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The rain forests of Africa, Asia, and South America are major carbon sinks, i.e. absorb large quantities of carbon dioxide and release oxygen back into the atmosphere. Because of their fast growth, rain forests (especially tropical rain forests) absorb carbon dioxide and release oxygen faster than temperate and boreal forests. The Amazon rain forest alone accounts for 20% of the oxygen production for the earth. Over time, humans have cut down or damaged at least 75% of the world's forests, and that destruction has accounted for much of the excess carbon that is warming the planet. At this time tropical forests are undergoing much faster deforestation than the forests in North America and Europe - and when a tropical forest is cleared, it takes far, far longer to recover than forests in temperate climes. Currently the carbon released into the atmosphere in the process of deforestation of tropical rain forests now accounts for roughly 17% of all global emissions contributing to climate change. This is more carbon dioxide than all cars, trucks, planes, trains and ships collectively emit into the atmosphere. The forests of Europe, North America have been significantly reduced by logging and Australia doesn't have enough forests to make much of contribution so we are quite dependent on the tropical rain forests.

Also -

25% of Western pharmaceuticals are derived from ingredients found in tropical rain forests and it is reported that 121 prescription drugs sold worldwide are derived from plants from the tropical rain forests.

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8y ago

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