Title: Kumari, K. 1995. An environmental and economic assessment of forest management options: A case study in Malaysia. The World Bank. Environment Department paper No. 026. Washington, D.C.: The World Bank.

Country: Malaysia

Agency: The World Bank

Description:

The study seeks to demonstrate, using the total economic value (TEV) approach, the economics of shifting from a narrow "sustained timber practice" to a "sustainable forest management" system for a specific forest site in Malaysia. The results have management and policy relevance, both at the national and global levels. The incremental costs and benefits of shifting from less sustainable to more sustainable forms of management provide meaningful insight into whether sustainable forest management is a realistic option at the national level.

The study site selected for analysis consists of the peat swamp forests located in the Malaysian state of Selangor. These peat swamps are vital to the viability of the Integrated Agricultural Development Project (IADP) that is adjacent. They are important because of their water storage and supply roles. The World Bank appraisal of the IADP attached great importance to government assurances that the peat swamps would be protected as forest reserves, and not drained. The Selangor State Authority changed the status of the area from state land forests to forest reserves.

The TEV concept was applied to the study site for a series of alternative management options reflecting a shift from unsustainability to sustainability. What is important to understand here is that the TEV for a particular tract of forest (i.e., the study site) is not a fixed value; rather, the total value at any one time is a function of the type of management practised at that forest site.

Valuation method(s) used:

The framework for valuation adopted in this study was the TEV approach. A variety of methods, such as use of market prices (where available), damage cost avoided approach, surrogate/replacement cost approach and production function effect, were adopted to value some key goods and services that could be appropriated from the forests of the study site. This summarized in table A2.8.

Table A2.8. - Goods and services valued at the study site

Source: Kumari (1995): table 2, p. 11.

Outcomes:

The outcome of the study is summarized in table A2.9.

Table A2.9. - Summary of results for the study site (1990 prices, 8 percent discount rate)

Source: Kumari (1995b): table 12, p. 28.

Notes: TEV = total economic value.

The author notes that these results should not be seen as fine-tuned numbers but rather as indicating orders of magnitude to enable identification of key sensitivity parameters relating to overall option results. More refined analyses can then be focused on these parameters and their valuation.

The results in table A2.9 show that timber and carbon stock components comprise about 20 percent and 70 percent of the TEV respectively. The shift to increasingly sustainable regimes causes financial losses in timber harvesting, whereas the forest’s carbon stock function value increases substantially. Similarly, further increases occur in the agro-hydrological service and the conservation of the endangered species components as the management option shifts towards greater sustainability. This suggests that shifts from unsustainable to sustainable options increase the private losses and decrease the social and global losses. The data in table A2.9 indicate that there are positive gains to be made in TEV when more sustainable management options are chosen: however, it is also suggested that the largest portion of the benefits accrue to the global community. This study argues that a shift from the current unsustainable practice (option A) to the recommended sustainable option B2 would require compensation payments from the global community to Malaysia. To do so, it is necessary that new resource transfer mechanisms are agreed and implemented.

Comments:

This is another very well done study that once more proves that the use of current valuation techniques is possible within the context of a developing country. The study is also very interesting because it was not limited to give values to different goods and services provided by the forest, but also showed how the flow of benefits from them changes under a range of management options.

It is beyond of this scope of this work to go into the details of the appropriation methods or tools to capture these social and global values. However, there are some questions that emerge when one reads such a study. The feasibility of carrying out a study of this scope for every environmental or natural resource project is questionable. The challenge is to adapt these methods to provide useful results in a less costly and time-consuming way.

The study points out that biological, ecological and economic uncertainties still surround forest management: "The precise dynamics of the tropical forests is still not well understood ... given this complexity, economic assessments and projections will necessarily be somewhat speculative ... this, however, should not be construed as a criticism of all that has been done, but of the need to recognize its practical limitations." This suggests that, parallel to valuation of forest resources, there is also a need for other activities such as research on forest management and instruments to make viable the capture of the calculated values. Otherwise, statements that forests can supply many goods and services will not be supported by reliable values.

