IF we could have more algae, maybe. This would likely lead to mass extinction of a large amount of species relying on tree, but it is technically possible.
On the same note, there have been studies on the subjects and it is probably our best solution until we can plant enough trees again.
It is worth noting that with us filling small ponds and lake to make way for rural development, we’re removing a lot of the algae available inland. A lot of the biomass has a tendency to disappear with our expansion.
In principle yes, we could get all our oxygen from algae. Though we might be fine oxygen-wise, we probably wouldn’t be fine everything-else-wise. A lot of food chains would collapse, and a lot of ecosystem re-balancing would have to happen, and we might quickly find that a lot of other stuff we depend on to survive would be hard to come by.
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