Damage to forests and other aspects of nature could halve living standards for the world's poor and reduce global GDP by about 7% by 2050, a report concluded at the Convention on Biological Diversity (CBD) meeting in Bonn in 2008. Historically, utilization of forest products, including timber and fuel wood, has played a key role in human societies, comparable to the roles of water and cultivable land. Today, developed countries continue to utilize timber for building houses, and wood pulp for paper. In developing countries almost three billion people rely on wood for heating and cooking. dioxide emissions with a range from 6 to 17%.Deforestation causes carbon dioxide to linger in the atmosphere. As carbon dioxide accrues, it produces a layer in the atmosphere that traps radiation from the sun. The radiation converts to heat which causes global warming, which is better known as the greenhouse effect. Plants remove carbon in the form of carbon dioxide from the atmosphere during the process of photosynthesis, but release some carbon dioxide back into the atmosphere during normal respiration. Only when actively growing can a tree or forest remove carbon, by storing it in plant tissues. Both the decay and burning of wood releases much of this stored carbon back to the atmosphere. In order for forests to take up carbon, there must be a net accumulation of wood. One way is for the wood to be harvested and turned into long-lived products, with new young trees replacing them.Deforestation may also cause carbon stores held in soil to be released. Forests can be either sinks or sources depending upon environmental circumstances. Mature forests alternate between being net sinks and net sources of carbon dioxide (see carbon dioxide sink and carbon cycle).
The forest products industry is a large part of the economy in both developed and developing countries. Short-term economic gains made by conversion of forest to agriculture, or over-exploitation of wood products, typically leads to loss of long-term income and long-term biological productivity. West Africa, Madagascar, Southeast Asia and many other regions have experienced lower revenue because of declining timber harvests. Illegal logging causes billions of dollars of losses to national economies annually.