Title: Michael, S.G. 1995. Economic valuation of the multiple use of forests: The case of Bwindi Impenetrable National Park (BINP), Uganda. Unpublished M.Sc. dissertation. University of Edinburgh.

Country: Uganda

Description:

This is a dissertation presented for the degree of Master of Science at the University of Edinburgh.

The study presupposes that the overall economic value of Bwindi Impenetrable National Park (BINP) depends on the values the local community places on the goods and services provided by the forest. The surrounding people had expressed grave concern that the change of status of the Bwindi forest from a forest reserve to a national park would result in their loss of access to these resources. There are costs and benefits borne by society when a park is created or whenever a new management policy is introduced. Observable market prices and CVM were used in this study to measure the impact of the formation of BINP on the local communities. The objective of undertaking an economic valuation of multiple use of the forest was to determine the value of BINP to the local people. Valuation may help to place the needs of the local community on an equal footing with conservation, thus lessening the conflict between them.

The importance of the creation of BINP to global conservation of biodiversity has been internationally recognized. However, the change in status of the area imposed new conditions on the locals. Before this transformation the local population utilized forest products under the supervision of the forest and game departments. Later, under the management of the Uganda National Parks Authority, utilization of most of these products was no longer allowed. However, research into the potential for multiple use of the forest provided a basis for developing a sound programme framework. Permissions started to be granted. The first was granted in 1992 to beekeepers. Later, in 1993, permission was granted to basketry and medicinal resource users. Other ongoing activities include the collection of indigenous tree seedlings for distribution to community members and establishment of an ethnobotany database. In addition, a multiple-use zone was established on the periphery within two kilometres of the park boundary: this represented about 20 percent of the total park area. Fragile or vulnerable areas, rare habitats and other areas of high conservation importance were excluded from this multiple-use zone.

Michael’s study is concerned only with the consumptive, direct benefits. Other multiple uses of the forest for research, education, ecological processes, maintenance of biodiversity and soil conservation, cultural and aesthetic values are beyond the scope of the study. Despite its narrow focus, the study is important because it discusses a real situation. Its aims were:

- to examine the economic opportunities that local people have at their disposal with respect to collection of forest products;

- to place monetary value on forest products;

- to survey the attitude of the local community towards multiple use; and

- to measure the impact of the park on the local community.

Valuation method(s) used:

The objectives of the survey were to assess the economic value of the forest and, where possible, monetize the forest resources, to survey the attitudes of the people towards multiple-use management, to identify the economic opportunities that the local community has at its disposal and to examine the relationship between independent variables such as education age, household size, sex, income, tribe, occupation and willingness to accept (WTA) compensation to tolerate a loss of benefits when Bwindi became a national park. Specific hypotheses considered were: the bid responses were independent of the socio-economic variables and that the bid responses came from the same population mean.

A questionnaire survey was administered between 8 May and 30 June 1995 among the local communities of the parishes adjacent to the BINP by the lead investigator and one research interpreter. Based on criteria detailed in the study the parishes of Rutugunda, Mpungu, Mukono and Katojo were selected. Data were collected on a number of levels: from households, by meeting individual resource users and by visiting local markets (to confirm the local prices) when necessary.

In all parishes a number of interviews were conducted with former and current resource collectors: basket-makers, medicinal specialists, beekeepers, fishers and collectors of fuelwood, building poles and bamboo. These were open discussions aimed at collecting quantitative information about the resources harvested from the forest. The discussions also centred on the future of the multiple-use activities.

The methodology used was a closed-ended, dichotomous-choice CVM that was administered to 187 households. The underlying hypothesis was that households would be worse off if they were completely denied use of the resources within the park. Given that the communities around the BINP had a subsistence economy with limited market transactions, millet was chosen as the appropriate commodity for estimating the monetary measures of indirect and non-use values.

