A system where carbon sequestration was directly dependent upon biomass production in a plantation was modelled to assess whether economic breeding objectives for the genetic improvement of Eucalyptus globulus were sensitive to potential revenues from carbon sequestration. Carbon dioxide equivalent accumulation in the biomass (CO2e) of the Australian E. globulus plantation estate established between 2004 and 2012 was estimated. Total carbon dioxide equivalent (CO2e) accumulation was in the order of 146 t CO2e ha-1, of which 62 t CO2e ha-1 were tradable in 2012 (the 1st Kyoto Protocol commitment period) and a further 30 t CO2e ha-1 were tradable in 2016 (a hypothetical second Kyoto protocol commitment period). The correlated response of breeding objectives with and without carbon revenues ( never fell below 0.86 in sensitivity analysis, and the mean was 0.93. Where economic breeding objectives for the genetic improvement of Eucalyptus globulus for pulpwood plantations are based on maximizing net present value by increasing biomass production, the consideration of carbon revenues in economic breeding objectives will have no significant effect on the relative economic weights of the key economic traits, wood basic density and standing volume at harvest.