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Institutional Pressures and an Evolving Forest Carbon Market

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  • Derek W. Thompson
  • Eric N. Hansen

Abstract

It is estimated that 87 million acres of forestland in the United States (US) is managed by private industrial forestland owners (nearly 14% of the forestland nationwide). Private industrial forestland owners include forest product companies, Timber Investment Management Organizations (TIMOs) and Real Estate Investment Trusts (REITs). Current regulatory and voluntary carbon markets, as well as proposed national emission reduction legislation, in the US make provisions for substantial carbon offsets from domestic forestry projects. This research employs the theory of planned behavior by means of an online questionnaire in order to survey large industrial forestland owners (>30 000 acres) regarding intentions to manage forestland for carbon sequestration and trading. Quantitative results suggest that very few organizations (18%) were managing forestland for carbon values. Attitudes towards carbon sequestration and trading were significantly influenced by the managers' beliefs that emission reduction legislation would become law and that US forest carbon offsets can be used as a legitimate climate change mitigation tool. Qualitative results revealed that most organizations are taking a passive approach to carbon sequestration and trading until a suitable regulatory framework emerges and carbon prices provide the conditions for a sound investment. The researchers suggest that, given the size and scope of the climate change phenomenon as well as the multifaceted and unified mitigation strategy required to address it, the development of functional carbon markets will be an iterative process and may require a global carbon framework that reflects the globalized nature of the forest economy. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment

Suggested Citation

  • Derek W. Thompson & Eric N. Hansen, 2012. "Institutional Pressures and an Evolving Forest Carbon Market," Business Strategy and the Environment, Wiley Blackwell, vol. 21(6), pages 351-369, September.
    • Handle: RePEc:bla:bstrat:v:21:y:2012:i:6:p:351-369
    DOI: 10.1002/bse.1726
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    2. Jang-Hwan Jo & Taewoo Roh & Jongmin Hwang & Kyeong-hak Lee & Changbae Lee, 2020. "Factors and Paths Affecting Payment for Forest Ecosystem Service: Evidence from Voluntary Forest Carbon Market in South Korea," Sustainability, MDPI, vol. 12(17), pages 1-18, August.
    3. Lauren Gifford, 2020. "“You can’t value what you can’t measure”: a critical look at forest carbon accounting," Climatic Change, Springer, vol. 161(2), pages 291-306, July.
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    5. Tiberio Daddi & Niccolò Maria Todaro & Maria Rosa De Giacomo & Marco Frey, 2018. "A Systematic Review of the Use of Organization and Management Theories in Climate Change Studies," Business Strategy and the Environment, Wiley Blackwell, vol. 27(4), pages 456-474, May.
    6. Mei, Bin, 2019. "Timberland investments in the United States: A review and prospects," Forest Policy and Economics, Elsevier, vol. 109(C).
    7. Hongyi Sun & Pei‐Lee Teh & Jonathan D. Linton, 2018. "Impact of environmental knowledge and product quality on student attitude toward products with recycled/remanufactured content: Implications for environmental education and green manufacturing," Business Strategy and the Environment, Wiley Blackwell, vol. 27(7), pages 935-945, November.
    8. Emanuela Lombardo, 2023. "Analysis of the propensity of Italian and German forest owners towards forest certification for ecosystem services," Journal of Forest Science, Czech Academy of Agricultural Sciences, vol. 69(6), pages 266-276.
    9. Rose A Graves & Ryan D Haugo & Andrés Holz & Max Nielsen-Pincus & Aaron Jones & Bryce Kellogg & Cathy Macdonald & Kenneth Popper & Michael Schindel, 2020. "Potential greenhouse gas reductions from Natural Climate Solutions in Oregon, USA," PLOS ONE, Public Library of Science, vol. 15(4), pages 1-30, April.

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