1,720,978 research outputs found
Valuing profitability of Mediterranean forest plantations: the case of Permanent Policycling Plantations as a new business model combining industrial timber production and ecosystem services provision
Full text linkSurvey among private forest owners on the Europea Union Timber Regulation (EUTR) implementation
Full text linkFollowing the introduction of the European Union Timber Regulation (EUTR) in March 2013, the Confederation of European Forest Owners (CEPF) carried out a survey, aimed at gathering the experiences, expectations and views of its members on the implementation process from a private forest owners’ perspective. The aim of this study is to stimulate the discussions within CEPF and to provide input to the forthcoming European Commission evaluation on the EUTR to be carried out in the course of 2015.
This synthesis report entails the outcome of an online-based questionnaire, which includes the responses of fourteen CEPF members and was conducted between October and November 2014. Even though private forest owners are not the main concern of the EUTR and the impacts on their activities are expected to be limited, the results of the survey show that there are some critical issues that need further attention and consideration. In some CEPF Member States implementing the EUTR is a reason for concern from a private forest owners’ perspective. Overall, the respondents expect that the Regulation will bring an increase in bureaucracy and administrative costs for forest owners when selling timber, while not leading to desirable positive effects on the sales and value of domestic timber. In addition, the role and awareness of forest owners and their preparedness to comply with their new obligations has also emerged as a key concern, highlighted together with the need for further support, information and simplification of the processes.
The results show further that the competent authorities enforce the EUTR to a varying extent and intensity, causing a great level of incoherency and inconsistency. Only in few cases the checks on operators to investigate possible non-compliance have started. This demonstrates that in many EU Member States the EUTR is still at an early stage of implementation
Forest plantations investments in southern Europe: a comparative trend analysis on returns, markets and policies
No full textAt global level there is a growing interest towards forest plantations as investment opportunities for profit generation, for building strategic assets, but also to address sustainable development challenges with the production of essential goods and services. These are the reasons why plantation investments are attracting new investors and expanding outside the traditional regions and markets.
In southern Europe, forest plantations represent a consolidated segment of investment for landowners. In future years, the increasing demand for timber and fibres driven by bioeconomy and bioenergy policies, might boost the interest towards forest plantations investments in this region, with an increasingly important role played by financial investors as well as by strategic partnerships between landowners, industrial companies and external investors.
In the light of this evolution, there is an urgent need for more information and valuation studies on forest plantations to support better investment and policy-making decisions. Recent research by Sedjo (1983; 2001) and Cubbage et al. (2007; 2010; 2014) estimated investment returns for the main species and contexts at global level. In this study, we used a similar approach to estimate and analyse, on a comparative perspective, investment returns for productive forest plantation species in the southern European context, focusing in some regions of Italy, Spain and Portugal. Our main interest involved forest plantations of private nature with the primary purpose of wood and fibers production. We carried out a financial analysis before-tax, using capital budgeting indicators to estimate returns at aggregate level, based on representative stand management regimes. Indicators were calculated according to a baseline scenario as well as in alternative scenarios, analyzing how the main policy and market factors are influencing returns. We also carried out a trend analysis – which represents the most original methodological contribution of this research – estimating how returns have changed in recent years as a result of the evolution of the key economic variables.
Overall, our results indicate that in southern Europe there are some opportunities for reasonably interesting returns for sectorial investors, i.e. landowners and forest-based industry, and in some cases also for financial investors. Nevertheless, the dynamicity of the regional timber market and the small-scale fragmented forest holdings are structural factors that new investors would have to take into consideration. More in specific, hybrid poplar plantations in northern Italy and Castile and León (Spain) are estimated to provide on average the potentially highest returns, but the large range of variability and the high land and opportunity costs are unlikely to make them an attractive investment for non-landowners. Eucalyptus plantations in Portugal are estimated to be the only investment where non-landowners could expect to get relatively interesting and stable returns, although a recent law reform in the country could limit new investments. Maritime pine and radiata pine plantations in Portugal and Spain present lower returns, suffering the situation of depressed stumpage prices after the 2008 economic crisis, which strongly affected the sawmilling sector. We also extended our analysis to mixed and multipurpose plantations, i.e. polycyclic plantations, in the context of the Po valley (northern Italy); these showed potentially competitive profitability performances and advantages, in spite of the experimental character and technology transfer limitations.
