Delayed carbon sequestration and rising carbon prices |
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| Authors: | Alejandro Caparrós |
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| Institution: | (1) Centre for Sustainable Technologies & Centre for Ecological Sciences, Indian Institute of Science, Bangalore, 560 012, Karnataka, India |
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| Abstract: | We set out a dynamic model to investigate optimal time paths of emissions, carbon stocks and carbon sequestration by land
conversion, allowing for non-instantaneous carbon sequestration. Previous research in a dynamic general equilibrium framework,
assuming instantaneous carbon sequestration, has shown that land conversion should take place as soon as possible. On the
contrary, previous research within a partial equilibrium framework has shown that, with increasing carbon prices, it is optimal
to delay carbon sequestration through land conversion. We show that land use change alternatives, e.g. reforestation, have
to be used as soon as possible before the singular path is reached, i.e. the unique trajectory that brings the system to the
steady-state. We also show that faster increasing carbon prices can induce a reduction in the rate of reforestation, and that
this may take place after an initial phase of increased reforestations or even immediately, depending upon the shape of the
increase in carbon prices. Finally, we show that the type of species used is relevant and that the land conversion rate gets
smaller the longer it takes the trees to grow. We analyze four different carbon accounting methods, describing the conditions
that make them efficient and discussing the comparative advantages of each of them. |
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