FEEM working papers "Note di lavoro" series
2007 .015

Forestry and the Carbon Market Response to Stabilize Climate


Authors: Massimo Tavoni, Valentina Bosetti, Brent Sohngen
Series: Climate Change and Sustainable Development
Editor: Carlo Carraro
Type: Journal
Keywords: Forestry,Climate Policy,Technological Innovation
JEL n.: Q23,Q52,Q55
JEL: Energy Policy
Pages: Vol. 35, No. 11, pp. 5346-5353
Date: 11/207

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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Suggested citation: Massimo Tavoni, Brent Sohngen, Valentina Bosetti, Forestry and the carbon market response to stabilize climate, Energy Policy, Volume 35, Issue 11, November 2007, Pages 5346-5353, ISSN 0301-4215, http://dx.doi.org/10.1016/j.enpol.2006.01.036

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