From a more general perspective, our research provided valuable results to improve the knowledge on the potential investment returns from forest plantation in the region, offering means to compare the status and trends of investments, markets and policies. For example, it has emerged from our research that the current subsidy policies are not effective in providing a clear, balanced and stable framework for investments in forest plantations, and that a more strategic coordination at regional level is urgently needed in order to support the competitive position of the sector in front of the challenges posed by the bioeconomy strategy. Moreover, the methodological design and approach of this research could provide the basis for establishing a permanent observatory on forestry investments in southern Europe, allowing a better market monitoring, business analysis and policy-making in the future
Consumption of wood biomass in Italy: a strategic role based on a weak knowledge
Full text linkGiven the growing role of wood biomass as a strategic resource in the European and national renewable energy policies, the paper provides two new estimations of the internal consumption and supply levels, aiming at discussing the real role of this resource in the national energy mix and the implications of this market in terms of forest policies. The first estimation focuses on household consumption and expenditure based on the ISTAT “Survey on consumption by families”, and the second analyzes how the wood biomass supply is structured and organized; this second estimation has been carried out with an expert panel consultation based on a Delphi-based approach. These two estimations are then compared and discussed with reference to the data and information provided by official sources and other publically-available studies and surveys conducted in recent years. The results provide evidence that wood biomass is the first source of renewable energy in Italy and that official data only partially quantify the consumption levels in the residential sector and domestic supply rates. The paper highlights the need for a new approach in data collection on this fast-growing market; these data are essential for a more effective implementation of the renewable energy policy and other relevant forest-related policies such as those on climate and wood mobilization
Investments in poplar plantations in the Po valley: are we losing a bio-based segment of the primary economy?
No full textInvestments in planted forests in southern Europe: an ex-post estimation of returns over the last 15 years
No full textPioppicoltura e Psr: un’opportunità da sfruttare meglio
No full textLe Regioni padane che due anni fa avevano sottoscritto un’intesa per garantire lo sviluppo della filiera pioppo hanno poi utilizzato in maniera molto difforme l’unico strumento a disposizione per raggiungere lo scopo, cioè il Psr
Potentials, limits and challenges for the Fair Trade in Nepal: an overview of the perception by the members of the Fair Trade Group Nepal
No full textThis paper studies fair trade in Nepal, focusing on the views of Nepalese producers. The first chapter is an introduction on fair trade and the main global actors, the second chapter explains the context of this research and the methodology which has been used to collect information, the third chapter presents all data which has been collected and the final chapter draws the conclusions of this work
Dova va la pioppicoltura padana?
No full textLe Misure di sostegno pubblico, attraverso i Piani di sviluppo rurale, sono una variabile esterna importante nel determinare i livelli d’investimento in nuovi impianti a pioppo. L’articolo offre un quadro critico su come questi strumenti sono stati utilizzati nel precedente periodo di programmazione 2007-13 e sui nuovi indirizzi assunti nella programmazione 2014-20
Stima dell’andamento della redditività delle piantagioni di pioppo alla luce delle politiche di settore
Full text linkEstimating the profitability trends of poplar plantations under current sectorial public policies. Investments in poplar plantations in the Po valley (Northern Italy), the most important segment of timber production for the Italian forest-based sector, are undergoing a decline since more than two decades. The investment level is influenced by both economic variables directly related to the production, such as timber prices, management costs, and land costs, as well as external variables indirectly related to it, such as the opportunity cost of competitive agricultural productions, environmental restrictions, and the presence of subsidies. This paper presents the results of an analysis of trends in timber investment returns from poplar plantations in the Po Valley. In specific, we estimated how these returns have changed in the last 15 years (2001-2015) as a result of the evolution of the key variables of cost and timber price, and assuming a representative plantation management regime. The results show that, in the considered period, poplar timber investments have had a significant decline, with estimated Internal Rate of Returns dropped of 22.1%-44.2% from 2001 to 2015. In specific, the Internal Rates of Returns, when defined and in the base case scenario, ranged from values between 7.1% and 14.0% (2001) to 4.4%-11.0% (2015). Poplar plantations are offering interesting income opportunities only when average timber prices are high, while in all the other cases the investments are at the threshold of economic viability or even negative. The decreased profitability, together with the high variability of potential financial returns, are negatively influencing the attitude towards the investments in poplar plantations. These results are discussed in the light of the recent sectorial public policies. In particular, we focused on the Measures to support plantations of the regional Rural Development Plans, which often proved to be decisive for establishing new plantations and crucial in (de)stabilizing the sector. The lack of a strategic coordination among the northern Italian Regions and the discontinuity of subsidies schemes have contributed to the destabilization of the market
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