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Forestry and the Carbon Market Response to Stabilize Climate

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Author Info
Massimo Tavoni (Fondazione Eni Enrico Mattei)
Valentina Bosetti (Fondazione Eni Enrico Mattei)
Brent Sohngen (AED Economics, Ohio State University)

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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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Publisher 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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Related research
Keywords: Forestry; Climate Policy; Technological Innovation;

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Find related papers by JEL classification:
Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry
Q52 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Pollution Control Costs; Distributional Effects; Employment Effects
Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Brent Sohngen & Robert Mendelsohn, 2003. "An Optimal Control Model of Forest Carbon Sequestration," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 85(2), pages 448-457, 05. [Downloadable!] (restricted)
  2. Valentina Bosetti & Carlo Carraro & Marzio Galeotti & Emanuele Massetti & Massimo Tavoni, 2006. "WITCH. A World Induced Technical Change Hybrid Model," Working Papers 2006_46, University of Venice "Ca' Foscari", Department of Economics. [Downloadable!]
  3. 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. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Carlo Carraro & Valentina Bosetti & Emanuele Massetti & Massimo Tavoni, 2007. "Optimal Energy Investment and R&D Strategies to Stabilise Greenhouse Gas Atmospheric Concentrations," Working Papers 2007_22, University of Venice "Ca' Foscari", Department of Economics. [Downloadable!]
    Other versions:
  2. Valentina Bosetti & Carlo Carraro & Massimo Tavoni, 2008. "Delayed Participation of Developing Countries to Climate Agreements: Should Action in the EU and US be Postponed?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  3. Sathaye, Jayant A. & Anger, Niels, 2008. "Reducing Deforestation and Trading Emissions: Economic Implications for the post-Kyoto Carbon Market," ZEW Discussion Papers 08-016, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  4. Kim, Yoon Hyung & Sohngen, Brent, 2009. "Assessing the Uncertainty of Land Based Carbon Sequestration: A Parameter Uncertainty Analysis with a Global Land Use Model," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49416, Agricultural and Applied Economics Association. [Downloadable!]
  5. Acosta, Montserrat & Sohngen, Brent, 2009. "How big is leakage from forestry carbon credits? Estimates from a Global Model," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49468, Agricultural and Applied Economics Association. [Downloadable!]
  6. Stefanie Engel & Charles Palmer, 2008. "“Painting the Forest REDD?” Prospects for Mitigating Climate Change Through Reducing Emissions from Deforestation and Degradation," IED Working paper 08-03, IED Institute for Environmental Decisions, ETH Zurich. [Downloadable!]
  7. Carlos Gustavo Cano, . "La economía del cambio climático y la opción amazónica," Borradores de Economia 530, Banco de la Republica de Colombia. [Downloadable!]
  8. Myers, Erin C., 2007. "Policies to Reduce Emissions from Deforestation and Degradation (REDD) in Tropical Forests: An Examination of the Issues Facing the Incorporation of REDD into Market-Based Climate Policies," Discussion Papers dp-07-50, Resources For the Future. [Downloadable!]
  9. Carlos Gustavo Cano, 2008. "La Economía Del Cambio Climático," BORRADORES DE ECONOMIA 005006, BANCO DE LA REPÚBLICA. [Downloadable!]
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