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A Real Options Approach Using the Binomial Tree Method
Valuation of Carbon Forestry and the New Zealand Emissions Trading Scheme: A Real Options Approach Using the Binomial Tree Method James Tee1, Riccardo Scarpa1, Dan Marsh1 and Graeme Guthrie2 1 Department of Economics, University of Waikato, New Zealand. 2 School of Economics and Finance, Victoria University of Wellington, New Zealand. Please kindly address all correspondences to [email protected] Selected Paper prepared for presentation at the International Association of Agricultural Economists (IAAE) Triennial Conference, Foz do Iguaçu, Brazil, 18-24 August, 2012. Reference number: 16930 Copyright 2012 by James Tee, Riccardo Scarpa, Dan Marsh and Graeme Guthrie. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies. Abstract Under the New Zealand Emissions Trading Scheme, new forests planted on/after 1st January 1990 can earn carbon credits. These credits have to be repaid upon forest harvest. This paper analyses the effects of this carbon scheme on the valuation of bareland, on which radiata pine is to be planted. NPV/LEV and Real Options methods are employed, assuming stochastic timber and carbon prices. Valuation increases significantly and rotation age is likely to be lengthened. We include a scenario analysis of potential implications of rotation age lengthening on carbon stock management in New Zealand. 1 Introduction In order to meet New Zealand’s Kyoto Protocol commitments, its government passed cap-and-trade legislation, called the New Zealand Emissions Trading Scheme (NZETS), to create a carbon price and put in place incentives for businesses and consumers to change their behaviour. -
Barbed Wire Vine
Insects, beetles, bugs and slugs of Mt Gravatt Conservation Reserve Compiled by: Michael Fox www.megoutlook.org/flora-fauna/ © 2015-17 Creative Commons – free use with attribution to Mt Gravatt Environment Group Ants Dolichoderinae Iridomyrmex sp. Small Meat Ant Attendant “Kropotkin” ants with caterpillar of Imperial Hairstreak butterfly. Ants provide protection in return for sugary fluids secreted by the caterpillar. Note the strong jaws. These ants don’t sting but can give a powerful bite. Kropotkin is a reference to Russian biologist Peter Kropotkin who proposed a concept of evolution based on “mutual aid” helping species from ants to higher mammals survive. 22-Aug-17 Insects Beetles and Bugs - ver 5.4 Page 1 of 51 Mt Gravatt Environment Group – www.megoutlook.wordpress.com Insects, beetles, bugs and slugs of Mt Gravatt Conservation Reserve Formicinae Opisthopsis rufithorax Black-headed Strobe Ant 22-Aug-17 Insects Beetles and Bugs - ver 5.4 Page 2 of 51 Mt Gravatt Environment Group – www.megoutlook.wordpress.com Insects, beetles, bugs and slugs of Mt Gravatt Conservation Reserve Formicinae Camponotus consobrinus Banded Sugar Ant Size 10mm Eggs in rotting log Formicinae Camponotus nigriceps Black-headed Sugar Ant 22-Aug-17 Insects Beetles and Bugs - ver 5.4 Page 3 of 51 Mt Gravatt Environment Group – www.megoutlook.wordpress.com Insects, beetles, bugs and slugs of Mt Gravatt Conservation Reserve 22-Aug-17 Insects Beetles and Bugs - ver 5.4 Page 4 of 51 Mt Gravatt Environment Group – www.megoutlook.wordpress.com Insects, beetles, bugs and slugs of Mt Gravatt Conservation Reserve Formicinae Polyrhachis ammon Golden-tailed Spiny Ant Large spines at rear of thorax Nest 22-Aug-17 Insects Beetles and Bugs - ver 5.4 Page 5 of 51 Mt Gravatt Environment Group – www.megoutlook.wordpress.com Insects, beetles, bugs and slugs of Mt Gravatt Conservation Reserve Formicinae Polyrhachis australis Rattle Ant Black Weaver Ant or Dome-backed Spiny Ant Feeding on sugar secretions produced by Redgum Lerp Psyllid. -
4 Reproductive Biology of Cerambycids
