A Thought About the Future of ELS + Some Conservation News

"A huge patchwork of privately owned forest in northwest Montana — much of it abutting wilderness, and together almost a third the size of Rhode Island — will be permanently protected from development under an agreement announced Monday by two private conservation groups, the Nature Conservancy and the Trust for Public Land."

- N.Y. Times, 6/01/08, http://www.nytimes.com/2008/07/01/us/01develop.html

This acquisition is being financed by Qualified Forestry Conservation Bonds (QFCBs) whose sale is authorized by the recently passed Food, Conservation, and Energy Act of 2008 (Farm Bill).

QFCBs are tax credit bonds issued by a state or a section 501(c)(3) organization for the acquisition (from an unrelated person) of forest and forest land that meets the following requirements:

(1) some portion of the land is adjacent to US Forest Service land;

(2) at least one-half of the land must be transferred to the US Forest
Service at no net cost and not more than one-half of the land may remain with or
be donated to a State;

(3) all of the land must be subject to a habitat conservation
plan for native fish approved by the US Fish and Wildlife Service; and

(4) the land must be at least 40,000 acres.

QFCBs have a total allocation of $500 million.

From an environmental finance point of view the QFCB program is a great start. The very fact QFCBs may be issued by a State or political subdivision as well as 501(c)(3)s encourages the public-private partnerships that are already driving conservation efforts throughout the country. The Agricultural Preservation Restriction program in place in Mass. is an example this kind of cooperation. http://www.mass.gov/agr/landuse/APR/index.htm.

From an environmental advocacy point of view this news reinforces my belief that the sale of municipal bonds, and their state and private sector counterparts, are an effective way to reliably finance environmental/conservation projects.

From an ELS point of view this news makes me think that we can expand our reach a bit. While still focusing on greening NESL and the surrounding community, ELS can make it our mission to advocate for bond financing for environmental projects. Granted we probably can't get bond measures on any legislative agendas ourselves, but we can look for places where they are already on the ballot, find like-minded organizations who may be supporting such measures, and join their fight. I think this might be a good way for us to integrate our members into environmental communities outside of Massachusetts. We might also be able to gain some advocacy experience which is always invaluable for lawyers-in-training like us.

I hope people might give all of this some thought. Of course suggestions as to how we might advocate effectively in other contexts, besides that of muni. bonds, are always welcome. I am always available at Manuhusain@gmail.com and am in Boston for the summer if anybody would like to get together to talk through all of this stuff.