Devolving carbon credits

I've been trying to put together a comprehensive post on the reported thaw in relations between the government and the New Zealand Forest Owners Association, and the interaction of forestry and greenhouse policy. Unfortunately, it just doesn't seem to be working out. What I can say though is that the NZFOA's desired policy - devolution of carbon credits to forest owners - is a dumb idea which makes absolutely no sense under the Protocol. Why? Because under the Kyoto Protocol's rules, carbon credits from forest sinks are essentially borrowed, in that there is a consequent carbon liability if the trees are cut down. Plantation forestry is all about cutting trees down to sell the timber, which makes devolving to plantation owners singularly pointless: any credits sold will simply have to be bought back later. The only way forest owners could profit from devolution is if we ignore the science and devolve only credits, or if they use corporate shell games and strategic bankruptcies to scam the profits while abandoning the liabilities. Needless to say, I don't think either is really a desirable option.