4 Reproductive Biology of Cerambycids Lawrence M. Hanks University of Illinois at Urbana-Champaign Urbana, Illinois Qiao Wang Massey University Palmerston North, New Zealand CONTENTS 4.1 Introduction .................................................................................................................................. 133 4.2 Phenology of Adults ..................................................................................................................... 134 4.3 Diet of Adults ............................................................................................................................... 138 4.4 Location of Host Plants and Mates .............................................................................................. 138 4.5 Recognition of Mates ................................................................................................................... 140 4.6 Copulation .................................................................................................................................... 141 4.7 Larval Host Plants, Oviposition Behavior, and Larval Development .......................................... 142 4.8 Mating Strategy ............................................................................................................................ 144 4.9 Conclusion .................................................................................................................................... 148 Acknowledgments ................................................................................................................................. -
Insects, Beetles, Bugs and Slugs of Mt Gravatt Conservation Reserve
Insects, beetles, bugs and slugs of Mt Gravatt Conservation Reserve Compiled by: Michael Fox www.megoutlook.org/flora-fauna/ © 2015-20 Creative Commons – free use with attribution to Mt Gravatt Environment Group Ants Dolichoderinae Iridomyrmex sp. Small Meat Ant Attendant “Kropotkin” ants with caterpillar of Imperial Hairstreak butterfly. Ants provide protection in return for sugary fluids secreted by the caterpillar. Note the strong jaws. These ants don’t sting but can give a powerful bite. Kropotkin is a reference to Russian biologist Peter Kropotkin who proposed a concept of evolution based on “mutual aid” helping species from ants to higher mammals survive. 4-Nov-20 Insects Beetles and Bugs - ver 5.9.docx Page 1 of 59 Mt Gravatt Environment Group – www.megoutlook.wordpress.com Insects, beetles, bugs and slugs of Mt Gravatt Conservation Reserve Formicinae Opisthopsis rufithorax Black-headed Strobe Ant Formicinae Camponotus consobrinus Banded Sugar Ant Size 10mm Eggs in rotting log 4-Nov-20 Insects Beetles and Bugs - ver 5.9.docx Page 2 of 59 Mt Gravatt Environment Group – www.megoutlook.wordpress.com Insects, beetles, bugs and slugs of Mt Gravatt Conservation Reserve Formicinae Camponotus nigriceps Black-headed Sugar Ant 4-Nov-20 Insects Beetles and Bugs - ver 5.9.docx Page 3 of 59 Mt Gravatt Environment Group – www.megoutlook.wordpress.com Insects, beetles, bugs and slugs of Mt Gravatt Conservation Reserve Formicinae Polyrhachis ammon Golden-tailed Spiny Ant Large spines at rear of thorax Nest 4-Nov-20 Insects Beetles and Bugs - ver 5.9.docx Page 4 of 59 Mt Gravatt Environment Group – www.megoutlook.wordpress.com Insects, beetles, bugs and slugs of Mt Gravatt Conservation Reserve Formicinae Polyrhachis australis Rattle Ant Black Weaver Ant or Dome-backed Spiny Ant Feeding on sugar secretions produced by Redgum Lerp Psyllid. -
Proceedings, 23Rd U.S. Department of Agriculture Interagency Research
United States Department of Proceedings Agriculture 23rd U.S. Department of Agriculture Forest Service Northern Interagency Research Forum on Research Station Invasive Species 2012 General Technical Report NRS-P-114 The findings and conclusions of each article in this publication are those of the individual author(s) and do not necessarily represent the views of the U.S. Department of Agriculture or the Forest Service. All articles were received in digital format and were edited for uniform type and style. Each author is responsible for the accuracy and content of his or her paper. The use of trade, firm, or corporation names in this publication is for the information and convenience of the reader. Such use does not constitute an official endorsement or approval by the U.S. Department of Agriculture or the Forest Service of any product or service to the exclusion of others that may be suitable. This publication reports research involving pesticides. It does not contain recommendations for their use, nor does it imply that the uses discussed here have been registered. All uses of pesticides must be registered by appropriate State and/or Federal, agencies before they can be recommended. CAUTION: Pesticides can be injurious to humans, domestic animals, desirable plants, and fi sh or other wildlife—if they are not handled or applied properly. Use all pesticides selectively and carefully. Follow recommended practices for the disposal of surplus pesticides and pesticide containers. Cover graphic by Vincent D’Amico, U.S. Forest Service, Northern Research Station. Manuscript received for publication August 2012 Published by: For additional copies: U.S. -
