Analysis of market and selling prices of carbon credits with a focus on the forestry sector


  • Dragan Čomić University of Banja Luka, Faculty of Forestry, S. Stepanovića 75A, 78000 Banja Luka, Bosnia and Herzegovina; email:
  • Branko Glavonjić University of Belgrade, Faculty of Forestry, Kneza Višeslava 1, 11030 Belgrade, Serbia
  • Sabina Delić University of Sarajevo, Faculty of Forestry, Zagrebačka 20, 71000 Sarajevo, Bosnia i Herzegovina



afforestation/reforestation, carbon markets, Paris Agreement, egulated carbon markets, voluntary carbon markets, regulisana karbon tržišta


Climate changes may be an exceptional development opportunity for the use of international practice and money funds, as well as new employment opportunities in the forestry sector. In addition to numerous advantages and benefits that may be generated through these projects, from the economic point of view, we can emphasize private investments, improvement of economic performances, creation of new jobs and contribution to the fiscal policy of the country (entities). In accordance with the fact that it is impossible to talk about the trade of carbon credits, whether they are generated in the forestry sector or in all other sectors, in national or regional frame works (especially for the countries of the region), this paper gives the analysis and comparison of the global trends. Considering the fact that a standard practice for all the countries is to trade this type of ‘goods’ on a global level, all research results are fully applicable and can serve as a reliable indicator of trends, for Bosnia and Herzegovina and all countries in the region. In the current situation, carbon credits generated from the forestry sector on the regulated markets hardly represent a reasonable financial investment, primarily due to the lack of demand and average selling price of carbon credits which is below 0.10 USD/tCO2e. Although there are some decreasing trends both in turnover and in average selling prices, as well as in participation of forestry projects, voluntary markets remain the most appropriate for initiation of the project activities. For the countries in our region, the most interesting are activities related to afforestation/reforestation, which in addition to land use, provide additional revenues through carbon credits generating. However, it is necessary to constantly monitor the changes in the markets as well as in the legislative framework. The Paris Agreement is a hot topic, and in this light it is necessary to raise the question of the future of the voluntary market of carbon credits, if all countries must be under some kind of regulated obligation (markets). It is one of the question that cannot be answered right now, but which will be much clearer from 2020, when the market-oriented mechanisms defined by the Paris Agreement should be fully operational.






Original Scientific Papers