avoidance of emissions, and an inefficient approach that only uses a carbon tax to incentivize the avoidance of emissions from woody biomass production. An efficient approach to manage carbon exchanges between the atmosphere and the biosphere can be accomplished by using either a carbon rental (4) or a carbon tax and subsidy approach (25). Both of these efficient approaches recognize that emissions from biomass energy are like all other GHG emissions and that forest growth removes carbon from the atmosphere. On the other hand, a tax on emissions from bioenergy demand (penalty scenario) without an offsetting subsidy for carbon accumulation is an inefficient approach because it creates relatively less demand for forest products, depresses timber prices (Fig. 3A) and forest area (Fig. 3, B to D),
emissions from biomass energy are like all other GHG emissions and that forest growth removes carbon from the atmosphere. On the other hand, a tax on emissions from bioenergy demand (penalty scenario) without an offsetting subsidy for carbon accumulation is an inefficient approach because it creates relatively less demand for forest products, depresses timber prices (Fig. 3A) and forest area (Fig. 3, B to D),
Fig. 3. Global impacts for alternative wood-based bioenergy policies, 2010–2100. (A) Timber price and changes in (B) total forest area, (C) natural forest area, (D) forest plantation area, (E) total forest carbon stock, and (F) management investment relative to the baseline (no bioenergy demand). Dashed, carbon penalty; solid, forest carbon rental; black, RCP 1.9; red, RCP 2.6; green, RCP 3.4; blue, RCP 4.5; orange, RCP 6.0.
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