Arhopalus Asperatus – a Common Longhorned Beetle
Colorado Insect of Interest Arhopalus asperatus – A Common Longhorned Beetle Scientific Name: Arhopalus asperatus (LeConte) Order: Coleoptera (Beetles) Family: Cerambycidae (Longhorned Beetles) Identification and Descriptive Features: Arhopalus asperatus is a elongate-bodied longhorned beetle that is uniformly dark gray or brown. They can be moderately large but show considerable size variation, ranging from 18-33 mm in length. The antennae are about 1/2- 3/4 the body length and are longer in males. Larvae, type of roundheaded borer, are marked by a pair of Figure 1. Arhopalus asperatus. sharp spines that curve inward found on the hind segment of the body. Distribution in Colorado: Arhopalus asperatus appears to be widely distributed throughout the forested areas of the state. Life History and Habits: Arhopalus asperatus, along with the various “pine sawyers” (Monochamous spp.), are the most common longhorned beetles associated with recently dead or felled conifers. Most conifers, including most pines, firs, douglas-fir and spruce, are known hosts. Adult lay eggs in deep bark crevices. Larvae originally feed in the cambium, later moving to sapwood and heartwood where they pack the tunnels with coarse sawdust frass. Stumps and large roots are often the most common site of larval development. Development is thought to take 2-3 years to complete. Adults are attracted to recently scorched wood following forest fires. They also will often be seen around campfires. Related Species: Other Arhopalus species are known from Colorado. Museum records for A. rusticus montanus LeConte include El Paso, Jefferson, Boulder, Mesa, and Moffat counties, suggesting widespread distribution within Colorado. It is a lighter colored species than is A. -
Forestry in New Zealand: the Role of Japanese Companies Introduction: Business Field
43rd Joint Meeting of the Japan New Zealand Business Council on 23 Nov. 2016 Forestry in New Zealand: The Role of Japanese Companies Introduction: Business Field Upstream Midstream Downstream 1691 1950~ 1960~ 1970~ Domestic Forestry & Wooden building Wooden building Housing-related environment business materials distribution materials manufacturing business business business Custom-built home construction & sales business Domestic forestry Domestic Remodeling, leasing, business manufacturing other housing-related Distribution of timber business business and building materials in Japan and overseas Overseas tree planting Overseas business manufacturing business Overseas housing business Overseas SUMITOMO FORESTRY CO., LTD. ALL RIGHTS RESERVED. 1 Introduction: Our Forest Company-owned forests in Japan Owned or managed overseas plantations 46,443 ha As of March 31, 2016 Approx. 230,000 ha As of June 30, 2016 Natural Plantations Other forest =500 ha =3,000 ha Hokkaido Indonesia 18,199 ha 160,000 ha Honshu 4,280 ha Papua New Guinea 31,000 ha Kyushu Shikoku 9,181 ha 14,783 ha New Zealand 36,000 ha SUMITOMO FORESTRY CO., LTD. ALL RIGHTS RESERVED. 2 General Information of NZ’s Forests 6% • Land area: 27.1M ha 24% 43% (Japan: 37.8M ha) 26% • Forest area: 10.1M ha (Japan: 25.1M ha) Pasture/arable Other (non-forest) • Forest cover: Naturan Forest Plantation Source: NZFOA (2013) / Dana (2014) 38.6% (Japan: 66.4%) • Forest owner: Public 60% Private 40% SUMITOMO FORESTRY CO., LTD. ALL RIGHTS RESERVED. 3 Plantation Forest in NZ • Almost all logs are produced from plantations。 • There were 3 plantation booms which occurred: in the 1930’s, from the late 1960’s and early 1980’s. -
Ethanol and (–)-A-Pinene: Attractant Kairomones for Some Large Wood-Boring Beetles in Southeastern USA
