A recently completed research program (TREES) employing the global imaging capabilities of Earth-observing satellites provides updated information on the status of the world's humid tropical forest cover. Between 1990 and 1997, 5.8 +/- 1.4 million hectares of humid tropical forest were lost each year, with a further 2.3 +/- 0.7 million hectares of forest visibly degraded. These figures indicate that the global net rate of change in forest cover for the humid tropics is 23% lower than the generally accepted rate. This result affects the calculation of carbon fluxes in the global budget and means that the terrestrial sink is smaller than previously inferred.