http://earthobservatory.nasa.gov/Features/Deforestation/deforestation_update2.php
In the Amazon alone, scientists estimate that the trees contain more carbon than 10 years worth of human-produced greenhouse gases. When people clear the forests, usually with fire, carbon stored in the wood returns to the atmosphere, enhancing the greenhouse effect and global warming. Once the forest is cleared for crop or grazing land, the soils can become a large source of carbon emissions, depending on how farmers and ranchers manage the land. In places such as Indonesia, the soils of swampy lowland forests are rich in partially decayed organic matter, known as peat. During extended droughts, such as during El Nio events, the forests and the peat become
flammable, especially if they have been degraded by logging or accidental fire. When they burn, they release huge volumes of carbon dioxide and other greenhouse gases.