Economics of Soil Carbon and its Specifics in Ukraine

Abstract

Anthropogenic emissions are one of the main causes of global warming. Carbon dioxide is the most commonly produced greenhouse gas. Sequestration is one of the options to decrease the amount of atmospheric carbon dioxide. One of the main types of carbon sequestration is the biological carbon sequestration method of soil carbon sequestration. There are various estimates of the SCS potential of soils since the knowledge of soil carbon conservation processes is still limited. However, it is evident that degraded soils have more potential to sequester carbon. The aim of the paper is to analyze the social cost of soil organic carbon in soils of Ukraine, discuss different ways used to estimate the price of soil organic carbon and the carbon sequestration potential of different soils. The social cost of carbon was used to estimate the value of soil organic carbon stocks in Ukraine because it shows the avoided social cost of carbon emissions. The social cost of carbon represents the net present value of the climate change impact of additional carbon released into the atmosphere (marginal global damage costs). Estimation of the social cost of SOC stock in different types of soils in Ukraine makes it possible to compare alternative land use options and to make right policy choices. The results depict the high importance of Ukrainian soils in preventing global climate changes through carbon storage. Czornozem soils are especially rich in SOC, and therefore more valuable in terms of the ecosystem services they provide. The sequestration potential of most types of Ukrainian soils exceeds the sequestration potential of forests. The article proposes measures and practices for soil carbon sequestration and SOC protection. The implementation of the measures to preserve and accumulate SOC will contribute to the increase in biological productivity of agricultural soils and, consequently, boost the yield of cultivated crops, which will have a positive effect on food security