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(1) Background-Forest carbon sinks is essential to mitigate global climate change, protect biodiversity and promote sustainable development. Mechanisms such as the Clean Development Mechanism ( CDM), Verified Carbon Standard (VCS), Reducing emissions from deforestation and forest degradation in developing countries, plus the sustainable management of forests and the conservation and enhancement of forest carbon stocks, and Chinese Certified Emission Reduction (CCER) have established markets that monetize the carbon sinks potential of forests. These mechanisms incentivize forest conservation and sustainable management and reduce atmospheric carbon dioxide levels. However, opportunities for carbon sinks, particularly in non-CDM forest management, remain underexplored. (2) Methods-This paper firstly analyzed the ways and current situation of forestry carbon sinks entering into domestic and international carbon trading mechanisms. Three key aspects were then critically examined: accurate baseline identification, scientific measurement of additionally, and systematic carbon leakage accounting. These dimensions were analyzed through the comparison of different carbon trading mechanisms, highlighting the methodological variances and their impact on market credibility and effectiveness. (3) Results-This paper identifies significant challenges to incorporating non-CDM forest carbon sinks into current carbon trading schemes. The baseline setting of China's CCER mechanism is too simple, which may lead to inaccurate emission reduction estimates. The baseline is a critical reference point, so a flaw here could undermine the credibility of the mechanism. The Improved Forest Management (IFM) approach uses dynamic baselines from national inventories, but questions remain about its scientific robustness, indicating the need for more context-specific criteria. In addition, this paper reveals the inconsistency of emission reduction measurements between different mechanisms. The IFM approach relies on the biomass-based methods, while the CCER mechanism employs four different methods, leading to considerable differences in results. The diversity of approaches complicates the comparisons of projects and reduces the reliability of emission reduction claims. Finally, the failure of the CCER mechanism to account for leakage is particularly concerning, as it may lead to an overestima-tion of net carbon sinks, distorting the actual impact of projects on global carbon emissions. (4) Conclusions and Discussions-China s carbon trading mechanism is underdeveloped and inadequate to meet the growing demand for carbon credits. Incorporating non-CDM forest management carbon sinks into these mechanisms could significantly improve the valuation and monetization of these activities. However, improvements in baseline selection, additionality assessment, and leakage accounting are necessary. A more sophisticated and scientifically rigorous carbon trading system is essential to accurately assess forest carbon sinks and achieve long-term environmental goals. Therefore, the following methodological suggestions for forestry carbon sinks projects are proposed: First, improve the screening methods of carbon baseline, and adopt the dynamic carbon baseline setting method in combination with the inventory data of forest resources in China. Second, improve the measurement methods of additionality, and formulate detailed evaluation criteria of additionality according to different types of forestry carbon sinks projects. Third, unify the accounting methods for carbon storage. Based on the existing CCER methodology, a unified carbon storage accounting standard is established to reduce the differences between different accounting methods. Fourth, carry out a comprehensive carbon leakage risk assessment for forestry carbon sinks projects, and set a reasonable carbon leakage value according to the actual situation of different projects. [ABSTRACT FROM AUTHOR]

(1) Background--it has important theoretical and practical significance to systematically sort out and summarize the relevant achievements of the value realization of ecological products, and look forward to the future research direction of the value realization of ecological products in China. (2) Methods--On the basis of a review of the relevant literature on the value realization of ecological products, this paper summarizes and summarizes the existing literature from multiple perspectives, and also prospected the research direction of the value realization of ecological products in China in the future. (3) Results--Ecological products are mainly natural elements with certain functional properties of products. According to different criteria, ecological products can be divided into a variety of types. The theoretical explanation of the value of ecological products is mainly derived from the labor theory of value and the utility theory of value. The value accounting methods of ecological products mainly include equivalence factor method, function price method and ecological element method, and these three methods have their own advantages and disadvantages and scope of application. The value realization of ecological products is faced with five challenges, such as "supply difficulty, accounting difficulty, mortgage difficulty, transaction difficulty and realization difficulty". The breakthrough point of the value realization of ecological products lies in how to accurately measure the external value of ecological products. According to the different exchange subjects, exchange mechanisms and exchange carriers of the use value of ecological products, the practical modes of the value realization of ecological products can be divided into eight modes. The realization mechanism of the value of ecological products mainly includes market-dominated, government-dominated, government-market combination-dominated and society-dominated, among