Colman Engineering, PLC | Civil, Environmental, and Water Resources Engineering Services

  • Home
  • Services
    • Land Development
    • Water Resources
    • Environmental
  • Portfolio
  • About
  • Contact
  • Blog
  • Jobs
  • Home
  • Services
    • Land Development
    • Water Resources
    • Environmental
  • Portfolio
  • About
  • Contact
  • Blog
  • Jobs

Blog

Discussing current issues in engineering

City of Hampton Funds Green Infrastructure Through Environmental Impact Bond

1/11/2021

 
Picture
Photo Credit: Alpsdake, CC BY-SA 4.0
The City of Hampton, Virginia, recently joined a short list of U.S. communities spearheading green infrastructure investment through the use of Environmental Impact Bonds (EIBs).

First developed by D.C.-based social investment firm Quantified Ventures, EIBs are a financing tool that encourages investment in green infrastructure by linking financial returns to measurable performance outcomes. Public utilities issue the bonds alongside performance targets and timeframes, and independent parties assess project success through the achievement of said targets. EIBs can be used to fund pilot approaches to sustainable infrastructure or to scale up lab-tested environmental projects. 

The EIB’s outcomes-based financing approach helps to stabilize green infrastructure investments, which can be risky due to the varying efficacies of individual green projects, and thereby increases venture capital opportunities for communities interested in going green. For the City of Hampton, this EIB will equate to approximately $12 million in stormwater-related infrastructure projects with the end goals of reducing pollution and enhancing the city’s resilience to flooding events.

Hampton is bisected by Newmarket Creek, a tributary of the two-mile-long Back River that eventually feeds into the Chesapeake Bay. In recent years, severe weather events and sea level rise have led to the increased flooding of Newmarket Creek. Hampton’s planned green infrastructure projects would combine to expand the stormwater storage capacity of the Newmarket Creek watershed by an excess of 8.6 million gallons. With sea levels and the occurrence of severe weather predicted to continue rising, these projects will provide valuable security against future flooding events while also creating neighborhood assets for Hampton residents.
​
Project designs include a series of manmade wetlands and detention ponds that combine to form a “stormwater park,” extensive vegetation installations, and an increase in elevation for a major city road. You can learn more about the City of Hampton’s Environmental Impact Bond and green infrastructure projects here.

Comments are closed.

    Colman Engineering, PLC

    A professional engineering firm located in Harrisonburg, VA

    Archives

    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    January 2018
    April 2015
    March 2015
    January 2015

    RSS Feed

Picture
Colman Engineering, PLC
1123 S. High Street
Harrisonburg, VA 22801
contact@colmanengineering.com
(540) 246-3712
Colman Engineering, PLC

© Colman Engineering, PLC  |  All Rights Reserved