Economic and Life-Cycle Analysis of Forest Carbon Sequestration and Wood-Based Bioenergy Offsets in the Central Hardwood Forest Region of United States

Prativa Shrestha, G. Andrew Stainback, Puneet Dwivedi, John M. Lhotka

Research output: Contribution to journalArticlepeer-review

10 Scopus citations

Abstract

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.

Original languageEnglish
Pages (from-to)214-232
Number of pages19
JournalJournal of Sustainable Forestry
Volume34
Issue number3
DOIs
StatePublished - Apr 3 2015

Bibliographical note

Publisher Copyright:
Copyright © Taylor & Francis Group, LLC.

Keywords

  • Hartman model
  • additionality
  • bioenergy
  • carbon offset payments
  • climate change
  • greenhouse gas
  • land expectation value

ASJC Scopus subject areas

  • Forestry
  • Food Science
  • Geography, Planning and Development
  • Renewable Energy, Sustainability and the Environment
  • Management, Monitoring, Policy and Law

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