We present the first model analysis using a fully coupled dynamic atmosphere–ocean–vegetation GCM over the last 120 kyr that quantifies the net effect of vegetation on climate. This analysis shows that over the whole period the biogeophysical effect (albedo, evapotranspiration) is dominant, and that the biogeochemical impacts may have a lower possible range than typically estimated. This emphasises the temporal reliance of the balance between biogeophysical and biogeochemical effects.