Agroforestry landscapes provide multiple benefits, including the capacity for storing carbon, thus contributing to climate change mitigation. In Portugal, the agroforestry system known as Montado (Dehesa in Spain) is heavily dependent on national and European financial incentives. Lack thereof, or insufficient level, often results in abandonment or intensification (increasing grazing pressure) of management practices. Carbon storage is a stock externality of agroforestry systems currently not targeted by CAP agri-environmental mechanisms. Hence, our work is aimed at assessing and valuing net carbon flow in agroforestry systems to guide a Payment for Ecosystem Services (PES) scheme targeting Montado landscapes in Portugal. We have assessed and valued net carbon flow for different land-use change scenarios (abandonment, maintenance, or grazing intensification), focusing on cork and holm oak-dominated Montado and using biomass equations. We applied different explicit carbon pricing mechanisms (market value, social cost, and shadow price) to determine a range of values suitable as financial rewards in the proposed PES scheme. For cork-oak Montado, our results suggest both abandonment and grazing intensification are linked to carbon emissions (−1.5 and −1.6tCO₂eq.ha^-1.year^-1, respectively), whereas maintaining Montado results in carbon sequestration (+0.9tCO₂eq.ha^-1.year^-1). Similar results were found for holm oak. Based on this biophysical assessment, we estimate that farmers willing to maintain Montado systems are eligible to be rewarded between 106 and 149€.ha^-1.year^-1 through a PES scheme for the increase in carbon storage they are providing. Incorporating the value of ecosystem services into direct financial rewards could ensure agroforestry systems are kept under sustainable management and continue to supply multiple benefits to society.

农林业景观提供多种好处，包括储存碳的能力，从而有助于减缓气候变化。在葡萄牙，被称为Montado（西班牙的Dehesa）的农林业系统严重依赖国家和欧洲的财政激励措施。缺乏或水平不足，往往会导致管理实践的放弃或强化（增加放牧压力）。碳储存是目前 CAP 农业环境机制未针对的农林业系统的存量外部性。因此，我们的工作旨在评估和估价农林业系统中的净碳流量，以指导针对Montado 的生态系统服务付费 (PES) 计划葡萄牙的风景。我们已经评估和评估了不同土地利用变化情景（放弃、维护或放牧集约化）的净碳流量，重点关注软木和圣栎为主的Montado，并使用生物量方程。我们应用了不同的显式碳定价机制（市场价值、社会成本和影子价格）来确定适合作为拟议 PES 计划中的财务奖励的一系列价值。对于 cork-oak Montado，我们的结果表明放弃和放牧集约化都与碳排放有关（分别为 -1.5 和 -1.6tCO ₂ eq.ha ^-1 .year ^-1），而维持Montado导致碳固存（+0.9吨CO ₂eq.ha ^-1 .year ^-1）。对圣栎也发现了类似的结果。根据此生物物理评估，我们估计愿意维护Montado系统的农民有资格通过 PES 计划获得 106 至 149 欧元.公顷^-1 .year ^{-1 的}奖励，以增加他们提供的碳储存。将生态系统服务的价值纳入直接的经济回报可以确保农林业系统处于可持续管理之下，并继续为社会提供多重利益。