The sequestration of CO₂ in forests is often suggested as a means to offset greenhouse gas emissions. New Zealand’s experience suggests the effects of government programmes to provide carbon credits to forest owners could be enhanced if forward markets, futures markets, or carbon-lending markets were used to manage risks. This paper provides a comparative institutions approach based on the history of commodity markets to argue that carbon lending markets, not forward or futures markets, are likely to be the most convenient form of a forestry carbon market. A carbon lending market will raise the total returns from forestry investments with minimal risks to forest owners, and simultaneously reduce the risks facing other firms contemplating carbon reducing investments. For this reason, governments wishing to include forest sequestration in an Emissions Trading Scheme may wish to encourage the development of a carbon lending market.

隔离CO ₂通常建议将森林中的二氧化碳作为抵消温室气体排放的一种手段。新西兰的经验表明，如果使用远期市场，期货市场或碳贷款市场来管理风险，则可以增强政府向森林所有者提供碳信用额的计划的效果。本文提供了一种基于商品市场历史的比较机构方法，认为碳借贷市场而不是期货或期货市场可能是林业碳市场的最便捷形式。碳借贷市场将提高林业投资的总收益，而对林主的风险则最小，同时减少其他公司在考虑减碳投资所面临的风险。为此原因，