Forestry is due to change economically after a recent study
An inquiry by the House of Lords Sub-Committee on Agriculture, Fisheries and the Environment has recommended that the European Union should aid the economic assessment of forestry’s role in combating climate change.
As both a carbon sink and a source of renewable energy, forests combat climate change, however the initiatives to boost forestry need proper economic assessment.
The Committee has recommended that the European Commission work with Member States to share economic mechanisms to aid afforestation initiatives.
Committee Chairman, Lord Carter of Coles, said: “We are concerned that the economics of forestry are the biggest obstacle to any further increase of forest cover in order to tackle climate change, as rewards can only be reaped over a long time-scale.
“Wide public support for increased funding is unlikely given the current economic climate, but we know that some Member States take innovative approaches to the economics of forestry, through their tax systems for example. We have also heard that it would be useful to value, and possibly trade, the public benefits provided by forestry.”
The findings have been submitted to the European Commission as a response to their Green Paper on Forest Protection and Information in the EU: Preparing Forests for climate change.