This study investigates the combined impact of carbon and bioenergy markets on upland oak dominated mixed hardwood forests in the Central Hardwood Forest Region (CHFR) of the United States. A modification of the Hartman model was used for the economic analysis of carbon sequestration and using wood-based biomass for bioenergy. A life-cycle assessment was used to determine the amount of carbon sequestered due to stand growth and emitted during harvesting and decay of wood products. Two scenarios were taken, one where additionality of carbon is considered and the other where it is not. Sensitivity analysis was done with the range of carbon and bioenergy prices. The results show that net carbon payments have more impact on land expectation value (LEV) when additionality is not considered; in contrast, bioenergy payments have more impact on LEV when additionality is considered. Carbon and bioenergy prices also influenced the amount of stand level supply of forest products and carbon in both scenarios. In general, sawtimber, wood bioenergy, and carbon supply increased with an increase in carbon prices, whereas, pulpwood supply decreased. With few exceptions at higher carbon prices, bioenergy supply decreased with the increase in wood bioenergy prices, showing a backward bending supply curve in both scenarios.
|Number of pages||19|
|Journal||Journal of Sustainable Forestry|
|State||Published - Apr 3 2015|
Bibliographical noteFunding Information:
The authors would like to thank the University of Kentucky and the United States Department of Agriculture (USDA) McIntire–Stennis program for funding.
Copyright © Taylor & Francis Group, LLC.
- Hartman model
- carbon offset payments
- climate change
- greenhouse gas
- land expectation value
ASJC Scopus subject areas
- Food Science
- Geography, Planning and Development
- Renewable Energy, Sustainability and the Environment
- Management, Monitoring, Policy and Law