Key messagesThere is a virtual shift of agricultural lands from Europe, East Asia and North America to South America, Africa and Southeast Asia, and a virtual shift of forests in the reverse direction through reforestation and afforestation initiatives.The expansion of under-utilized lands (e.g. abandoned land, degraded land, low productivity land) has been the key driver of carbon stock change as a consequence of land-use change from 1995-2010.The carbon stock loss attributable to agricultural exports has increased drastically; from below 10% before 2000 to 17-30% since 2000.Territorially confined programs to mitigate carbon stock loss do not necessarily contribute positively to global carbon stock change, and may trigger different types of negative displacement and leakage effects.