Drawing from the Millennium Ecosystem Services, planted forests have been increasingly important for provisioning services of wood fiber and commodity production, and have emerged as a unique regulating Nature-based solution (NBS) for climate change adaptation and mitigation. Forest plantations account now for at least 30% of global industrial roundwood production and their contribution can be further increased, while reducing pressures on natural forests. Planted forests have been proposed as one of the most efficient and cost-effective means to store more atmospheric carbon and reduce adverse impacts of climate change in the short- to medium-term, along with improved forest management and reduced emissions from forest area loss.Increasing the amount and productivity of planted forests is a crucial method to meet increasing timber and climate demands by capturing carbon in forests and subsequent wood products and providing short-run terrestrial energy. They also can help adapt to forest species migration by purposeful introduction of forest species adapted to new climate in a warmer planet, and provide additional forest biodiversity, soil health, and water quality and quantity benefits.Increases in planted forests to achieve their promise for economic provisioning and climate regulating services mandate that a host of technical, research, policy issues must be resolved quickly. These include technical questions such as (1) the trends and magnitude of planted forests extent needed to increase production and climate roles; (2) the relative benefits of plantations versus natural forest restoration or retention for carbon storage; (3) questions of where such plantings can occur and how to deploy well-performing species to new regions; (4) the technical capacity required to produce seedlings; (5) the rapid development of forest products research and development of engineered forest and mass timber products, and (6) the environmental benefits and impacts of planted forests.Massive expansion of planted forests must also resolve issues such as (7) rural land tenure status and rights in developed and developing countries, (8) regulations promoting or limiting intensive public forest land management, (9) infrastructure requirements and development; (10) cooperation, partnerships, and policy implementation, (11) investment opportunities, costs, returns, and incentives required to attract private landowners and outgrowers to plant forests, and (12) the effects on local and global timber markets.These substantial questions must be resolved or planted forests will not achieve their potential to produce desirable wood fiber and products supplies, realize bioenergy opportunities, or store and offset vast amounts of global carbon emissions. This research tackles these questions while assessing historical trends and current status of planted forests worldwide and identifying the best practices for the development of planted forests for landscape restoration, climate change mitigation, and range of environmental, social, and economic co-benefits.

Over the next few decades, the area of planted forests required to satisfy worldwide demand for fiber, timber, and environmental services will need to increase by tens of millions of hectares (Mha). As no single nation can accommodate this expansion, planting sites in multiple countries must be identified. One prospective location is Colombia, which boasts nearly 26 Mha of land suitable for commercial tree planting, fair-to-excellent growth rates for major industrial species, good professional expertise, seaports on the Pacific and Caribbean coasts, and low-to-moderate land prices. Yet, despite these outstanding assets, tree plantations in Colombia cover only 542 thousand hectares (ha), with almost 90 percent located in three distinct regions: the Andean, Orinoco, and Caribbean. Constraints to commercial tree farming in Colombia include cultural preferences for non-wood products in construction and domestic applications, low capacity for processing industrial roundwood, and lack of reliable wood supplies needed for firms to scale up operations. While land prices are attractive in the remote Orinoco Region, they are considerably higher in more accessible regions, such as the Andean and Caribbean, which are closer to markets, mills, and ports. These factors along with security problems, low levels of formal land titling, and property rights issues in rural areas can complicate operations and add risk to investments in plantation forestry. With land for tree planting at a premium and increasing global demand for wood, fiber, and carbon sequestration, Colombia’s plantation sector stands to profit, provided it can successfully address the barriers to its growth.

