Abstract
Using a growth model that accounts for environmental and climate externalities, we take a closer look at the welfare effects of promoting biomass growth and the use of bioenergy. As an illustration, a forest hypothetical intensive forest cultivation project is simulated. Costs and benefits of the project show that we need not only determine the positive effects of promoting biomass growth and the use of bioenergy, such as substitution away from fossil fuels and carbon sequestration. But more importantly, to achieve a balanced measure of the effects on the climate, we must also incorporate all carbon emissions that is associated with bioenergy. Not doing so will overestimate the positive climate effects of increasing the use of bioenergy.
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