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Also, plants and algae produce Carbon Dioxide when they respire, like we do. It is sequestering in long-term biomass that we need to do, which is why forest growth is important. Ready-grown forests don't sequester very much Carbon at all.
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Plants produce oxygen with photosynthesis. One of the cause of increase of dioxide is deforestation. Amazon Forest covers just 7% of its ancient environment. And without trees oxygen can't be prouced. Now, we need trees too.