The amount of wood going into the long-term product pool (and therefore carbon sequestered in this pool) is relevant to almost all forest-related activities eligible for the voluntary carbon market including Afforestation/Reforestation (AR), Improved Forest Management (IFM) and Reduced Emissions from Deforestation and Degradation (REDD). Thus, as the voluntary market develops, it is important that the methodologies and emission factors used are based on the most up-to-date understanding and scientific knowledge. Currently, under the voluntary market a single method dominates for wood products accounting and it is therefore in ITTO’s and its member countries’ best interest to revise and up-date the methodology in order to have accurate estimates of the carbon stocks stored in tropical wood products by species, product type, and end-use. This activity focuses on the development of methodologies for life cycle analysis of tropical wood product and will address apparent problems in the figures used for tropical timber products in the approved voluntary market methodology for improved forest management, reducing emissions from deforestation and degradation and afforestation/reforestation. The outcome will be a methodology to produce more accurate information on the estimation of carbon stocks in the long-term tropical wood products pool, which will improve the products’ competitiveness in international markets, especially in the context of a voluntary carbon marketing scheme.