Chapter 8: The legal requirements of forestry markets
Forest regulation has been significantly influenced by market-based regulation, with economic instruments increasingly playing a more dominant role in public and private forestry institutions.1 The term ‘forest market instrument’ is used throughout this chapter to describe transactions in which a forest ecosystem service is traded in return for financial remuneration. Market mechanisms are an appealing tool for regulators, as they promise to deliver both improved environmental outcomes and the necessary finance to do so. There are, however, a number of challenges in designing forest market mechanisms that have the ability to improve forest conditions and management, and deliver the necessary finance to fund such improvements. For forest market mechanisms to be more widely used and applied, the demand for ‘forest ecosystem credits’ needs to be increased. As this chapter will detail, there are a number of avenues open for increasing the demand of forest ecosystem credits. The majority of forest market mechanisms are in the early stages of project implementation. It is, however, anticipated that the introduction of emission trading schemes will generate a market for forest ecosystem services along with other drivers such as environmental offset or environmental banking policy.
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