I'd be happy to say a bit about that. With the net gain idea, it's important to talk about how we divide up and manage fishing rights, but it's even more important to make sure that we sustain and grow fisheries, and that comes down to habitat. When we grow the pie, everybody wins.
We've talked about third party habitat banking and fees in lieu, and those are both tools that allow us to get to habitat conservation restoration with less cost and less delay, which is exactly what you're getting at, particularly at a time when we want to move major economic projects forward with more speed, less delay and less red tape. Fees in lieu are pretty simple.
Right now, if you have to get an authorization, the proponent himself has to do the offset. They have to arrange it, they have to find it, they have to manage it and they have to make sure it lasts. That's not their business. Their business is being a project developer. A fee in lieu allows that to go into a fund that's then spent on habitat restoration, habitat conservation and specialist organizations. The proponent doesn't have to go through consultation, it doesn't have to go through regulatory red tape, it doesn't have to manage a whole offset project that it doesn't know how to do. That's done by someone who knows how to do it, and the proponent gets on with the business of building their project.
Better habitat outcomes, better economic outcomes and quicker projects make it a win-win. The U.S. has been doing it for decades. Other countries do it. Several Canadian provinces do it for wetlands. We know it works when it's done right.
Third party banking is the same thing. The last round of the act allowed proponent-led banking, which is a start, but it's not that practical. You're telling a development company you can get into the business of fish habitat banking. It's not what it does. It has been used very little. What's worked in other countries, in the U.S. is, just like that fee in lieu model, having businesses that are in the business of fish habitat restoration set up these large banks. They're better habitat because they're large, connected areas that deliberately select the habitat priorities that we need, not a last-minute, site-by-site offset based on when your project's going forward.
It's one-stop shopping in terms of consultation and regulation, not a number of different individual one-off regulatory consultations. Again, it's way easier for the proponent. They simply go to this bank, which is already established, and say, I'd like to buy 100 credits of fish habitat. I can go forward with my project now, and they don't spend all their time and energy and money worrying about building a fish offset bank. The person who knows how to do it does it. These work, and there are decades of experience in the U.S. and other countries. We just need to implement them here, they're good for the environment and good for the economy.