Document ID: chunk:federal_register_of_legislation:F2024L00270:body:0:p86
Version: federal_register_of_legislation:F2024L00270
Segment Type: other
Provision Reference: 
Character Range: 251264–254247

2009).
Because growth and retention provides carbon storage whereas harvesting and bushfires result in a net storage loss (Keith et al. 2016), management of native forests offers opportunities to change carbon storage capacity and contribute to global climate change mitigation (with the beneficial social and economic flow-on effects from this ecosystem service).
Keith et al. (2016) calculated the potential value of the ecosystem service of carbon sequestration and carbon stock for their study area, based on reported payments used for abatement projects under the Australian Government Emissions Reduction Fund. With carbon priced at $12.25 per tonne in 2015, the total annual value of carbon stock across all land use in the Central Highlands was estimated at $20 million (1.635 million tonnes) (Keith et al. 2016).

Tourism, visitation and recreation
Keith et al. (2016) provide indicative estimates for the contribution of tourism to gross domestic product (industry value added) in their Central Highlands study area at $260 million (or $353/ha) for 2013 to 2014 and noted that this accounted for 3,500 jobs.
Tourism to the Yarra Valley in 2013 to 2014 contributed an estimated $1.1 billion to the region's economy (approximately 13.4% of gross regional product). Dench McClean Carson (2016) noted that parts of the Yarra Ranges municipality hold high environmental assets and currently offer a diverse range of experiences and recreational opportunities. This study estimated that visitors to parks and forests in the area of the Yarra Ranges currently generate more than 2,700 jobs in the local economy and form a significant component of the revenue for the small gateway towns, however there is no information currently available to enable a projection of changed visitation levels to this area beyond that currently experienced, as a result of any changes due to increased forest protection.

Biodiversity and cultural, social, community values and engagement
Consistent with the implementation of many threatened species' recovery programs, there are also potential social benefits for communities engaged in such programs. Leadbeater's possum in particular has high social value. As one of Victoria's two state terrestrial faunal emblems, it has substantial community profile and interest, and is the focus of community conservation action. A long term collaborative effort by the community in working towards the successful recovery of an iconic critically endangered species could have significant positive social benefit and serve as a model to engage communities more broadly in threatened species conservation.
An economic valuation of the importance of Leadbeater's possum to the Victorian community was undertaken in the late 1990s using the contingent valuation method (Jakobsson and Dragun 2001). In a survey of Victorians, people's willingness to pay to protect Leadbeater's possum was estimated to be between $40 million ($29 per household) and $84 million