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This pair of papers examines and describes the state action necessary to make markets function as environmental policy instruments and as strategies of governance. They do this through a detailed look at the mechanics of environmental credit compliance markets in the US states of Oregon, Ohio, and North Carolina in which stream credits are privately created and sold to developers who have impacted protected stream systems. In this paper, we examine the tools, techniques, and people involved in the creation of a value-bearing stream credit out of a physical stream or river site. These observations reveal important principles of how science functions within governance, as well as where gaps and resistances appear that create unforeseen outcomes in market-led policy. We examine the construction and use of instruments that define natural processes as objects with value; these techniques and tools include …