Analysis of comprehensive benefits and influencing factors based on the combined economic value of carbon sequestration and timber benefits

XUE Beibei, TIAN Guoshuang

JOURNAL OF NANJING FORESTRY UNIVERSITY ›› 2021, Vol. 45 ›› Issue (2) : 205-212.

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南京林业大学学报（自然科学版）
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JOURNAL OF NANJING FORESTRY UNIVERSITY ›› 2021, Vol. 45 ›› Issue (2) : 205-212. DOI: 10.12302/j.issn.1000-2006.202009015

Analysis of comprehensive benefits and influencing factors based on the combined economic value of carbon sequestration and timber benefits

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Abstract

【Objective】This study aimed to explore the optimal forest management for combined carbon sequestration benefits and timber values and provide a theoretical basis for improving the comprehensive benefits of forests.【Method】Based on the forest management cost data and harvest carbon model of Chinese fir and eucalyptus in the Shunchang County State-owned Forest Farm of Fujian Province, a modified Faustmann-Hartman model was used to predict the effects of forest management costs, carbon sequestration benefits, timber value, and interest rate fluctuation on optimal forest economic value.【Result】Under the existing conditions of constant forest management cost and management intensity, multiple-benefit management involving carbon sequestration may improve the optimal forest economic value, suggesting that the carbon market has certain investment benefits. If the silvicultural cost fluctuates from -40% to 40%, the comprehensive benefits of Chinese fir and eucalyptus will decrease from 40 402.33 to 5 599.02 yuan/hm2 and 51 521.61 to 15 530.34 yuan/hm2, respectively, and the rotation period of the two tree species will extend for two years. When the timber price increases from null to 500 yuan/hm2, the comprehensive benefits of Chinese fir and eucalyptus will increase from 21 423.52 to 34 209.48 yuan/hm2 and 25 845.13 to 92 644.11 yuan/hm2, respectively. The optimal rotation period of Chinese fir will remain at 20 years; however, that of eucalyptus will decrease from 8 years to 6 years, being associated with rising timber prices. When the interest rate increases from 1% to 7%, the comprehensive benefit of Chinese fir will decrease from 383 745.32 to 890.14 yuan/hm2, and its optimal rotation period will be shortened by 6 years. With the same interest rate change, the comprehensive benefits of eucalyptus will decrease from 254 648.72 to 16 728.99 yuan/hm2, and its optimal rotation period will be shortened by one year. 【Conclusion】Carbon sequestration benefits and timber prices positively affect the comprehensive benefits of Chinese fir and eucalyptus, whereas interest rate and silvicultural cost have a negative impact. The sensitivity and order of the comprehensive benefits of Chinese fir and eucalyptus to the various economic factors differ; in terms of forest comprehensive benefits, eucalyptus is better than Chinese fir; however, the reverse is true in response to climate change.

Key words

carbon sequestration benefits / timber benefits / Faustmann-Hartman model / comprehensive benefits of forest land / Chinese fir / eucalyptus

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XUE Beibei , TIAN Guoshuang. Analysis of comprehensive benefits and influencing factors based on the combined economic value of carbon sequestration and timber benefits[J]. JOURNAL OF NANJING FORESTRY UNIVERSITY. 2021, 45(2): 205-212 https://doi.org/10.12302/j.issn.1000-2006.202009015

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