Abstract
This study aims to identify factors and paths affecting payment for forest ecosystem service based on evidence from the voluntary forest carbon market in South Korea. The study was built based on the theory of planned behavior and institutional theory. The survey was conducted to 24 private forest owners, 21 workers of local governments, 9 of public institutes, and 6 of private companies. Partial least squares structural equation model was applied to verify the hypothetical structural model displaying the effects among the constructs of subjects’ recognition, intention, and behavior in participating in the forest carbon offset project. Results showed that raising awareness of forest carbon offset (FCO) is essential for revitalizing the forest carbon market. In addition, it was found that forest managers’ expectations for FCO were practical operations. Moreover, with the presence of intent to participate in the FCO, the FCO market could be revitalized only by increasing the intention of use in the management aspect and by increasing the commitment of the owner and CEO to this project. The detailed theoretical and managerial implications based on the findings are discussed in the paper.
Highlights
Ecosystem services are increasingly a subject of interest in a variety of places [1]
While previous studies view this attitude as a psychological state, this study explores the possibilities for market participants to be directly affected by market and regulation, such as attitude towards forest carbon offset (FCO) (AFCO)
This study aims to focus on the process by which Theory of Planned Behavior (TPB) is influenced by institutional isomorphism and forest management representatives participate in FCO
Summary
Ecosystem services are increasingly a subject of interest in a variety of places [1]. The commodification of ecosystem services in the form of payments for ecosystem services (PES) schemes and the development of new markets for ecosystem services is growing in popularity [2]. PES tries to internalize the positive externalities made by nature systems, creating incentives for the landlord’s behavior that ensures service provision [3]. As a policy instrument to combat climate change, the forest carbon and land-use carbon market is one of the most actively traded PES sectors. Analyzing participants’ intention and path in contributing PES for the forest and land-use carbon could provide important insights for the sustainable operation of the forest carbon market and for designing a PES scheme that utilizes other ecosystem services in the future
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