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Yes, phytoplankton in sufficient quantities can reduce atmospheric carbon dioxide levels. These organisms use atomspheric carbon dioxide as a reactant during photosynthesis to generate stored energy for themselves.

However, simply building up phytoplankton levels will not solve global warming - these organisms are part of an elaborate food web and increasing phytoplankton populations will have an effect on those animals that compete with them for food as well as those animals that consume phytoplankton.

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