The attractive financial returns from timberland investments in Brazil, particularly fast-growth tree plantations like pine and eucalyptus, have attracted multiple investors over the last decade. Among the countries with a competitive Pulp and Paper Industry (PPI), pulp and paper investors have expanded substantially in Brazil with new mills and planted areas. This paper presents a comprehensive investigation of the dynamics of the Brazilian pulp and paper industry forest sector in the past decade. We described the current macroeconomic and political environment in Brazil and the expansion of mills and timberland in Brazil. Brazil is, clearly, among the selective countries where a substantial expansion of the forest sector is possible. The regions like Mato Grosso do Sul have impressive scales of productivity and expansion. Other areas, like the states of Maranhão, Piaui, Tocantins and Bahia present potential to expand forest plantation, however, they are limited by weather constraints (extensive drought and fire seasons). Even well-known markets, like the South region of Brazil, have has opportunities to expansion subject to higher land prices. Brazil’s attractiveness for timberland investments is underscored by robust economic indicators and extensive natural resources. Yet, navigating the complexities of its political landscape remains a critical consideration for potential investors looking to capitalize on the country’s promising forestry sector.

Over the last two decades, investors in the forestry sector have been increasingly active in Paraguay, establishing tree plantations with the aim of profiting from the burgeoning global demand for wood and fiber. Growth rates for commercial tree species are good to excellent, and the country has over 7.6 million hectares (Mha) of land with high to very high potential for cultivating them. Since 2010, Paraguay’s plantation area has quadrupled to more than 204,631 ha and planting rates accelerated sharply in 2023. This wave of planting and related forest industries is bringing jobs to rural communities and helping to diversify the country’s economy. Despite these positives, plantation forestry in Paraguay faces some hurdles: high transportation costs from this landlocked country to overseas markets, time-consuming bureaucratic processes, and governance issues. Another challenge is mainstreaming plantation-grown wood into the domestic supply chain, especially for fuelwood, one of the most important sources of energy for Paraguayan households and industry. With native wood now in short supply due to decades of heavy deforestation and overcutting, sustainable fuelwood plantations are needed to fill the gap. Major investments are nevertheless moving ahead. A new multibillion-dollar pulp mill under construction, an uptick in tree planting, the resolve to address domestic needs, especially for fuelwood, and decades of experience managing modest-sized plantations suggest that Paraguay’s plantation forestry sector is poised to expand. Bolstering this expansion with environmental and social best practices will help underpin its sustainability over the long term.

Land fragmentation continues to be a challenge throughout the world, the United States, and particularly in the rapidly growing Southeast, as well as every state with a metropolitan area that abuts rural lands. With a United States population expected to grow to more than 500 million by 2060, it will present exceptional challenges for planners and policy makers to preserve important agricultural lands for farms and forests to provide both food and fiber, as well as to provide a host of ecosystem services and enhance the quality of life for our growing population. These issues of fragmentation are extremely substantial for African American, other minority, and limited-income landowners in the U.S. South, who often lack wills and have lands that are broken up into small parcels, or have divided ownership rights in one parcel, when passed on to heirs. Existing efforts can be expanded to provide tools and incentives for the owners of hiers property and other working lands to preserve them, and state and municipal planners will need to promote development plans and practices thoughtfully and strategically in order to prevent the projected loss of nearly 18 million acres of working lands by the year 2040.

Research on community forests (CFs), primarily governed and managed by local forest users in the United States, is limited, despite their growth in numbers over the past decade. We conducted a survey to inventory CFs in the United States and better understand their ownership and governance structures, management objectives, benefits, and financing. The ninety-eight CFs in our inventory are on private, public, and tribal lands. They had various ways of soliciting input from, or sharing decision-making authority with, local groups, organizations, and citizens. Recreation and environmental services were the most important management goals, but timber production occurred on more than two-thirds of CFs, contributing to income on many CFs, along with a diversity of other income sources to fund operations. We discuss the difficulties in creating a comprehensive CF inventory and typology given the diversity of models that exist, reflecting local social and environmental conditions and the bottom-up nature of community forestry in the United States.Study Implications: Despite their small footprint in the United States, community forests are a rapidly developing model of forest ownership, governance, and management that helps protect forestlands and open space and demonstrates how market and nonmarket forest goods and services can be produced for broad and enduring community benefits. This study inventories and characterizes community forests in the United States to increase understanding of this model, its prevalence, and its potential. It provides a baseline of information that serves as a foundation for further exploration and research on the impacts and contributions of community forests.

