What is effect of deforestation on amount of $C{O}_2$ in atmosphere?

Deforestation is the permanent destruction of forests in order to make the land available for other uses. Deforestation has many negative effects on the environment. The most dramatic impact is a loss of habitat for millions of species. Seventy percent of Earth's land animals and plants live in forests, and many cannot survive the deforestation that destroys their homes. Deforestation also drives climate change. Since, trees purify air by absorbing carbon dioxide from atmosphere, loss of trees would result into increase in level of carbon dioxide.