Fig. 6

Mean annual carbon balance of 100-, 200- or 300-year planning horizon when net present value (Max NPV), carbon balance (Max C) or discounted carbon balance (Max C 1%, Max C 3%) is maximized. “Mix” refers to a scenario where growing stock volume increases for 90 years, after which harvest is equal to volume growth. HSR maximizes NPV with a 3% rate but the substitution rate of saw log is assumed to be higher, pulp products are carbon neutral and cutting residues are harvested for fuel feedstock