Community forests (CFs) involve communities in decision-making about, management of and access to forests, and have potential to benefit both communities and forests. However, they lack a single definition, clear distinction from related topics, or method for identification. This perspectives article explores historical and current literature on CFs and proposes a conceptual framework for understanding CFs and related concepts in the U.S. context. Through that exploration, we propose a conceptual framework for understanding their meaning and relationship. We propose three potential pathways for identifying CFs in the U.S., each with advantages and disadvantages. CFs can be identified by using a criteria and indicators approach; by participation in programs or networks designated for CFs; or by their own self-identification as a CF. We suggest that using a hybrid of these approaches will produce the most robust process for knowing a community forest when we see one.

The Journal of Forest Business Research (JFBR), an international peer-reviewed and open-access journal, provides a novel publication channel for scientific research in sustainable forest investment and management. The journal strives to meet the growing demand of scholars and practitioners in understanding sustainable forest investment and management by bringing together scientific and professional research in this field. The following section describes why there is a need for the JFBR and what makes this journal an open forum to support sustainable forest investment and management. Then, we summarize all the papers included in our two issues in 2024. This year, we published over 270 pages of high-quality forest business research. These articles discussed, among others, trends of forest investments in Latin America, Colombia’s market for manufactured wood products, wood flow management software, modeling of the growth of teak plantations, commercial tree farming in Colombia, plantation forestry in Paraguay, Brazilian timber market, export prices of Canadian forest products, Texas trade in forest products industry, craft industry in British Columbia’s forest sector of Canada, and wood prices in the Southeastern United States. All these articles demonstrate the international characteristics of forest business research. In the final section, we elaborate on what types of articles we are seeking and how you can support JFBR.

Forest Conference Reports provide the overview of selected conferences the JFBR Editorial Team visited during a particular time. In our inaugural issue, we cover meetings throughout 2023. Forest conferences featured in this report: IUFRO Close-to-nature silviculture: experiments and modelling for forestry practice; UGA Timberland Investment Conference; VII Faustmann Conference; 5th International Congress on Planted Forests; International Society of Forest Resource Economics; Western Forests Economists IUFRO Working Group 2.08.03 – “Enhancing the performance and sustainability of eucalypt plantations to broaden their benefits” Would you be interested in inviting our Journal to your upcoming forest event? We would love to feature it in our next Forest Conference Reports and share the details with our Readers. Let us know if this is something you would be open to, and we can discuss the logistics further. Contact Rafal Chudy at: rafal@forest-journal.com Thank you for considering this opportunity.

The historical development of silviculture has been closely related to an increasing need for timber, which resulted in more planted forests and artificial regeneration over time. The idea of natural regeneration through shelterwood cutting was often not accepted by forest owners as a management practice because of inadequate financial returns and less certain outcomes. Despite the evolving dominance of planted forests, questions remain if the lower costs of natural regeneration may still provide sufficient profitability of forest investments. In this paper, the profitability of planted versus natural forest management in Poland and the U.S. South was examined. A discounted cash flow model was developed to evaluate the profitability of artificial and natural regeneration in hypothetical Scots and loblolly pine stands in Poland and the U.S. South, respectively, and hardwood stands (dominated by oak spp.) in both countries. The results have shown that for both countries and species, natural regeneration regimes produce higher internal rates of return (IRR), largely due to less expensive establishment costs. The largest difference in returns is observed for hardwood in the US South (97 basis points, bps, or almost 1 percentage point), followed by pine in the US South (84 bps) and pine and hardwood in Poland (both ca. 70 bps). Southern pines in the U.S. South may have larger net present values (NPV) at moderate discount rates, as well as provide more certain wood production outcomes, which have contributed to their pervasive adoption. We conclude that natural stand forest management, in addition to better rates of return, may bring other non-financial benefits (e.g., genetic diversity, resilience), which may support forest owners and the environment, especially under changing climate conditions. Nevertheless, the regeneration method and its feasibility and profitability should be carefully considered on a case-by-case basis for each forest investment.

