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Subsidizing carbon sequestration via forestry in Maryland: A cost-benefit assessment

Hettich, Rachel C. M.S., Purdue University, May 2015. Subsidizing Carbon Sequestration via Forestry in Maryland: A Cost-Benefit Assessment. Major Professor: Philip Abbott. Carbon sequestration by forestry is one way to mitigate climate change, and policy incentives are in place to encourage private investment in forestry. State and federal forestry cost-share programs subsidize the establishment of trees and the improvement of existing forested land. The objective of this research was to determine the effectiveness of such programs in Maryland and to compare the monetized benefits from permanently sequestered carbon with the current subsidies. To meet this objective, private and social cost-benefit analyses were conducted for three forestry investment scenarios in Maryland that coincide with the main cost-share programs available there. Sensitivity analysis considered a range of values for the social cost of carbon, the discount rate, and program implementation costs. The first program considered was the state funded Woodland Incentive Program (WIP), which provides cost-share assistance for improving timber management. According to the cost-benefit analysis results, the program provides sufficient incentives to induce participation. For a discount rate of 5%, the investment in pre-commercial thinning with participation in WIP increases discounted returns by $60.62 per acre. However, the total program enrollment over the past eight years was only 24,443 acres, compared to GIS analysis results that show approximately 737,000 acres across Maryland are eligible for the program. The total cost share assistance provided by WIP for a timber management improvement practice of pre-commercial thinning was $81.34 per acre, while from society’s view, the discounted carbon sequestration benefits provided by the improved timber stand were $146.82 per acre. By basing the cost-share assistance on the