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Vitor Afonso Hoeflich

Bio: Vitor Afonso Hoeflich is an academic researcher from Federal University of Paraná. The author has contributed to research in topics: Forest management & Profitability index. The author has an hindex of 8, co-authored 44 publications receiving 391 citations. Previous affiliations of Vitor Afonso Hoeflich include Empresa Brasileira de Pesquisa Agropecuária.

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Journal ArticleDOI
TL;DR: In this article, the principal exotic and selected native species in the Southern Cone of Latin America and in the US South were estimated for the principal eucalyptus plantations, with internal rates of returns ranging from 13% to 23%.
Abstract: Timber investment returns were estimated for the principal exotic and selected native species in the Southern Cone of Latin America and in the Southern United States. Exotic eucalyptus plantations in South America were most profitable, with internal rates of returns (IRRs) ranging from 13% to 23%, followed by exotic loblolly pine, with IRRs from 9% to 17%. Average loblolly pine plantation returns in the US South were less profitable, with an IRR of about 9.5%, and natural forest management in the South had IRRs of 4% to 8%. Subtropical native species plantations of the best araucaria and nothofagus species had reasonable financial returns, with IRRs ranging from 5% to 13%. Subtropical or tropical native forests had fewer commercial timber species, and had much lower growth rates and returns. Their IRRs were less than 4%, or even negative for unmanaged stands. State subsidy payments for forest plantations or for timber stand improvements increased IRRs somewhat and reserving areas for environmental protection reduced their IRRs slightly. Including land costs in the cash flows decreased these internal rates of return substantially. Natural stand returns in Latin America were much less than those of plantations, but management of those stands offered better rates of return than only holding the land.

163 citations

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TL;DR: In this paper, the authors estimated financial returns and wood production costs in 2008 for the primary timber plantation species, including land costs, and found that returns for exotic plantations in almost all of South America (Brazil, Argentina, Uruguay, Chile, Colombia, Venezuela, and Paraguay) were substantial.
Abstract: We estimated financial returns and wood production costs in 2008 for the primary timber plantation species. Excluding land costs, returns for exotic plantations in almost all of South America – Brazil, Argentina, Uruguay, Chile, Colombia, Venezuela, and Paraguay – were substantial. Eucalyptus species returns were generally greater than those for Pinus species in each country, with most having Internal Rates of Return (IRRs) of 20% per year or more, as did teak. Pinus species in South America were generally closer to 15%, except in Argentina, where they were 20%. IRRs were less, but still attractive for plantations of coniferous or deciduous species in China, South Africa, New Zealand, Indonesia, and the United States, ranging from 7% to 12%. Costs of wood production at the cost of capital of 8% per year were generally cheapest for countries with high rates of return and for pulpwood fiber production, which would favor vertically integrated firms in Latin America. But wood costs at stumpage market prices were much greater, making net wood costs for open market wood more similar among countries. In the Americas, Chile and Brazil had the most regulatory components of sustainable forest management, followed by Misiones, Argentina and Oregon in the U.S. New Zealand, the United States, and Chile had the best rankings regarding risk from political, commercial, war, or government actions and for the ease of doing business. Conversely, Venezuela, Indonesia, Colombia, and Argentina had high risk ratings, and Brazil, Indonesia, and Venezuela were ranked as more difficult countries for ease of business.