Outcomes:

On the basis of the quantitative data on resources collected in BINP, calculations were carried out to determine the average amount of each resource harvested annually by the households sampled in each of the parishes. These values were then extrapolated to all households within each parish to estimate the quantity of resources collected annually^A2.4 . To capture a view of the wider forest use account, the values from the sample parishes were further extrapolated to the forest-adjacent parishes from which they were selected and the result of this extrapolation is presented in table A2.10. This gives an indication of the total amount of resources collected from BINP annually.

Table A2.10. - Annual collection of forest resources by parishes adjacent to BINP (extrapolated from four representative parishes)

Source: Adapted from Michael (1995): table 4, p. 39.

Notes: a bundle of firewood = 15-20 stems

b bundle of ropes = 500 ropes.

c Author does not explain what "beer boats" are.

Once these quantities where estimated, the next step was to estimate the value of the resources collected in order to infer the monetary value of the forest in supplying these resources. These values are summarized in tables A2.11 and A2.12. All values are expressed in Ugandan Shillings where 1,000 Ugandan Shillings equals US$1.

Table A2.11. - Summary of financial value^a to households (according to parish^b) for households 0-3 km from the park boundary

Source: Adapted from Michael (1995): table 13, p. 45.

Notes: a Currency: Ugandan shillings.

b Parishes: 1 = Mpungu; 2 = Katojo; 3 = Rutugunda; 4 = Mukono.

Table A2.12. - Summary of financial value^a to households (according to parish^b) for households 0-3 km from the park boundary

Source: Adapted from Michael (1995): table 14, p. 45.

Notes: a Currency: Ugandan shillings.

b Parishes: 1 = Mpungu; 2 = Katojo; 3 = Rutugunda; 4 = Mukono.

From the tables it is clear that fuelwood is the product that currently carries the highest monetary value. In second place comes honey. The tables also show that as the distance increases from the park boundaries many products lose value.

This study concludes that the estimated annual financial value that would accrue to a household located within 0-3 km of the BINP boundary is US$47-63 whereas for a household located more than 3 km from the boundary the range changes to US$12-16. It is also important to point out that the shift from a purely preservationist management to a multiple-use policy appears to have been well received by the adjacent forest community. This reinforces the argument that the pursuit of conservation objectives without an effective participation of the local community is unsustainable. The traditional attachment to the forest and forest resources reflects the forest patrimony of the local community: individual respondents felt that they had a stake in Bwindi as part of the natural endowment to them.

This study has indicated that, on average, a compensation of 5 bags of millet (equivalent to approximately US$80 per household) would make households as well off with the park as without. This finding is similar to that of the study by Kramer et al. (1995) in Madagascar (case study number 3 discussed earlier) that obtained a value of about US$108 per year per household to make households as well off with the park as without.

Comments:

Michael’s study supports the argument that a knowledge of the local language is very important when a CVM is carried out. The author points out that, because he comes from the eastern part of the country and the park is located in the western region with a completely different culture, language and dialect, he had to rely on a translator. The risk associated with this is that translator plays the interpreter’s role, posing questions and relating answers in line with his/her perception of what the survey is aiming to achieve. Another problem was related to the concept of valuation itself: sometimes it was necessary to explain the meaning of the concept to the respondents and this could have contributed to bias. Another problem was fear relating to the intentions of the Uganda National Parks Authority and government. The author calls attention to the fact that the respondents invested some time and effort in decision-making and hence their contingent choices might have deviated from the choices they would make in real markets.

How relevant is the introduction of the multiple-use policy in the conservation efforts of BINP? This question is difficult to answer because many of the benefits of such policies do not show up in the form of immediate monetary gain. The benefits may be found in the local community’s quality of life rather than in any increment to a nation’s economic output.

The results of this study suggest that is possible to carry out a CVM in a poor community and obtain a reasonable result. However, it is very important to bear in mind that special care is required in such cases.

