Goldstein Joshua H, Daily Gretchen C, Friday James B, Matson Pamela A, Naylor Rosamond L, Vitousek Peter
Interdisciplinary Graduate Program in Environment and Resources, Stanford University, 397 Panama Mall, Stanford, CA 94305-2210, USA.
Proc Natl Acad Sci U S A. 2006 Jun 27;103(26):10140-5. doi: 10.1073/pnas.0600391103. Epub 2006 Jun 16.
Innovative financial instruments are being created to reward conservation on private, working lands. Major design challenges remain, however, to make investments in biodiversity and ecosystem services economically attractive and commonplace. From a business perspective, three key financial barriers for advancing conservation land uses must frequently be addressed: high up-front costs, long time periods with no revenue, and high project risk due to long time horizons and uncertainty. We explored ways of overcoming these barriers on grazing lands in Hawaii by realizing a suite of timber and conservation revenue streams associated with their (partial) reforestation. We calculated the financial implications of alternative strategies, focusing on Acacia koa ("koa") forestry because of its high conservation and economic potential. Koa's timber value alone creates a viable investment (mean net present value = $453/acre), but its long time horizon and poor initial cash flow pose formidable challenges for landowners. At present, subsidy payments from a government conservation program targeting benefits for biodiversity, water quality, and soil erosion have the greatest potential to move landowners beyond the tipping point in favor of investments in koa forestry, particularly when combined with future timber harvest (mean net present value = $1,661/acre). Creating financial mechanisms to capture diverse ecosystem service values through time will broaden opportunities for conservation land uses. Governments, nongovernmental organizations, and private investors have roles to play in catalyzing this transition by developing new revenue streams that can reach a broad spectrum of landowners.
创新型金融工具正在被创造出来，以奖励对私人生产性土地的保护。然而，要使对生物多样性和生态系统服务的投资在经济上具有吸引力且成为常态，仍存在重大的设计挑战。从商业角度来看，推进保护性土地利用面临的三个关键金融障碍必须经常加以解决：前期成本高、长期无收入以及由于时间跨度长和不确定性导致的高项目风险。我们探索了通过实现一系列与夏威夷放牧地（部分）重新造林相关的木材和保护收入流来克服这些障碍的方法。我们计算了替代策略的财务影响，由于其高保护价值和经济潜力，重点关注koa相思树（“koa”）林业。仅koa相思树的木材价值就创造了一项可行的投资（平均净现值 = 453美元/英亩），但其漫长的时间跨度和不佳的初始现金流给土地所有者带来了巨大挑战。目前，一项旨在实现生物多样性、水质和土壤侵蚀效益的政府保护计划提供的补贴支付，最有可能推动土地所有者越过临界点转而支持对koa相思树林业的投资，特别是与未来木材采伐相结合时（平均净现值 = 1661美元/英亩）。建立金融机制以长期获取多样化的生态系统服务价值，将拓宽保护性土地利用的机会。政府、非政府组织和私人投资者在通过开发能够惠及广泛土地所有者的新收入流来催化这一转变方面都可以发挥作用。