J Chem Ecol (2006) DOI 10.1007/s10886-006-9037-8 Ethanol and (–)-a-Pinene: Attractant Kairomones for Some Large Wood-Boring Beetles in Southeastern USA Daniel R. Miller Received: 12 September 2005 /Revised: 12 December 2005 /Accepted: 2 January 2006 # Springer Science + Business Media, Inc. 2006 Abstract Ethanol and a-pinene were tested as attractants for large wood-boring pine beetles in Alabama, Florida, Georgia, North Carolina, and South Carolina in 2002–2004. Multiple-funnel traps baited with (j)-a-pinene (released at about 2 g/d at 25–28-C) were attractive to the following Cerambycidae: Acanthocinus nodosus, A. obsoletus, Arhopalus rusticus nubilus, Asemum striatum, Monochamus titillator, Prionus pocularis, Xylotrechus integer, and X. sagittatus sagittatus. Buprestis lineata (Buprestidae), Alaus myops (Elateridae), and Hylobius pales and Pachylobius picivorus (Curculionidae) were also attracted to traps baited with (j)-a-pinene. In many locations, ethanol synergized attraction of the cerambycids Acanthocinus nodosus, A. obsoletus, Arhopalus r. nubilus, Monochamus titillator, and Xylotrechus s. sagittatus (but not Asemum striatum, Prionus pocularis,orXylotrechus integer)to traps baited with (j)-a-pinene. Similarly, attraction of Alaus myops, Hylobius pales, and Pachylobius picivorus (but not Buprestis lineata) to traps baited with (j)-a- pinene was synergized by ethanol. These results provide support for the use of traps baited with ethanol and (j)-a-pinene to detect and monitor common large wood- boring beetles from the southeastern region of the USA at ports-of-entry in other countries, as well as forested areas in the USA. Keywords Cerambycidae . Xylotrechus . Monochamus . Acanthocinus Curculionidae . Hylobius . Pachylobius . Elateridae . Alaus . Ethanol a-Pinene . -
Interpreting Exotic Plantation Forestry in 1920S New Zealand
(RE)INTERPRETING EXOTIC PLANTATION FORESTRY IN 1920S NEW ZEALAND MICHAEL ROCHE School of People, Environment and Planning, Massey University, Private Bag 11-222, Palmerston North. [email protected] Abstract Environmental historians who have contributed to the understanding of ‘eco- nationalism’ in New Zealand and within the sub-area of forest history have shown how deforestation produced a preservationist impulse and an exotic afforestation response to timber famine. My own work, in partial contrast, has tended to explore the largely unsuccessful efforts at indigenous forest management for production in the nineteenth century as well as suggesting that the large-scale afforestation boom of the 1920s and 1930s was a departure from the anticipated direction of state efforts when the Forests Department was established in 1919. Previously I have argued that the New Zealand State Forest Service under its first director L. M. Ellis initially favoured an orthodox state forestry model anchored on sustained-yield management of indigenous forests, and only later turned to large-scale exotic plantations, in order to forestall a projected timber famine by 1965, and to buy time to enable the mechanisms for regenerating indigenous forests to be understood. This paper looks more closely at Ellis’ initial statements about the role of plantation forestry and suggests that a partial change of interpretation is needed. Keywords: state forestry, historical geography, environmental history, afforestation, New Zealand. Introduction This article grows out of some of the differences in, emphasis on, and interpretations of New Zealand’s forest history that exist in the publications of New Zealand historians and my own writing as an historical geographer working in the field typically labelled ‘environmental history’. -
References – for All Case Studies and Overview
Changing Ownership and Management of State Forest Plantations. References References – for all case studies and overview ABARE (2001). Australian Commodity Statistics 2001. Canberra. ACF (1988). The wood and the trees revisited. ACF responds to the forest industries. ACF, Hawthorn, Victoria. Acuiti Legal (2002). Tax concessions reintroduced for plantation forestry industry. www.ptaa.com.au/acuiti.html Accessed 30/04/2002. AFFA (Agriculture Fisheries and Forestry – Australia) (2002). Industry Development and Adjustment. Australia’s Unique Forests. www.affa.gov.au/ Accessed 31/07/2002 Afforestation Proprietary Limited. 1926. Timber wealth, something for all: a large return for a small investment. Afforestation Proprietary Ltd, Melbourne. 