Finally, as argued by Tacconi (1995: p. 234): "the question whether the livelihood of a community should be traded-off against pecuniary benefits clearly has ethical and distributional implication. These issues cannot be simply reduced to a problem of efficient allocation of resources."

Title: Sedjo, R.A. and Ley, E. 1995. Argentina: Carbon and forests. Report prepared for the Global Environment Facility, Washington DC, Resources for the future for the World Bank (mimeo.). December.

Country: Argentina

Agency: Global Environment Facility (GEF) (Commissioned by the World Bank)

Description:

In concept there are two approaches to mitigate the build-up of greenhouse gases (GHGs) in the atmosphere: (i) the reduction of emissions and (ii) the increased capture of carbon and other GHGs. Forestry is a particularly attractive approach to carbon mitigation because:

- forests have the potential to sequester large amounts of carbon;

- the technology for establishing large areas of additional forests already exists and has been tried and proven;

- forests have other environmental benefits in addition to carbon sequestration;

- most studies indicate that the costs of carbon sequestration using forest, at least for low levels of planting in a global context, are relatively modest.

The Sedjo and Ley report examines the possibilities of using forests as a low-cost means of carbon sequestration in Argentina. The first section presents a broad overview of the current situation involving global warming and carbon noting a variety of human responses and a number of tools that might be used to mitigate the build-up of GHGs, the major one of which is carbon dioxide.

The second section examines the potential of forests to play a significant role in carbon mitigation. It provides estimates of how much forest would be required to sequester the global annual increase of atmospheric carbon. Forests, in themselves, are unlikely to sequester enough carbon to offset the entire increase. However, they can contribute to the process, as well as being among the most low cost of the carbon sequestration techniques. Cost of carbon sequestration using forests commonly runs in the range of $2 to $10 per tonne. Forests, in addition to their environmental aspects, can be managed to provide goods such as industrial wood. Hence, there is the possibility that some of the costs of carbon sequestration might be borne by the private sector.

The third section of the report examines the specifics of the forest and carbon situation in Argentina. An overview is provided of native forests, plantation forests, biodiversity, the role of plantations both world-wide and in Argentina and market conditions. Despite the importance of industrial forest plantations as a source of the world’s industrial wood supply, Argentina’s role in the world market is minimal. Argentina’s plantations are important for the domestic market, but their major disadvantage is their location (typically a considerable distance from the ports). The report also discusses the recent policy reforms in Argentina and their likely long-term effects. It also studies the nature of subsidies for tree planting in Argentina.

The fourth section deals firstly with establishing the baseline scenario as the situation in which the policies of the government are not creating resource distortions. The focus is on land use. Secondly, it examines alternative carbon sequestration, forest-related activities from the perspective of the baseline scenario. In this examination it notes which activities are unlikely to be undertaken by the private sector without subsidies and therefore which are potential candidates for some types of GEF funding. Natural forest management was another alternative explored, but it is likely that little natural forest management takes place in Argentina. A variety of forms of plantation management are examined. These include industrial, silvo-pastoral and mixed-species plantations in Mesopotamia and industrial and mixed-species plantations in Patagonia.

The fifth section examines some other considerations and qualifications. There is also a brief discussion of the role of discounting. This points out that, if the carbon benefits are not discounted, financial considerations suggest delaying mitigation activities as long as possible.

Finally, some other considerations on other scenarios and the role of discounting are presented at the end of the report. Some recommendations for a GEF policy are also provided.

Valuation method(s) used:

In this study a benefit/cost framework was applied. Sequestered carbon was viewed as a benefit. Conceptually, carbon sequestered is a proxy for climate damage that is forgone because the specific nature of the damage function relating atmospheric carbon to environmental damages is not known. However, in conformance with GEF guidelines, the analysis did not attempt to value the benefits provided by carbon sequestration nor to discount carbon sequestered at some future time. Costs, however, were discounted. Thus, in this study it is immaterial whether the carbon is sequestered in year one or year 50.