88 citations

Journal ArticleDOI
TL;DR: In this paper, the Faustmann Formula was used to evaluate the effect of land prices, environmental regulations, and increased productivity on plantations' investment performance. But the authors focused on plantations in South America and did not examine the effects of other institutional, forestry, and policy factors.
Abstract: Prior research in 2005 and 2008 estimated planted forest investment returns for a set of countries and included some natural forest species in a few countries. This research has extended those analyses to a larger set of countries and focused on plantation species, for seven years. This research serves as a "benchmarking" exercise that helps identify comparative advantages among countries for timber investment returns, as well as other institutional, forestry, and policy factors that affect investments. Furthermore, it extends the analyses to examine the effects of land prices, environmental regulations, and increased productivity on timber investment returns, as well as comparing timber returns with traditional stock market returns. We estimated financial returns in 2005, 2008, and 2011 for a range of global timber plantation species and countries, using net present value (NPV), internal rate of return (IRR), and Land Expectation Value (LEV)--or the Faustmann Formula--as criteria. Per the Faustmann approach, we excluded land costs initially, using a common real discount rate of 8% for all species in all countries to make equivalent comparisons. Returns for exotic plantations in almost all of South America--Brazil, Argentina, Uruguay, Chile, Colombia, Venezuela, and Paraguay--were substantial, as well as in China. In 2011, returns for Eucalyptus species were generally greater than those for Pinus species in each country, with most having IRRs of 14% per year or more. The IRRs for Pinus species in South America were slightly less, ranging from 8% to 12%, except for Brazil, where they were 19% to 23%. Internal rates of return ranged from 5% to 12% for plantations of coniferous or deciduous species in China, South Africa, New Zealand, Australia, Mexico, and the United States. Although lower than returns from South America, these would still be attractive to forest investors. Land costs and environmental regulations reduced plantation investment returns for all the countries studied, but the largest reductions were observed in South America. However, net returns these remained greater than for plantations in temperate forests. Trend analyses indicated that Brazil had the greatest increase in timber investment returns during the period examined; returns in other southern hemisphere countries remained fairly stable; and the US South had substantial decreases in returns. New Zealand, Australia, the United States, Chile, and Mexico had the best rankings regarding risk from political, commercial, or government actions and for the ease of doing business. Conversely, Venezuela, Colombia, and Argentina had high risk ratings, and Brazil and Venezuela were ranked as more difficult countries for ease of business. Recent government actions in several countries in South America, except Colombia, have discouraged foreign investments in agricultural land, which has adversely affected forestry as well. Timber-land investments fared well in comparison to USA equity or debt annual returns from 2000 to 2011. Past timber-land investors appear to making excellent returns now based on cheap land costs decades ago; new investments in most countries and plantation species will have smaller rates of return, but still compare favourably with traditional asset classes.

55 citations

Journal ArticleDOI
TL;DR: In this article, the authors estimated timber investment returns for 22 countries and 54 management regimes in 2017, for a range of global timber plantation species and countries at the stand level, using capital budgeting criteria, without land costs, at a real discount rate of 8%.

37 citations

Journal ArticleDOI
TL;DR: In this paper, the authors identify and prospect the future behavior of a critical fact about the biomass energy productive chain in an original forest, as well as check the needs of training and research demands to improve its competitive performance.
Abstract: This paper aims to identify and prospect the future behavior of a critical fact about the biomass energy productive chain in an original forest, as well as to check the needs of training and research demands to improve its competitive performance. The study had as its inclusion area the municipal districts of the area of Lages, in the South Plateau in Santa Catarina. Foresight approach was the methodology used, developed through the specialists projection based on their knowledge, by applying a Delphi questionnaire, and contemplating the segments of the forest production, industry and generation of energy. The main conclusions were: a) readiness of forest residues exists to use for the production of energy, it has been necessary to adapt the process in forest crop; b) investments and qualification in human resources and new industrial technology processes are required for taking better advantage of forest resources; and c) the production of energy by using the biomass in the original forest might grow.

