Patient capital and no net loss: Applying institutional theory to understand publicly-owned mitigation banking in an urban context at a United States port
Corresponding Author
Austin Thompson-Spain
Department of Parks, Recreation, and Tourism Management, College of Natural Resources, North Carolina State University, Raleigh, North Carolina, USA
Correspondence
Austin Thompson-Spain, Department of Parks, Recreation and Tourism Management, College of Natural Resources, NC State University, Raleigh, NC.
Email: [email protected]
Search for more papers by this authorKyle S. Bunds
Department of Parks, Recreation, and Tourism Management, College of Natural Resources, North Carolina State University, Raleigh, North Carolina, USA
Search for more papers by this authorLincoln Larson
Department of Parks, Recreation, and Tourism Management, College of Natural Resources, North Carolina State University, Raleigh, North Carolina, USA
Search for more papers by this authorBethany Cutts
Center for Geospatial Analytics, Department of Parks, Recreation and Tourism Management, College of Natural Resources, North Carolina State University, Raleigh, North Carolina, USA
Search for more papers by this authorJ. Aaron Hipp
Center for Geospatial Analytics, Department of Parks, Recreation and Tourism Management, College of Natural Resources, North Carolina State University, Raleigh, North Carolina, USA
Search for more papers by this authorCorresponding Author
Austin Thompson-Spain
Department of Parks, Recreation, and Tourism Management, College of Natural Resources, North Carolina State University, Raleigh, North Carolina, USA
Correspondence
Austin Thompson-Spain, Department of Parks, Recreation and Tourism Management, College of Natural Resources, NC State University, Raleigh, NC.
Email: [email protected]
Search for more papers by this authorKyle S. Bunds
Department of Parks, Recreation, and Tourism Management, College of Natural Resources, North Carolina State University, Raleigh, North Carolina, USA
Search for more papers by this authorLincoln Larson
Department of Parks, Recreation, and Tourism Management, College of Natural Resources, North Carolina State University, Raleigh, North Carolina, USA
Search for more papers by this authorBethany Cutts
Center for Geospatial Analytics, Department of Parks, Recreation and Tourism Management, College of Natural Resources, North Carolina State University, Raleigh, North Carolina, USA
Search for more papers by this authorJ. Aaron Hipp
Center for Geospatial Analytics, Department of Parks, Recreation and Tourism Management, College of Natural Resources, North Carolina State University, Raleigh, North Carolina, USA
Search for more papers by this authorAbstract
As urban areas grow, ecosystem extent and condition continue to decline. Some countries have adopted “no net loss” policies that require compensatory actions for unavoidable ecosystem losses. In the US, mitigation banking has emerged as a means of offsetting losses, but the system remains dominated by private commercial banks and mitigation outside of an urban context. With this in mind, we seek to understand the institutional drivers of innovative finance for urban mitigation projects at the public agency level. Applying institutional logics and institutional isomorphisms as theoretical foundations, we conducted a qualitative case study of innovative finance for habitat restoration at the Port of Seattle, a public port in Seattle, Washington (USA). Findings from interviews, focus groups, and document analysis suggest that hybrid institutional logics, unique organizational characteristics, and coercive and normative isomorphisms drive organizational change in this context, but significant barriers exist to establishing similar systems in the US.
CONFLICT OF INTEREST STATEMENT
The authors declare no conflicts of interest.
Open Research
DATA AVAILABILITY STATEMENT
The data that support the findings of this study are available from the corresponding author upon reasonable request.
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