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A carbon (C) balance indicator is presented for the evaluation of forest bioenergy scenarios as a means to reduce greenhouse gas (GHG) emissions. A bioenergy‐intensive scenario with a greater harvest is compared to a baseline scenario. The relative carbon indicator (RC) is defined as the ratio between the difference in terrestrial C stocks – that is the C debt – and the difference in cumulative bioenergy harvest between the scenarios, over a selected time frame T. A value of zero indicates no C debt from additional biomass harvests, while a value of one indicates a C debt equal to the amount of additionally harvested biomass C. Multiplying the RC indicator by the smokestack emission factor of biomass (approximately 110 t CO₂/TJ) provides the net cumulative CO₂ emission factor of the biomass combustion as a function of T, allowing a direct comparison with the emission factors of comparable fossil fuels. The …