Notes

1. Nordhaus is conservative in using a 4 percent discount rate in calculating damages and suggests a tax of US$9.30 per tonne of CO2e in 2010 (Nordhaus, 2007: 62). Nordhaus criticizes the strategies for tackling climate change proposed by Stern (2006) and Gore (2007), calculating that they will require taxes in the order of US$150 to US$250 per unit of emission, a level of taxation that would, he suggests, incur large economic costs (Nordhaus, 2007: 63).

2. Kyoto units, all equal to one tonne of CO2e, include assigned amount units (AAUs) allowances issued by Annex I countries against their national registries; removal units (RMUs) derived from removals by sinks, including forestry; emission reduction units (ERUs) issued under Joint Implementation project activities and converted from AAUs or RMUs and certified emission reduction units (CERs) sequestered or abated under the Clean Development Mechanism (CDM) (UNEP Risoe, 2008).

3. To maintain consistency throughout the book definitions used to describe plantation forestry are those that were adopted by the UNFCCC at a meeting of the parties to the Protocol (UNFCCC, 2006a: 5), defining the allowable activities in the first commitment period (2008-2012) as follows:

• Afforestation (A): The direct human-induced conversion of land that has not been forested for a period of at least 50 years to forested land through planting, seeding and/or the human-induced promotion of natural seed sources.

• Reforestation (R): The direct human-induced conversion of non-forested land to forested land through planting, seeding and/or the human-induced promotion of natural seed sources, on land that was forested but that has been converted to non-forested land. For the first commitment period reforestation activities will be limited to reforestation occurring on those lands that did not contain forests on 31 December 1989.

4. In the case of forest management, under Article 3.4, there is a cap of 15 percent on projected removals or 3 percent of base year emissions, whichever is less, on the amount that can be credited by a country in the first commitment period. Forest management removals are accounted for in the year that they occur rather than against a baseline of 1990. This cap and the accounting method ameliorate the problem that forests can deliver windfall gains from natural effects or actions taken before 1990 and these could enter the accounting system (Schlamadinger et al., 2007a). Forest management largely through reforesting after harvested, is expected to be a major source of carbon credits in the US.

5. As discussed in Chapter 7, A/R costs are higher in the EU than elsewhere and this would have contributed to the EU's lack of support for the inclusion of LULUCF in the Kyoto Protocol.

6. In Chapter 5 it is emphasized that estimates of CO2e removal rates by forests should be based on local data or growth models that reflect the slow growth rate of trees in the years immediately following establishment.

7. The danger of CDM projects crowding out the potential for developing countries to take initiatives themselves is highlighted by Wara (2007).

8. The questions of permanence of plantation forests, together with the difficulty of measuring the additional carbon sequestered and accounting for it, delayed the inclusion of afforestation and reforestation under the Kyoto Protocol until 2005. However, in contrast to the active voluntary market, no A/R projects had reached a stage at the end of 2008 where units of emission reductions, CERs (which are equal to 1 tonne of CO2e removed from the atmosphere), had been issued and could enter the market. The lengthy gestation of the development of the protocols for A/R, which came into force only in 2005, the complexity of methodologies and the long length of the CDM approvals pipeline, are causes. There are 10 approved A/R projects in the CDM pipeline that have the potential to generate 0.495 Mt of offsets (in the form of CERs) a year (UNEP Risoe, 2008). But this is still a small amount, compared with A/R in the voluntary market, which generated 6.5 Mt in 2007 (Hamilton et al., 2008: Table 2; Figure 12).

9. Other climate models with different profiles for the MSC of carbon to the one investigated will generate different results. Earlier studies by Fearnside et al. (2000) and Moura-Costa and Wilson (2000) accounted for CO2 removals by forestry against the fraction of CO2 emissions that remain in the atmosphere for 100 years after emission, as described by Houghton et al. (1994), where the decay pattern is a surrogate for marginal social costs inflicted by CO2 emissions. The shape of this decay curve for CO2 means that higher costs are generated in the early years than in the model of damage costs used, based on Nordhaus (1994), in which the damage costs are low initially but build over time as shown in Figure 3.5.

10. The term afforestation used by the CCX includes reforestation.

11. The global warming potential of greenhouse gases is expressed in terms of their carbon dioxide equivalent (CO2e), the commodity traded in global carbon markets (IPCC, 2007: Table 2.14).

12. The December 2007 UNFCCC Bali Climate Change Conference accepted the need for incentives for conserving tropical forests given that their destruction contributes some 17 percent of greenhouse emissions. However, a scheme that rewards avoidance of deforestation and degradation, and that would conserve both carbon sinks and biodiversity, has not yet been negotiated by parties to the Kyoto Protocol and in any case could not come into effect until 2013 after the Protocol's first commitment period expires.

13. The Greenhouse Gas Protocol of the World Resources Institute is a scheme that includes forestry but it is confined to standards for meeting regulatory carbon targets or validating the carbon in voluntary offset schemes (World Resources Institute, 2008).

