An Econometric Analysis of the Costs of Sequestering Carbon in Forests

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Abstract
The Kyoto Protocol and the U.S. Climate Change Plan recognize afforestation as a potential means of reducing atmospheric CO2 concentrations. To examine the cost‐effectiveness of afforestation, we use econometric land use models to estimate the marginal costs of carbon sequestration in Maine, South Carolina, and Wisconsin. Our findings include the following: (a) earlier studies of afforestation programs tend to underestimate carbon sequestration costs, (b) afforestation still appears to be a relatively low‐cost approach to reducing CO2 concentrations, (c) Wisconsin offers the lowest‐cost opportunties for carbon sequestration, and (d) projected population changes have the largest effect on costs in South Carolina.

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