In addition to the other comments about it being expensive as hell, plants do other things. Most of the plants that we want to save are pretty negligible as far as oxygen production is concerned. Most of the oxygen comes from phytoplankton in the ocean, not trees on the ground.
We care about the trees because of the habitats they give to animals, the structure they provide to the ground, and all of the unknown consequences that would happen if they went extinct.
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