The forest sector plays an important role in sustainable development for market and nonmarket goods and services. Investors and policy makers are increasingly seeking to rely on forests to provide both commercial forest products and nature-based solutions that will meet consumer demands and contribute to bioenergy, climate change amelioration, and biodiversity. To meet the expectations of climate and energy policies, forecasts estimate that more than US$70 billion of investments are needed annually by 2050. To achieve this level of investments, these increasing demands for investments in forests must be based on scientific research, reliable data, and credible business applications. In the era of information overload, access to peer-reviewed open-access journals has never been more critical than it is now. We summarize the role of our new Journal of Forest Business Research in providing improved applied research for practitioners seeking to achieve better outcomes relative to investment, finance, and economic goals for sustainable development.

A principal objective of forest certification is to ensure that forest management operations and administration provide opportunities for social,economic and environmental development. This study assessed the implementation of 48 specific forest certification practices through field interviews and site inspections in 13 forest properties certified in Durango according to the Forest Stewardship Council (FSC), and compared them with practices on a pooled set of matching non-certified properties. The results of field observations indicate that forest certification has prompted measurable changes in sustainable forest management practices in Mexico. For 24 identified forest management and environmental certification practices, there were four statistically significant differences at p < 0.10, and 7 at p < 0.25. Six of 11 forest certification practices were significantly different at p < 0.10 for the social component, and 5 of 13 in the economic category. Forest certification in Mexico is related to better forest management practices and as a promoter of a better quality of life for communities. However, it still faces challenges to achieve better prices for certified forest products in the market, but has helped firms enter new market segments.

FloodWise is a pilot program that proposes nature-based solutions (NBS) for flood hazard mitigation (risk reduction) in eastern North Carolina to control stormwater runoff for brief periods of time. The program would provide financial incentives and technical assistance to rural landowners to adopt NBS on their properties. In this study, we assessed landowners' willingness to accept (WTA) payments for adopting NBS on their properties using a payment card contingent valuation method (CVM) via a mail survey. Payments for Ecosystem Services (PES) incentivize landowners to participate in conservation efforts, as well as provide additional opportunities for revenue. Factors such as income, age, contract term length, revenue lost from previous storm events, and size of farm operation influenced one's willingness to accept payments. The payment levels required for traditional farm conservation practices and NBS flood control practices were not significantly different, indicating that past program methods could help guide new FloodWise or similar NBS efforts. These results can help guide new NBS program development and funding deliberations in North Carolina, and perhaps other rural locations in the US Southeast.

Overall, Klemperer et al. will be a seminal textbook on forest resource economics and finance, with sound theory, comprehensive coverage, good examples, and excellent style and substance. This textbook is clear, logical, and well presented for modern times. At a cost of less than $100, the book provides an exceptionally sound investment. Professors, students, and professionals can use it as a comprehensive and timeless reference for their classes and careers.

The Journal of Forest Business Research (JFBR), an international peer-reviewed and open-access journal, has been developed to offer a novel publication avenue for forest business research contributions. This effort has been motivated by the realization that there were no dedicated forest business scientific journals in existence and the need to have a scientific journal to support growing volume of forest business research. The journal aims to effectively meet the needs of contributors and readers by bringing together academic and professional business research in forestry. The following section describes why there is a need for the JFBR and what makes this journal a leading platform for advancing forest business and investment science research. Then, we summarize all the papers included in our two issues in 2023. This year, we delivered to hands of our readers over 340 pages of high-quality forest business and investment science research. The articles published in 2023 discussed, among others, forest carbon and its contribution to total timberland investment returns, capital investment and annual expenditures related to forests in the United States (U.S.), wood pellet manufacturing industry from residents’ perspectives in the U.S. South, discount rates in forest management decisions, the effect of various COVID-19 policies on standing timber prices in the U.S. South, the relationships between innovation constructs and demographic and management attributes of wood furniture firms in Kenya, the economic feasibility of silviculture investments to reduce butt rot and ungulate browse damage in Canada, the sustainability of the production, processing, and exporting systems of frankincense (Boswellia papyrifera) in Ethiopia, and the development of the Iranian wood products industry over the past two decades. All these articles truly show the international character of forest business research. In the final section, we indicate what types of articles we are seeking and how you can support our efforts.

