Climate Change Mitigation in Forestry: Paying for Carbon Stock or for Sequestration?

Abstract

Climate change requires mitigation actions, mainly preventive, by reducing greenhouse gas emissions; however, carbon sequestration is a complementary measure. Although short-term carbon sequestration can be somewhat effective, it is really interesting when it is permanent. Sequestration calculates the carbon removed from the atmosphere over a period, while the stock expresses the cumulative carbon of a forest. Sequestration and stock are closely related, but ecosystem service valuation often focuses on the former, which can discourage forest maintenance. This study analyzes carbon sequestration and storage in four pine forests located in central Spain, comparing its valuation for different equivalence times, a period considered sufficient to compensate for the emission of one ton of CO2 into the atmosphere. Equilibrium equivalence times were calculated for each forest, defined as the period in which carbon sequestration and stock payments are equal; values ranged from 33 to 101 years, with significant correlations with commercial volume and carbon stock. Equivalence times of 30–50 years are reasonable in Mediterranean forest stands with moderate growth and density, while in dense mature stands this time should increase to 50–100 years. Valuing carbon stocks and paying for them in a sustained manner over time promotes sustainable forest management, while the sale of sequestration credits may generate a speculative “greenwashing” market. In addition, payments for stocks can be applied to any forest stand and not only to new plantations. Carbon stock valuation is a win–win strategy for climate change mitigation, sustainable forest management, and rural development.