Journal of Forest Economics > Vol 24 > Issue 1

Is forest carbon sequestration at the expense of bioenergy and forest products cost-efficient in EU climate policy to 2050?

Miriam Münnich Vass, , miriam.munnich-vass@naturvardsverket.se Katarina Elofsson, , Katarina.elofsson@slu.se
 
Suggested Citation
Miriam M√ľnnich Vass and Katarina Elofsson (2016), "Is forest carbon sequestration at the expense of bioenergy and forest products cost-efficient in EU climate policy to 2050?", Journal of Forest Economics: Vol. 24: No. 1, pp 82-105. http://dx.doi.org/10.1016/j.jfe.2016.04.002

Published: 0/8/2016
© 0 2016 Miriam Münnich Vass, Katarina Elofsson
 
Subjects
 
Keywords
JEL Codes:Q23Q52Q54Q58
BioenergyCost-efficiencyDynamic optimisationEUClimate policyForest carbon sequestration
 

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In this article:
Introduction
Method
Empirical functions and data
Results of cost-efficient solutions
Discussion and conclusions

Abstract

Forest management affects the quantity of CO2 emissions in the atmosphere through carbon sequestration in standing biomass, carbon storage in forest products and production of bioenergy. The main question studied in this paper is whether forest carbon sequestration is worth increasing at the expense of bioenergy and forest products to achieve the EU emissions reduction target for 2050 in a cost-efficient manner. A dynamic cost minimisation model is used to find the optimal combination of carbon abatement strategies to meet annual emissions targets between 2010 and 2050. The results indicate that forest carbon sequestration is a low-cost abatement method. With sequestration, the net present costs of meeting EU carbon targets can be reduced by 23%.

DOI:10.1016/j.jfe.2016.04.002