This book examines leadership and management in natural resources, drawing on literature, principles, and the author's own experiences as a leader and activist. Developing a general framework summarizing the leadership and management cycle in natural resources for practitioners, the book provides a synthesis of leadership theory and practice stemming from the personal and spiritual values of work, and the key principle of aligning organizational resources and actions with stated intentions. It discusses the somewhat unique context of natural resources, comprised of private and public goods and services and complex societal values. Key strategies that enable natural resource professionals to be leaders at all stages and positions in their career, including vision and sustainability, proficient human resources management, fairness and merit, and transparency and openness are analyzed. Case studies of famous natural resource leaders and activists, including Ding Darling, David Attenborough, Wangari Maathai, Marina de Silva, Greta Thunberg, Bob Brown, and Christina Koch, are included. The book examines their values, training, and principles and how they influenced national or global natural resource management. Drawing on the author's own experiences as a leader and activist, including his role as Department Head at North Carolina State University, as an elected officer in the Society of American Foresters, and as an activist opposing the sale of the Hofmann Forest, the book provides practical examples and guidelines that professionals can consider and use in their careers. This book will be of great interest to natural resource managers and professionals as well as students studying environmental management and natural resource governance and to practitioners who are looking to develop broader leadership and management skills.

We built a game-theoretic supply model where forest landowners respond to each other's decisions using two market assumptions: (i) Perfect cartel, (ii) Cournot competition (simultaneous moves) and (iii) Stackelberg competition (sequential moves). Our findings indicate that the initial forest structure is instrumental in determining forest composition outcomes among suppliers. The solutions in the Cournot model, landowners with the same initial forest structure have uniform outcomes with increased variation in financial performance arising with different initial endowments of pulpwood and sawtimber and establishment costs. Alternatively, Stackelberg leadership has profound financial benefits to leaders even under similar initial conditions, that remain regardless of scenario. However, while terminal overall forest composition was similar regardless of scenario under Cournot outcomes, the same is not true under Stackelberg. We find that Stackelberg outcomes led to the follower being unable to harvest younger age classes over time, which resulted in accumulation of older age class stands. Our results elucidate the importance of diversification and policies that reduce landownership land concentration.

We estimated stand level timber investment returns for a range of 16 countries and 47 planted species/management regimes in 2020, using capital budgeting criteria, at a real discount rate of 8%, without land costs. Plantation management financial returns were estimated for the principal plantation countries in the Americas—Brazil, Argentina, Uruguay, Chile, Colombia, Ecuador, Paraguay, Mexico, and the United States—as well as for China, Vietnam, Laos, Spain, New Zealand, Finland, and Poland. South American, New Zealand, and Spain plantation growth rates and their concomitant investment returns were generally greater, with the exception of some pulpwood regimes, with real Internal Rates of Return (IRRs) of more than 11%. Southeast Asia had the highest timber prices and highest calculated stand-level IRRs in the world, at more than 20%. Temperate forest plantations in the U.S. and Europe returned less, from 3% to 7%, but those countries have less financial risk, better timber markets, and more infrastructure. These timberland benchmarking research efforts can be used by the private sector for considering timber investments in different countries and regions in the world, or by government and nongovernment organizations to estimate their management costs and returns, or for providing government incentives for the provision of ecosystem services such as forest carbon storage.