This paper examines the climate impacts of using wood and wood-based products in construction, focusing on their carbon sequestration potential, life cycle emissions, and end-of-life scenarios. The analysis is based on Environmental Product Declarations (EPDs) and scientific literature, in accordance with LCA standards such as EN 15804 and ISO 14040. Three forest management strategies—long-rotation forestry, short-rotation plantations, and continuous cover forestry—are compared in terms of their carbon storage efficiency. The study highlights significant differences in greenhouse gas emissions between solid wood and engineered wood products, particularly in the A3 module due to processing intensity. End-of-life scenarios (C1–C4) and benefits beyond the system boundary (D module) have a major influence on the total GWP, with reuse and recycling offering the most favorable outcomes. Incineration with energy recovery partially offsets emissions but eliminates the biogenic carbon storage benefit. Dynamic LCA approaches are recommended for a more accurate assessment of temporal carbon flows. Harmonisation of methodologies across EPDs is essential for credible comparison. The findings support increased use of sustainably sourced wood in construction, provided that product design enables reuse, disassembly, and integration into circular material streams.