The Amazon rainforest, situated on Earth's South American continent, is a vast and diverse ecosystem, home to millions of plant species. Its dense vegetation generates about 20% of Earth's oxygen, earning it the nickname 'the lungs of the Earth.' The rainforest is also a vital habitat for numerous animal species and an essential source of medicinal plants. Remarkably, it helps regulate Earth's climate by absorbing and storing large amounts of carbon dioxide, a greenhouse gas.
Take on the role of an alien botanist studying Earth's flora. Describe the characteristics and importance of the Amazon rainforest.