What to do with wood scraps?

Biochar is a charcoal produced from biomass. Charcoal is a stable solid and rich in carbon content, and thus, can be used to lock carbon in the soil. Biochar is of increasing interest because of concerns about global warming being caused by emissions of CO2 and other GHGs (greenhouse gases). Biochar may be an immediate solution to reducing the global impact of farming (and in reducing the impact from all agricultural waste). The burning and natural decomposition of trees and agricultural matter contributes a large amount of CO2 released to the atmosphere. Biochar can store this carbon in the ground, potentially making a significant reduction in atmospheric GHG levels; at the same time its presence in the earth can improve water quality, increase soil fertility, raise agricultural productivity and reduce pressure on old growth forests.<1>

http://en.wikipedia.org/wiki/Biochar

Pyrolysis is the chemical decomposition of a condensed substance by heating. It does not involve reactions with oxygen or any other reagents but can take place in their presence. Pyrolysis is a special case of thermolysis, and is most commonly used for organic materials; extreme pyrolysis, which leaves only carbon as the residue, is called carbonization and is related to the chemical process of charring.

http://en.wikipedia.org/wiki/Pyrolysis