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Forestry and the Carbon Market Response to Stabilize Climate

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  • Massimo Tavoni

    (Fondazione Eni Enrico Mattei)

  • Valentina Bosetti

    (Fondazione Eni Enrico Mattei)

  • Brent Sohngen

    (AED Economics, Ohio State University)

Abstract

This paper investigates the potential contribution of forestry management in meeting a CO2 stabilization policy of 550 ppmv by 2100. In order to assess the optimal response of the carbon market to forest sequestration we couple two global models. An energy-economy-climate model for the study of climate policies is linked with a detailed forestry model through an iterative procedure to provide the optimal abatement strategy. Results show that forestry is a determinant abatement option and could lead to significantly lower policy costs if included. Linking forestry management to the carbon market has the potential to delay the policy burden, and is expected to reduce the price of carbon of 40% by 2050. Biological sequestration will mostly come from avoided deforestation in tropical forests rich countries. The inclusion of this mitigation option is demonstrated to crowd out some of the traditional abatement in the energy sector and to lessen induced technological change in clean technologies.

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Bibliographic Info

Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2007.15.

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Date of creation: Jan 2007
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Handle: RePEc:fem:femwpa:2007.15

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Keywords: Forestry; Climate Policy; Technological Innovation;

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  1. repec:hal:wpaper:halshs-00009338 is not listed on IDEAS
  2. Brent Sohngen & Robert Mendelsohn & Roger Sedjo, 1999. "Forest Management, Conservation, and Global Timber Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(1), pages 1-13.
  3. Brent Sohngen & Robert Mendelsohn, 2003. "An Optimal Control Model of Forest Carbon Sequestration," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(2), pages 448-457.
  4. Roger Sedjo & Joe Wisniewski & Alaric Sample & John Kinsman, 1995. "The economics of managing carbon via forestry: Assessment of existing studies," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 6(2), pages 139-165, September.
  5. Valentina Bosetti & Carlo Carraro & Marzio Galeotti & Emanuele Massetti & Massimo Tavoni, 2006. "WITCH. A World Induced Technical Change Hybrid Model," Working Papers 2006_46, Department of Economics, University of Venice "Ca' Foscari".
  6. Goulder, Lawrence H. & Mathai, Koshy, 2000. "Optimal CO2 Abatement in the Presence of Induced Technological Change," Journal of Environmental Economics and Management, Elsevier, vol. 39(1), pages 1-38, January.
  7. van 't Veld, Klaas & Plantinga, Andrew, 2005. "Carbon sequestration or abatement? The effect of rising carbon prices on the optimal portfolio of greenhouse-gas mitigation strategies," Journal of Environmental Economics and Management, Elsevier, vol. 50(1), pages 59-81, July.
  8. Robert N. Stavins, 1999. "The Costs of Carbon Sequestration: A Revealed-Preference Approach," American Economic Review, American Economic Association, vol. 89(4), pages 994-1009, September.
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  1. Seeing the forests for the trees
    by Daniel Hall in common tragedies on 2007-10-04 19:12:26
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