22p. Aldwell, P.H.B. 1984. Some social and economic implications of large-scale forestry in Waiapu County. Forest Research Institute, New Zealand Forest Service, Rotorua. 39p. Alexander, F. Brittle, S., Ha, A.G. Leeson, T. and Riley,C. (2000). Landcare and farm forestry: providing a basis for better resource management on Australian farms. ABARE report to the Natural Heritage Trust, Canberra. Anderson, J. (1997). Minister removes export controls on wood sourced from plantations in Western Australia. Media Release Department for Primary Industries and Energy, 22nd September 1997. Anderson, R.S. and W. Huber. 1988. The Hour of the Fox: Tropical Forests, The World Bank and Indigenous People in Central India. New Delhi: Vistaar/Sage. Anon. (2001). Gunns adds North Forest to its trees. The Australian March 20th 2001. Anon. 1996. NZ government rushes to sell forests. Green Left Weekly. URL: www.greenleft.org.au/back/1996/245/245p18.htm Accessed 28/11/2002 Anon. 1998. Job cuts decimate New Zealand forestry industry. -
CERAMBYCIDAE of the WESTERN U.S.A. Version 061313 JAMES R
SCREENING AID FOR THE CERAMBYCIDAE OF THE WESTERN U.S.A. Version 061313 JAMES R. LaBONTE1 STEVEN A. VALLEY1 JOSHUA VLACH1 CHRISTINE NIWA2 1OREGON DEPARTMENT OF AGRICULTURE 2U.S.D.A. FOREST SERVICE. Ret. Contributions and Acknowledgements James R. LaBonte, ODA (Oregon Department of Agriculture: Design and compilation of the screening aid. Steven A. Valley, ODA: Acquisition of most of the images. Thomas E. Valente, ODA: Acquisition of some of the images. Joshua J. Vlach, ODA. Design of screening aid, specimen preparation. Christine Niwa, USDA FS: Alpha testing of the screening aid and administration of the grant. ODA: Use of the imaging system, the entomology museum, and general support. USDA Forest Service for funding of this project and USDA APHIS for the acquisition of the imaging system. Introduction This screening aid is not a comprehensive treatment of western North American Cerambycidae (roundheaded or longhorned wood borers). It is designed to enable efficient sorting and identification of the most abundant species found in wood boring insect trap samples from surveys conducted by the ODA and the USDA FS in the Pacific Northwest and the West over the past ten years. Several exotic pest species are also included. *This aid will be most reliable in the conifer forest regions west of the Rocky Mountains. It may not function well with species found in the desert West and east of the Rockies. This screening aid is designed to be used by individuals with a wide range of taxonomic expertise. Images of all character states are provided. **It is not intended to operate completely independently of support by a taxonomist but with training, such as at a workshop. -
Draft Policy Review
Draft policy review A categorisation of invertebrate and pathogen organisms associated with fresh table grape bunches (Vitis spp.) imported from other Australian states and territories Supporting your success Draft pest categorisation report Contributing authors Bennington JM Research Officer – Biosecurity and Regulation, Plant Biosecurity Hammond NE Research Officer – Biosecurity and Regulation, Plant Biosecurity Hooper RG Research Officer – Biosecurity and Regulation, Plant Biosecurity Jackson SL Research Officer – Biosecurity and Regulation, Plant Biosecurity Poole MC Research Officer – Biosecurity and Regulation, Plant Biosecurity Tuten SJ Senior Policy Officer – Biosecurity and Regulation, Plant Biosecurity Department of Agriculture and Food, Western Australia, December 2014 Document citation DAFWA 2015, Draft policy review: A categorisation of invertebrate and pathogen organisms associated with fresh table grape bunches (Vitis spp.) imported from other Australian states and territories. Department of Agriculture and Food, Western Australia, South Perth. Copyright© Western Australian Agriculture Authority, 2015 Western Australian Government materials, including website pages, documents and online graphics, audio and video are protected by copyright law. Copyright of materials created by or for the Department of Agriculture and Food resides with the Western Australian Agriculture Authority established under the Biosecurity and Agriculture Management Act 2007. Apart from any fair dealing for the purposes of private study, research,