Because combustion and processing efficiencies for wood are less than coal, the immediate impact of substituting wood for coal is an increase in atmospheric CO2 relative to coal. The payback time for this carbon debt ranges from 44–104 years after clearcut, depending on forest type—assuming the land remains forest. Surprisingly, replanting hardwood forests with fast-growing pine plantations raises the CO2 impact of wood because the equilibrium carbon density of plantations is lower than natural forests. Further, projected growth in wood harvest for bioenergy would increase atmospheric CO2 for at least a century because new carbon debt continuously exceeds NPP. Assuming biofuels are carbon neutral may worsen irreversible impacts of climate change before benefits accrue. [0]

i.e. it was always about the money...

[0] DOI 10.1088/1748-9326/aaa512