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An Economic Analysis of Industrial Forest Plantation and A/R CDM Project in Indonesia  

Park, Chongho (Korea Forest Service)
Kwon, Kiwon (Department of Environment and Forest Resources, Chungnam National University)
Kim, Sebin (Department of Environment and Forest Resources, Chungnam National University)
Publication Information
Journal of Korean Society of Forest Science / v.96, no.3, 2007 , pp. 348-356 More about this Journal
Abstract
The purpose of this study is to give the results of economic feasibility of industrial forest plantations, and also A/R CDM project in Indonesia to investors. In order to analyze economic feasibility of the industrial forest plantation and A/R CDM project, this study comparatively analyzes the feasibility based on three following scenarios: industrial plantation type; A/R CDM type; combination type of industrial plantation and A/R CDM project. In the aspect of IRR, the combination type has 11 % while the industrial plantation type has 8%. If the price of timber increases USD $5/m^3$ (from the standard price: USD $30/m^3$ to USD $35/m^3$), IRR of the industrial plantation type will increase from 8% to 14%. This result shows us that the IRR of the industrial plantation type is very sensitive to the price of timber. There is no economic feasibility of A/R CDM project if the price of lCER is under USD 5. In addition, IRR of the A/R CDM project type is the same to IRR of industrial plantation type (8%) when the price of lCER is USD 10. Finally, the total investment expenditure on 12,000ha of the combination type is approximately 13 billion won while the industrial plantation type is 13.6 billion won. It takes 11 year to reach the turning point in terms of profitability of the combination type while the industrial plantation takes 13 year. Thus, the economic feasibility of the combination type is higher than the other types(industrial plantation type and A/R CDM project type).
Keywords
Economic feasibility; industrial forest; A/R CDM; IRR; NPV; B/C;
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