Global Forest Governance
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Global Forest Governance

Legal Concepts and Policy Trends

Rowena Maguire

This book identifies the fundamental legal principles and the governance requirements of sustainable forest management. An analytical model for assessing forest regulation is created which identifies the doctrinal concepts that underpin forest regulation (justice, property, sovereignty and governance). It also highlights the dominant public international institutions involved in forest regulation (UNFF, UNFCCC and WB) which is followed by analysis of non-state international forest regulation (forest certification and ecosystem markets). The book concludes by making a number of practical recommendations for reform of global forest governance arrangements and suggested reforms for individual international forest institutions.
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Chapter 8: The legal requirements of forestry markets

Legal Concepts and Policy Trends

Rowena Maguire


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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