Increasing combustion of woody biomass for electricity has raised concerns and produced conflicting statements about impacts on atmospheric greenhouse gas (GHG) concentrations, climate, and other forest values such as timber supply and biodiversity. The purposes of this concise review of current literature are to (1) examine impacts on net GHG emissions and climate from increasing bioenergy production from forests and exporting wood pellets to Europe from North America, (2) develop a set of science-based recommendations about the circumstances that would result in GHG reductions or increases in the atmosphere, and (3) identify economic and environmental impacts of increasing bioenergy use of forests. We find that increasing bioenergy production and pellet exports often increase net emissions of GHGs for decades or longer, depending on source of feedstock and its alternate fate, time horizon of analysis, energy emissions associated with the supply chain and fuel substitution, and impacts on carbon cycling of forest ecosystems. Alternative uses of roundwood often offer larger reductions in GHGs, in particular long-lived wood products that store carbon for longer periods of time and can achieve greater substitution benefits than bioenergy. Other effects of using wood for bioenergy may be considerable including induced land-use change, changes in supplies of wood and other materials for construction, albedo and non-radiative effects of land-cover change on climate, and long-term impacts on soil productivity. Changes in biodiversity and other ecosystem attributes may be strongly affected by increasing biofuel production, depending on source of material and the projected scale of biofuel production increases.