14. Catterall and Harrison (2006) provide a synopsis of reforestation activities in north Queensland.

15. Inclusion of the height of trees in allometry can improve precision. However, the measurement of height can be very time consuming and in any case it is extremely difficult, often impossible, to see the tops of trees in a rainforest. Basing equations on tree diameter alone is thus more useful (Brown, 2002).

16. The general procedures adopted for reforestation are to kill all weeds and grass before planting and fertilizing 3250 seedlings per hectare and following up with weed maintenance over a three- or four-year period. See Hunt (2008) for more details of the practices and costs in establishment and maintenance of mixed rainforest species in the study area.

17. The price for carbon offsets in Australia has ranged between US$7.00 and US$13.00 per tonne of CO2e (Hunt, 2008). Prices by developers internationally tend to be lower, at around US$6.00 (Hamilton et al., 2008).

18. The value is 'notional' in that it will never be realized. While the rainforest that was measured is on private land, it is protected by a covenant and the owner could therefore not claim compensation for not clearing the land under a REDD policy. Much of the rainforest in the region is also protected under Queensland state and Australian government legislation. The clearing that does take place is of so-called regrowth that, however, can be anything up to 60 years old.

19. In the north Queensland situation it was found that it is more profitable from a carbon market perspective for private landowners to grow monocultures rather than mixed native species; and it is more profitable to grow monocultures purely for their carbon content, rather than for harvest, at current prices for timber. The biodiversity value of monocultures is much less than environmental plantings and is thus an issue in the study area where restoration of habitat is an ecological imperative (Hunt, 2008).

Under Australia's carbon pollution reduction scheme the credits for carbon dioxide removals by harvested plantations are subject to a permit limit based on the average carbon sequestered (Australian Government, 2008), rather than on an annual credit-debit basis used in this example to compare harvested and unharvested plantations.

20. Biogasoline includes bioethanol (ethanol produced from biomass and/or the biodegradable fraction of waste), biomethanol (methanol produced from biomass and/or the biodegradable fraction of waste), bioETBE (ethyl-tertio-butyl-ether produced on the basis of bioethanol; the percentage by volume of bioETBE that is calculated as biofuel is 47 percent), and bioMTBE (methyl-tertio-butyl-ether produced on the basis of biomethanol: the percentage by volume of bioMTBE that is calculated as biofuel is 36 percent).

Biodiesels include biodiesel (a methyl-ester produced from vegetable or animal oil, of diesel quality), biodimethylether (dimethylether produced from biomass), Fischer Tropsh (Fischer Tropsh produced from biomass), cold pressed bio-oil (oil produced from oil seed through mechanical processing only) and all other liquid biofuels which are added to, blended with or used straight as transport diesel.

Other liquid biofuels include liquid biofuels not reported in either biogaso-line or biodiesels (Energy Information Administration, 2007).

21. The GHG saving depends largely on the fuel source of the ethanol plant (Wang et al., 2007).

22. The trade in emissions allowances and in credits generated by land-use change and forestry both internationally and within countries is in terms of tonnes of CO2 equivalent (CO2e), the main GHGs being converted to CO2e according to their global warming potential.

23. Some countries such as Australia were allowed to increase their emissions, while others such as the United Kingdom accepted caps greater than 5

percent, as set out in Annex B of the Kyoto Protocol (United Nations, 1998).

24. The Western Climate Initiative is by US states California, Montana, New Mexico, Oregon, Utah and Washington and by Canadian provinces British Columbia, Manitoba, Ontario and Quebec (Western Climate Initiative, 2008). The Regional Greenhouse Gas Initiative is by the 10 US states Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island and Vermont (Regional Greenhouse Gas Initiative, 2008).

25. Here, 'afforestation' includes 'reforestation'.

26. In Australia the term 'reforestation' is used rather than 'afforestation' because most lands were forested in the recent past.

27. In the Australian scheme RMUs will be accepted, as will non-forestry CERs, and ERUs created under JI in the first commitment period, but Australia will not host JI projects. Assigned amount units (AAUs) will not be accepted in the first commitment period nor will temporary certified reduction units (tCERs) and long-term certified reduction units (lCERs) generated by afforestation/reforestation projects under the CDM. That is, there would be no opportunity for the Australian government or entities covered by the scheme to purchase AAUs from other countries, or tCERs and lCERs, to reduce the costs of making cuts in emissions.

28. A commitment period is the discrete accounting period for reduction in GHG emissions agreed in UNFCCC negotiations.

29. At the second UNFCCC (2007) workshop on reducing emissions from deforestation in developing countries there was also disquiet over the inclusion of reduced emissions through afforestation and reforestation given that this is covered by the CDM. Regarding approaches of rewarding countries with lower deforestation rates than the global baseline, views were expressed that positive incentives should be confined to actual reductions in national emissions.

30. Where CO2e is the expression of the global warming potential, in terms of CO2, of the major greenhouse gases.

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