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Item An attempt to assess the monetary value of carbon absorbed in the Polish forest sector(Sciendo (De Gruyter), 2018-05-19) Jabłoński, Krzysztof; Stempski, WłodzimierzForests and forest management play a vital role in capture and storage of carbon dioxide, which contributes to mitigation of climate change. Forests are not only a natural carbon sink. Proper forest management can enhance biomass production, providing wood to be converted into e.g. construction timber, paper and furniture as well as wood fuels and, as a result, considerably enlarge this carbon sink. Poland, being a party of the Climate Convention and Kyoto Protocol and a member of the EU is obliged to provide yearly reports on carbon emissions and sequestration, includ ing the Land Use, Land Use Change and Forestry (LULUCF) sector, of which forestry is the leading constituent. Forests, with the sequestration rate at a level of 3.93 t CO2·ha-1 form practically the only important carbon sink in the LULUCF category. Unfortunately the LULUCF sector has not been yet included in the current climate policy framework. The purpose of the study was an attempt to estimate the hypothetical value of carbon stored in forestry, resulting from the reported quantities of the emitted and sequestered carbon. The calculations were based on figures included in the National Inventory Report for Poland, reported yearly to the Secretariat of the Climate Convention. Among the forestry carbon sources/sinks, reported annually, the sequestration resulting from forest management significantly exceeds the net sequestration from afforestation/deforestation activities. Average data from recent years show that forest management is a net CO2 sink, with 12 Mt CO2·y-1 (above the forest management reference level, (FMRL), and when combined with the carbon pool change resulting from afforestation/deforestation activities, it can be regarded as a net carbon sink sequestering nearly 15 Mt CO2·y-1. That value, when multiplied by the price of carbon emission allowance (e.g. EUA), could be a source of over 80 mill Euros per year, if used as a commodity on the emissions market. Due to high price volatility of CO2 emission allowances, the calculated profits are hypothetical, and the EU Emissions Trading System does not include forestry. These potential gains can become realistic after the LULUCF sector has been included in the emissions trading system.Item Identification of financial ratios applicable in the construction of a prediction model for bankruptcy of wood industry enterprises(Sciendo (De Gruyter), 2018-05-19) Adamowicz, Krzysztof; Noga, TomaszAt present, many early warning systems (EWS) are available. Most EWSs have been constructed based on data coming from various branches of economy. As a result, the effectiveness of these models in specific sectors of the national economy is frequently insufficient. There are no models dedicated to a specific branch, particularly the wood industry. Based on the Polish homogenous financial data supplied by the wood industry, it was decided to identify respective indexes, which may be used to construct a sector prediction model for bankruptcy in the wood industry. This study presents an analysis of indexes applied in 10 most popular EWSs used in Poland. In the course of the research process, a total of 5 financial ratios (FRs) were selected as best fitting to the investigated branch of economy. These included: profit from sales/balance sheet total, total income/mean annual total assets, operating costs/current liabilities, (operating profit – depreciation)/sales of products and equity capital/total debt.Item Nature-oriented potential resource and melliferous value of forest belts in steppe agro-forest landscapes(Sciendo (De Gruyter), 2018-07-20) Samsonova, Irina; Gryazkin, Anatoly; Belyaeva, Natalia; Belyaev, Vladimir; Petrik, Vitaliy; Bespalova, Veronica; Lyubimov, AlexanderCreation of forest shelterbelts in steppe zone is important because they allow to obtain the highest yields of grains of cereals where the area of the most favorable conditions for growth is formed in comparison with many other soil-climatic regions. Melliferous and pollen production value of lands changes as a result of anthropic landscape conversion from agrarian to forest agrarian. There are a lot of melliferous trees and shrubs in forest belts; some of them have been introduced from the other floristic regions and are well naturalised in the local conditions. Nature-oriented potential resource of forest belts is in carbon deposition and oxygen production by phytomass of the main species. The aim of the research is to evaluate the bioresource potential of forest belts in the conditions of steppe agrarian landscapes. Bioresource potential (Brp) of forests for honey supply in the region was defined according to the distribution of species in the area. Potential honey stock of melliferous lands, represented by forest stands was assigned according to their area, given by the Forestry Department of Rostov region, and the average normative honey productivity of 1 ha of these crops. The number of beehives (N) necessary for honey supply that use ½ of bioresource forest potential was calculated according to the need of a bee family in honey per year. Value of nature-oriented resource of black locust (Robinia pseudoacacia) stands was defined according to the amount of oxygen produced and carbon deposed. Pure and mixed forest belts with the share of black locust from 60 to 80% (335.0–494.5 kg/ha) in composition with ash (Fraxinus sp.), Norway maple, Siberian elm (Ulmus pumila), apricot and dense structure of honey suckle and Siberian pea tree underbrush have the highest productivity. The total volume of possible honey yield from forest belts of agro-forest landscapes in the studied region is 26,379.8 t. Maximum indices of carbon fixation and oxygen production are observed in the maturing stands of black locust, and the largest honey stock dominate in average age stands and are 3,755,000 t, 10,288,000 t and 25,200 t, respectively. The role of the whole system in the increase of landscape honey productivity and formation of forage conveyor for bees and enthomophages might be much more if the recommended assortment of the best melliferous and pollen bearing species would be more completely used when forest belts are created.Item The unresolved problem of determining the forest interest rate(Sciendo (De Gruyter), 2018-07-20) Adamowicz, KrzysztofValuation of forests and their components is a significant problem, both for science and practice. At present, in many countries, the market of forest property is limited. As a result, no conclusions may be inferred on the forest value based on the information on forest purchase and sale transactions. In this situation, we apply static methods of forest valuation. The problem of forest statics has been discussed for years (e.g., Brukas et al. 2001; Chang 1983, 2001; Dieter 2001; Hartman 1976; Manley and Bare 2001; Mohring 2001; Zhang 2001; Viitala 2016). Static methods of forest valuation are well known. In the construction of the proposed mathematical formula (Eq. 6), the Faustmann theory was applied, concerning the economic equilibrium in forestry. Numerous modifications of his equation for economic equilibrium were used to develop, for example, an income method for forest valuation based on discounting the final value or prolongation of initial value. The forest interest rate is a key element in these equations. At present, there are no procedures for the establishment of this interest rate, which would be generally accepted by the scientific community. Therefore, the article presents and discusses selected concepts for determining the forest interest rate.