Outcome:

The industrial and silvo-pastoral plantations should produce industrial wood harvests that generate financial returns. The mixed-species plantations are not expected to be harvested nor to generate financial returns. The study notes that, because of a lack of sufficient financial returns, establishment and management of any of the plantations in Patagonia and the mixed-species plantations in Mesopotamia are unlikely to be undertaken by the private sector without a subsidy. Thus, subsidies that result in these types of activities are likely to be fully additive in that all of the carbon these plantations sequester is likely to constitute a net increment to total carbon sequestered.

The evidence suggests that establishment of some of the industrial and silvo-pastoral plantations in Mesopotamia could be undertaken without subsidies. Furthermore, to the extent that institutional and policy reforms remove impediments to the successful operation of (and provide financial incentives for) plantations, a subsidy would in part merely provide rents to private investors who would have undertaken the planting without the subsidy. Thus, some portion of the subsidy would not be additive and would not generate the sequestration of additional incremental carbon.

The estimates of the costs of carbon sequestration under the various scenarios run from as high as $21.95 per tonne for the mixed-species alternative to as low as $3.44 per tonne for the industrial plantation. The costs to the public sector could be lower if some of the costs are borne by private sector timber growers.

The recommendations made to the GEF are in summary:

- Set aside some types of forests. Natural forest management that would prevent deforestation can be conceptually attractive as a means to sequester carbon. However, a workable approach to preventing deforestation is hampered by the difficulties inherent in attempting to directly protect very large areas of native forests while preventing the deflection of deforestation to other regions.

- Establishment of a system of industrial forest plantation which can contribute to carbon sequestration and at the same time generate financial returns to the private sector. Where these plantations generate adequate financial returns they would not require GEF subsidies, e.g. Mesopotamia.

- Mixed-species plantations offer the benefit of being largely additive in terms of the relationship between investments and carbon sequestration gain, but they have the highest cost of the plantation systems that were examined. Also, if undertaken in areas where industrial plantations are financially viable, the opportunity cost of these lands is likely to be high.

- Although Argentina has land available for establishment of plantation forests, most of it is poorly located with respect to markets. This means that under the current economic conditions it is unlikely that these lands would be used for plantations. GEF contributions to establish plantations in regions that are largely sub-marginal for commercial wood production may be justified by the carbon sequestration values. GEF investments in these areas could be expected to be almost entirely additive with respect to creating new forest unlikely to exist without GEF support.

- If additivity is important, GEF should consider a policy that focuses its funding subsidies in regions that are now marginal for plantation establishment, even at current subsidy levels, and are likely to be sub-marginal in the face of the policy reforms. Under this approach, GEF might choose an area such as Patagonia, which has tree-growing and carbon sequestration potential but is below the threshold that is likely to make it financially viable for private investors.

Table A2.13 summarizes the incrementality of the scenarios discussed in this study.

Table A2.13. - Implications for GEF funding

Source: Sedjo and Lay (1995): table 11, p. 46.

Table A2.14 summarizes the findings of the scenarios discussed. The data suggest that the establishment of industrial/silvo-pastoral plantations in Mesopotamia is by far the single greatest new carbon sink. This should be done at a level of about 20,000 ha annually until the year 2020. This option also presents the low-cost scenario. However, the report notes that some portion of these activities would be undertaken by the private sector without any subsidy from either the government or GEF.

The other alternatives involve activities that are not attractive to private sector investments because the financial returns are non-existent or insufficient.

The report suggests that all of these options might be compared with the option of protecting the 40 million or so ha of native forest which, under current usage, is assumed to continue releasing about 2 million tonnes of carbon annually. This activity would not be funded under the baseline scenario. If a low-cost effective way could be found to protect the 40 million ha, substantial carbon benefits could be obtained.

Table A2.14. - Summary of carbon sequestered and costs

Source: Sedjo and Lay (1995): table 12, p. 47.

Notes: a one-half of the costs are attributed to industrial wood production;

b does not include the opportunity costs of higher quality lands;

c long-term average.