which government-dominated is the main mechanism of the value realization of ecological products. The economic policy tools to realize the value of ecological products are mainly divided into market-oriented and non-market-oriented tools. The collaborative governance of the value realization of ecological products needs to give full play to the power of community residents, and finally form a sustainable development path of realizing the value of ecological products that is "government-dominated, enterprises and all sectors of society participating, and marketization operation". (4) Conclusions and Discussions--On the whole, the value realization of ecological products in China is in the exploratory stage both in theory and in practice, and there is still a broad space in terms of the scope and depth of research. The existing research mainly has the following shortcomings: First, the definition of the concept of ecological products is still unclear, and the classification is controversial. Second, there is a disconnection between the value accounting and value realization of ecological products. Third, the research on the value realization of ecological products still needs to be further refined. Fourth, The collaborative governance mechanism to realize the value of ecological products needs to be explored. Fifth, the collaborative governance of the value realization of ecological products does not pay attention to community collective actions. In future research, it is necessary to build a unified classification system catalog of ecological products, explore the accounting methods that can be directly applied to economic activities such as ecological compensation and market transactions, accurately measure the conversion efficiency of the value realization of ecological products, and give full play to the power of community collective actions. [ABSTRACT FROM AUTHOR]

(1) Background———At present, China has made remarkable achievements in the development of forestry carbon sinks, but it still faces such problems as large development investment, long production cycle and high construction barrier. How to effectively realize the value of forestry carbon sinks ecological products has become an important topic both in theory and industry. (2) Methods———Based on the model of asset securitization, this paper sorts out the model of forestry carbon sinks assets securitization, the principle of cash flow, the principle of asset reorganization and the principle of credit enhancement, and analyzes the applicability of asset securitization in forestry carbon sinks. At the same time, the framework system of forestry carbon sinks asset securitization is designed from the perspective of the transaction structure of asset securitization, forest carbon sinks asset pool and fair value measurement method. (3) Results———First, young forest assets and middle-aged forest assets owned by forest resource owners suitable for inclusion in the asset pool are selected as the carriers of forestry carbon sinks, and the total amount of forest carbon sinks generated by forest resources is calculated by using the stock volume expansion method and other accounting methods. Second, referring to the national CCER trading market price and the discount rate of national debt, the income method is used to predict the cash flow and the present value of securitization of the total amount of forestry carbon sinks in a certain period in the future. Third, the state-owned forestry carbon sinks asset investment Co., Ltd. sets the issuance and repayment period of forestry carbon sinks asset securitization products, takes the future cash flow of forestry carbon sinks in each year as the upper limit of the issuance scale, sets grade A, grade B, grade C and grade D as priority securitization products, and sets grade E as secondary securitization products, and priority securitization products have priority repayment. The forestry carbon sinks project management department develops a securities repurchase program. Fourth, the investors are registered on China's Securities Exchanges to realize the transaction and discount of securitized products, and commercial banks are entrusted with supervision and management. By means of asset securitization, the ecological value of forestry carbon sinks can be transformed, and the owners of forestry resources can obtain low-cost financing, and their solvency can also be improved, which can effectively alleviate the capital demand and revitalize forestry resources. At the same time, the investors can get high returns on securities, which can help them optimize the asset structures and improve the efficiency of capital allocation. (4) Proposals———First, design the top-evel-system of forestry carbon sinks, standardize the identification system and supporting system of green assets, rationally define green economic activities, promote the identification, trading and flow of green assets, improve the measurement methodology of forestry carbon sinks, and determine the selection range of forestry carbon sinks asset pool. Second, establish the supervision platform of forestry carbon sinks asset management information system, obtain and update the information on the physical quantity and value of forestry carbon sinks assets in time, so as to achieve long-term and dynamic supervision of assets, strengthen the risk diversification function of the asset pool. Third, strengthen the social publicity of forestry carbon sinks and the psychological construction of citizens' securitization investment, popularize the knowledge of forestry carbon sinks and carbon trading through social media and short video platforms, and improve citizens' rational cognition. Fourth, accelerate the restart of the CCER project, carry out the construction of registration systems and trading systems, build reliable infrastructure, in order to better help the realization of forestry carbon sinks value. [ABSTRACT FROM AUTHOR]