12 citations


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TL;DR: It is shown that NCS can provide over one-third of the cost-effective climate mitigation needed between now and 2030 to stabilize warming to below 2 °C.
Abstract: Better stewardship of land is needed to achieve the Paris Climate Agreement goal of holding warming to below 2 °C; however, confusion persists about the specific set of land stewardship options available and their mitigation potential. To address this, we identify and quantify "natural climate solutions" (NCS): 20 conservation, restoration, and improved land management actions that increase carbon storage and/or avoid greenhouse gas emissions across global forests, wetlands, grasslands, and agricultural lands. We find that the maximum potential of NCS-when constrained by food security, fiber security, and biodiversity conservation-is 23.8 petagrams of CO2 equivalent (PgCO2e) y-1 (95% CI 20.3-37.4). This is ≥30% higher than prior estimates, which did not include the full range of options and safeguards considered here. About half of this maximum (11.3 PgCO2e y-1) represents cost-effective climate mitigation, assuming the social cost of CO2 pollution is ≥100 USD MgCO2e-1 by 2030. Natural climate solutions can provide 37% of cost-effective CO2 mitigation needed through 2030 for a >66% chance of holding warming to below 2 °C. One-third of this cost-effective NCS mitigation can be delivered at or below 10 USD MgCO2-1 Most NCS actions-if effectively implemented-also offer water filtration, flood buffering, soil health, biodiversity habitat, and enhanced climate resilience. Work remains to better constrain uncertainty of NCS mitigation estimates. Nevertheless, existing knowledge reported here provides a robust basis for immediate global action to improve ecosystem stewardship as a major solution to climate change.

1,508 citations

Journal ArticleDOI
TL;DR: In this paper, the authors focus on an analysis of planted forests data from the 2015 Forests Resources Assessment of the U.N. Food and Agriculture Organization (FRA 2015) and suggest that climate impacts, especially from extreme climatic events will affect planted forests in the future and that forest health impacts can also be expected to increase.

518 citations

Journal ArticleDOI
TL;DR: It is suggested that proper site preparation and sustainable harvest practices, such as avoiding the removal or burning of harvest residue, could minimize the impact of afforestation on soils, and slow soil compaction, erosion, and organic matter loss, maintaining soil fertility to the greatest extent possible.
Abstract: Afforestation, the conversion of non-forested lands to forest plantations, can sequester atmospheric carbon dioxide, but the rapid growth and harvesting of biomass may deplete nutrients and degrade soils if managed improperly. The goal of this study is to evaluate how afforestation affects mineral soil quality, including pH, sodium, exchangeable cations, organic carbon, and nitrogen, and to examine the magnitude of these changes regionally where afforestation rates are high. We also examine potential mechanisms to reduce the impacts of afforestation on soils and to maintain long-term productivity. Across diverse plantation types (153 sites) to a depth of 30 cm of mineral soil, we observed significant decreases in nutrient cations (Ca, K, Mg), increases in sodium (Na), or both with afforestation. Across the data set, afforestation reduced soil concentrations of the macronutrient Ca by 29% on average (P , 0.05). Afforestation by Pinus alone decreased soil K by 23% (P , 0.05). Overall, plantations of all genera also led to a mean 71% increase of soil Na (P , 0.05). Mean pH decreased 0.3 units (P , 0.05) with afforestation. Afforestation caused a 6.7% and 15% (P , 0.05) decrease in soil C and N content respectively, though the effect was driven principally by Pinus plantations (15% and 20% decrease, P , 0.05). Carbon to nitrogen ratios in soils under plantations were 5.7-11.6% higher (P , 0.05). In several regions with high rates of afforestation, cumulative losses of N, Ca, and Mg are likely in the range of tens of millions of metric tons. The decreases indicate that trees take up considerable amounts of nutrients from soils; harvesting this biomass repeatedly could impair long-term soil fertility and productivity in some locations. Based on this study and a review of other literature, we suggest that proper site preparation and sustainable harvest practices, such as avoiding the removal or burning of harvest residue, could minimize the impact of afforestation on soils. These sustainable practices would in turn slow soil compaction, erosion, and organic matter loss, maintaining soil fertility to the greatest extent possible.

406 citations

01 Jan 2009
TL;DR: O objetivo deste texto e auxiliar os alunos da pos-graduacao a escolherem o tema, realizarem suas pesquisas e redigirem their dissertacoes de mestrado as mentioned in this paper.
Abstract: O objetivo deste texto e auxiliar os alunos da pos-graduacao a escolherem o tema, realizarem suas pesquisas e redigirem suas dissertacoes de mestrado.

383 citations

Journal ArticleDOI
TL;DR: In this paper, a compilation of the authors' experiences and perspectives from various parts of the world aims to initiate a larger discussion concerning the constraints to and the potential of adopting alternative silvicultural practices.

248 citations