Comments:

This study is well done within the economic framework. However, there are some points that deserve consideration.

First is the social aspect. Where do the people go, particularly the farmers, in this scheme of plantations? As argued by Saxena (1994) in his work on eucalyptus plantations in India, the farmers were not consulted on these plantations. Initially they showed a great deal of enthusiasm for adopting eucalyptus as a farm crop and then gave up. Although the idea may have been technically and economically correct, the lack of a social approach, including cultural aspects, contributed to a failure. This emphasizes the need for the local population to be involved.

Another consideration is: what are the effects of an increase in forest plantations on croplands? What does it mean in terms of food production? What the opportunity costs of using such lands and who is going to pay for them? These forest plantations may contribute to carbon sequestration, but, if they are established in agricultural lands, may also contribute to reducing food production. In this were so, what are the actual benefits that they bring to Argentina?

Finally, the protection of the total 40 million or so ha of native forests for carbon sequestration, even if a low cost option, seems unrealistic. It is important to bear in mind that the major benefits of carbon sequestration accrue at global level. Who, then, is going to pay for the local benefits forgone by putting all of the remaining natural forests of Argentina under conservation?

Title: Kumari, K. 1996. Incremental cost of changing forestry practices to protect the habitat of the endangered Sumatran rhinoceros: Case study of the North Selangor peat swamps forests, Malaysia. Final draft report to Global Environment Facility (GEF) of the World Bank and Asian Wetlands Bureau (AWB) (mimeo.).

Country: Malaysia

Agency: GEF

Description:

This study estimates the incremental cost^A2.5 of adjusting the forest management practice in the peat forests of North Selangor to achieve defined global benefits in the most cost-effective manner. This adjustment requires the adoption of reduced-impact logging methods. However, this has a cost and, at present, does not constitute a priority for the country.

The incremental costs of shifting to the more environmentally sound tramline logging method is estimated for two scenarios. First, through the use of reconditioned equipment and, second, where new equipment has to be procured. Cost savings achieved as concurrent domestic benefits by adopting this option are also estimated for two key components: treatment of water used for domestic use and forest rehabilitation.

Valuation method(s) used:

Incremental cost refers to the difference between the cost that a developing country will incur to generate "global environmental benefits" as required under the Convention on Biological Diversity (CBD) and what it would otherwise incur without being a party to the Convention.

The incremental cost methodology utilized in this study is that proposed by the Global Environment Facility (GEF). The first step of this methodology is the selection of the baseline upon which incremental costs are estimated. According to this study "there are formidable problems in defining the baseline for any proposed GEF intervention, but special problems arise in the case of biodiversity. Is the baseline what a country would have done, would like to have done (but cannot) or is likely to do? In reality, national conservation strategies tend to be a mixture of both ideals and what is feasible." The study took the baseline practice to be in concurrence with the domestic goal of sustained timber yield (STY) using canals and traxcavators for logging.

The second step is to choose an alternative strategy under the CBD in preference to the baseline strategy in order to achieve defined global biodiversity objectives. The study noted that, although "the combination of winch and tramline is probably the most environmentally benign combination of logging in the biodiversity context, the alternative proposed here is one which retains the traxcavator for log extraction, but advocates a shift to tramlines for log transportation. Within practical constraints, tramlines (with traxcavators) represent the least-cost option of meeting both domestic and global environmental objectives."

A refinement of the incremental cost methodology can be done by taking into consideration concurrent domestic benefits, enumerating as far as possible all associated costs, including any reductions in costs (cost savings) arising from a shift to the alternative practice and then deducting them to derive the incremental costs.

Outcome:

The study suggests that the incremental cost methodology can be carried out, although its specific application to biodiversity can have some problems. However, these problems can be overcome.

