The Canadian forest products industry’s carbon and greenhouse gas profile, composed of emissions, sequestration, and avoided emissions, was characterized for two time periods (1990 and 2005). Emissions from the forest products value chain are comprised of direct emissions from manufacturing (20 million tonnes carbon dioxide equivalent (Mt CO₂ eq.) in 1990; 14 Mt CO₂ eq. in 2005) and a number of different types of indirect emissions, including those associated with electricity purchases (7.7 Mt CO₂ eq. in 1990; 12 Mt CO₂ eq. in 2005), transport (2 Mt CO₂ eq. in 1990; 3 Mt CO₂ eq. in 2005), and methane from discarded forest products in landfills (20.3 Mt CO₂ eq. in 1990; 24.4 Mt CO₂ eq. in 2005). Carbon is sequestered in forests used to supply fibre to the industry. The forest defined as “managed” for purposes of reporting under the United Nations Framework Convention on Climate Change is a net sink for carbon except during years when large areas of forest are impacted by fire. This managed forest includes land that is harvested and regenerated as well as land that is affected by other types of human interventions not related to the forest products industry. Some of the carbon in harvested wood is subsequently stored in forest products in use and in landfills. Carbon stocks in products were increasing at rates of 59.2 Mt CO₂ eq./yr. in 1990 and 80.4 Mt CO₂ eq./yr. in 2005. Avoided emissions, which further enhance the industry’s profile, are associated with the industry’s use of combined heat and power (~6.3 million tonnes CO₂ avoided per year), recycling (~17.3 million tonnes CO₂ equivalents avoided per year) and product substitution effects due to the use of Canadian wood-based building products in North America of 3.7 Mt CO₂ eq. per year.