four PENNVEST regions in the identification, evaluation and recommendaton of PENNVEST funding candidates and the nutrient credit program. Brion also works with applicants on education, financing, and coordination with government agencies such as the Department of Environmental Protection and the Department of Economic and Community Development.
Mr. Johnson earned his Associate's Degree in Engineering from Pennsylvania College of Technology and a Bachelor of Science in Government Administration from Christopher Newport College.
Robert Boos, Credit Trading Specialist, oversees operations for the Nutrient Credit Trading Clearinghouse hosted by PENNVEST. Prior to working for PENNVEST, Rob worked for 15 years at the Department of Environmental Protection in a variety of capacities within the Water Quality and Waste Management Programs. Protecting and improving water quality within the Commonwealth began for Rob as a Field Technician with the Lawrence County Conservation District and has been the focal point of his career ever since.
Mr. Boos earned his Bachelor of Science in Environmental Science with a minor in Biology from Westminster College.
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