The results show the NPV of incremental costs to loggers (in Malaysian ringgit - approximately 2.60 RM = US$1) to range from RM1,427/ha to RM3,067/ha, for reconditioned and new equipment, respectively. The discount cost-saving for domestic water treatment is estimated at RM134/ha and for forest rehabilitation at RM2,684/ha. Deducting these total cost savings (RM2,818/ha) gives an incremental cost of RM249/ha if the logger has to acquire new equipment, whereas the use of reconditioned equipment gives an incremental cost of -RM1,391/ha, i.e. incremental savings rather than costs result in this situation. The divergence between private and social costs and the possibility of negative incremental costs have to be discussed in the context of Malaysia’s current forestry practices and priorities if any meaningful and effective compensation is to be transacted. However, the results do indicate that, even where new equipment may have to be installed, the incremental cost is fairly modest and, for a relatively small transfer (RM249/ha), the change in forestry practice could significantly enhance the survival chances of the endangered Sumatran rhinoceros. A summary of these values is presented in table A2.15.

Table A2.15. - Incremental costs in shifting from baseline to alternative management practice (10-year period, 8% discount rate)

Source: Kumari (1996): table 8.

Notes: ne = new equipment; r = reconditioned.

The crucial questions, according to the study, are: "how could this shift be compensated effectively, without conflicting with other domestic priorities? Should the GEF take the status quo (baseline) and forest operational rules as the benchmark or should it instead require that market and institutional failures within the country be corrected as a pre-condition for funding? Conditionality is controversial even with conventional development aid. A minimum requirement could be that the government, together with GEF, could devise incentive packages for correcting national distortions. It appears that there is scope for GEF funding for this project, but the avenues for funding or financing need to be carefully worked out."

Comments:

This study once more suggests that the use of current valuation methodologies and/or techniques is feasible in the context of a developing country, and that the issues and challenges are not insurmountable. Other constraints deserve attention in addition to efforts to measure the environment in economic terms. There is urgent need of a serious discussion to find ways to overcome these constraints. Global benefits cannot be pursued or achieved by imposing costs on local people. The question is not just one of finding mechanisms to compensate but of creating ways that allow the local people to improve the use of the natural resource as well as improving their standard of living.

Centre for Social and Economic Research on the Global Environment (CSERGE). 1993. Mexico forestry and conservation sector review: Sub-study of economic valuation of forests. Report to the World Bank: Latin America and the Caribbean. Country Department II (LA2). November 1993.

CSERGE. See: Centre for Social and Economic Research on the Global Environment

Global Environment Facility (GEF). 1995. Incremental costs and financing modalities. GEF Council Meeting, 3-5 May 1995. Washington, D.C.: GEF (mimeo.).

Kramer, R.A., Sharma, N. and Munasinghe, M. 1995. Valuing tropical forests: Methodology and case study of Madagascar. World Bank Environment Paper No. 13. Washington, D.C.: The World Bank.

Kumari, K. 1995. An environmental and economic assessment of forest management options: A case study in Malaysia. The World Bank. Environment Department paper No. 026. Washington, D.C.: The World Bank.

Kumari, K. 1996. Incremental cost of changing forestry practices to protect the habitat of the endangered Sumatran rhinoceros: Case study of the North Selangor peat swamps forests, Malaysia. Final draft report to Global Environment Facility (GEF) of the World Bank and Asian Wetlands Bureau (AWB) (mimeo.).

Michael, S.G. 1995. Economic valuation of the multiple use of forests: The case of Bwindi Impenetrable National Park (BINP), Uganda. Unpublished M.Sc. dissertation. University of Edinburgh.

Pearce, D. and Barrett, S. 1994. Incremental costs and biodiversity conservation. Centre for Social and Economic Research on the Global Environment (CSERGE) (mimeo.).

Saxena, N.C. 1994. India’s Eucalyptus craze: The God that failed. New Delhi: Sage Publications.

Sedjo, R.A. and Ley, E. 1995. Argentina: Carbon and forests. Report prepared for the Global Environment Facility of the World Bank (mimeo). December.

Tacconi, L. 1995. Rethinking the economic analysis of forests: theory and practice. Forest Ecology and Management 73 (1995): 229-238.