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Rainforests are home to two thirds of all the living animal and plant species on the planet. It has been estimated that many hundreds of millions of new species of plants, insects and microorganisms are still undiscovered. Tropical rain forests are called the "jewels of the earth", and the "world's largest pharmacy" because of the large number of natural medicines discovered there. Tropical rain forests are also often called the "Earth's lungs", however there is no scientific basis for such a claim as tropical rainforests are known to be essentially oxygen neutral, with little or no net oxygen production.

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