Despite formal pushback from The Nature Conservancy (TNC), The National Environmental Banking Association (NEBA), Virginia Department of Wildlife Resources (DWR), the U.S. Environmental Protection Agency (EPA) and others, the Virginia Department of Environmental Quality (VA DEQ) is moving forward with a new In-Lieu Fee (ILF) Program, apparently intended to supplant the longstanding state ILF - VARTF (Virginia Aquatic Resources Trust Fund).
DWR Correspondence Read Here TNC Objection Letter Read Here NEBA Letter Read Here EPA Letter Read Here
In emails and other information collected under FOIA (Freedom of Information Act) by the National Environmental Banking Association, it would appear that issues relating to VARTF's environmental compliance may have caused VA DEQ to decide to launch its own program - called Wetland and Stream Replacement Fund (WSRF)- without TNC.
NEBA believes strongly that mitigation stakeholders, Virginia taxpayers, and others are entitled to an honest accounting of where an estimated $100 million collected by VARTF has been spent to date, if not into Virginia's environment where the program intended.
Further, since any release of salable mitigation credits would have been approved by VA DEQ, the question needs to be asked - how can this agency be expected to police itself when indeed it apparently failed to properly police VARTF?
Watch NEBA for additional news releases on the current questions swirling in Richmond.
Mitigation banking is often discussed in terms of credits—wetland credits, stream credits, or other units used to compensate for unavoidable environmental impacts. But the value of a mitigation bank extends far beyond the regulatory credit itself. Well-designed mitigation banks can provide a broad range of ecosystem services that benefit watersheds, wildlife, communities, and taxpayers.Cleaner Water •
Read MoreThe National Environmental Banking Association is proud to honor this year’s award recipients—leaders who exemplify innovation, integrity, and excellence in advancing mitigation banking and ecological restoration. These individuals and organizations are setting new standards for environmental outcomes, strengthening partnerships between the public and private sectors, and inspiring the next generation of restoration professionals.2026 Award WinnersAward for
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