The economics of soil C sequestration and agricultural emissions abatement

P Alexander, K Paustian, P Smith, D Moran

Research output: Contribution to journalArticle

24 Citations (Scopus)

Abstract

Carbon is a critical component of soil vitality and is crucial to our ability to produce food. Carbon sequestered in soils also provides a further regulating ecosystem service, valued as the avoided damage from global climate change. We consider the demand and supply attributes that underpin and constrain the emergence of a market value for this vital global ecosystem service: markets being what economists regard as the most efficient institutions for allocating scarce resources to the supply and consumption of valuable goods. This paper considers how a potentially large global supply of soil carbon sequestration is reduced by economic and behavioural constraints that impinge on the emergence of markets, and alternative public policies that can efficiently transact demand for the service from private and public sector agents. In essence, this is a case of significant market failure. In the design of alternative policy options, we consider whether soil carbon mitigation is actually costeffective relative to other measures in agriculture and elsewhere in the economy, and the nature of behavioural incentives that hinder policy options. We suggest that reducing the cost and uncertainties of mitigation through soil-based measures is crucial for improving uptake. Monitoring and auditing processes will also be required to eventually facilitate wide-scale adoption of these measures.
Original languageEnglish
Pages (from-to)331 - 339
Number of pages9
JournalSOIL
Volume1
DOIs
Publication statusFirst published - 2015

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agricultural emission
soil carbon
carbon sequestration
ecosystem service
mitigation
economics
market
soil
public sector
private sector
agriculture
damage
food
carbon
monitoring
resource
cost
policy

Bibliographical note

1024829

Cite this

Alexander, P., Paustian, K., Smith, P., & Moran, D. (2015). The economics of soil C sequestration and agricultural emissions abatement. SOIL, 1, 331 - 339. https://doi.org/10.5194/soil-1-331-2015
Alexander, P ; Paustian, K ; Smith, P ; Moran, D. / The economics of soil C sequestration and agricultural emissions abatement. In: SOIL. 2015 ; Vol. 1. pp. 331 - 339.
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Alexander, P, Paustian, K, Smith, P & Moran, D 2015, 'The economics of soil C sequestration and agricultural emissions abatement', SOIL, vol. 1, pp. 331 - 339. https://doi.org/10.5194/soil-1-331-2015

The economics of soil C sequestration and agricultural emissions abatement. / Alexander, P; Paustian, K; Smith, P; Moran, D.

In: SOIL, Vol. 1, 2015, p. 331 - 339.

Research output: Contribution to journalArticle

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AB - Carbon is a critical component of soil vitality and is crucial to our ability to produce food. Carbon sequestered in soils also provides a further regulating ecosystem service, valued as the avoided damage from global climate change. We consider the demand and supply attributes that underpin and constrain the emergence of a market value for this vital global ecosystem service: markets being what economists regard as the most efficient institutions for allocating scarce resources to the supply and consumption of valuable goods. This paper considers how a potentially large global supply of soil carbon sequestration is reduced by economic and behavioural constraints that impinge on the emergence of markets, and alternative public policies that can efficiently transact demand for the service from private and public sector agents. In essence, this is a case of significant market failure. In the design of alternative policy options, we consider whether soil carbon mitigation is actually costeffective relative to other measures in agriculture and elsewhere in the economy, and the nature of behavioural incentives that hinder policy options. We suggest that reducing the cost and uncertainties of mitigation through soil-based measures is crucial for improving uptake. Monitoring and auditing processes will also be required to eventually facilitate wide-scale adoption of these measures.

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