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They are an important economic resource, and a source of food products, recreation, species habitat, and watershed protection, among many other services. Forests also may store large quantities of carbon. The threat of climate change therefore provides new impetus for forest management, in the form of forest carbon sequestration (FCS). FCS appears to be a relatively cheap way of reducing carbon in the atmosphere, relative to alternatives such as fuel switching. But FCS is not without problems. Economists' estimates of the cost-effectiveness of FCS are highly variable. Verification is difficult. And policy design is complex — not only because of the characteristics of forests themselves, but because of the limitations of current U.S. policy. Existing regulatory tools — predominantly the Clean Air Act — are largely incompatible in providing incentives for FCS. This paper explores the current state of FCS knowledge, including its policy context, and identifies an agenda for future research.

Global warming is becoming increasingly evident as greenhouse gas emissions increase worldwide and affect the environment, health and economy. Many Southeast Asian countries face this reality and hence they are concerned about setting and achieving an effective emission reduction strategy. As such, this study analyzes and compares emission reduction targets on selected Southeast Asian countries, including Malaysia, Indonesia and Thailand, by using a long-run Regional Dynamic Integrated Model of the Climate and Economy (RdICME). This study considers the comparative outcomes of BAU (Business as Usual: base case) and INDC (Intended Nationally Determined Contributions) scenarios for the 40-year period from 2010 to 2050. According to BAU scenario, carbon emissions are projected to gradually increase in all countries; however, if Malaysia, Indonesia and Thailand apply their INDC targets as agreed upon in the 2015 Paris Agreement, all three countries will experience significant emissions reductions after 2030. Specifically, by 2050, total emissions will be reduced by 33.88%, 42.50% and 41.68% in Malaysia, Indonesia and Thailand, respectively, if the countries implement their INDCs. According to the INDC targets, all three countries will experience a net reduction of per capita emission intensity by 2030 and onwards; however, Malaysia is projected to face lower marginal damage costs whereas Indonesia and Thailand will face higher marginal damage costs for 2010–2050. This study also finds that the amount of planned investment for INDC emissions reduction is currently insufficient to achieve planned targets. The findings from this study would help country-specific policymakers to oversee the likely gaps to be fulfilled within 2030–2050.