An article from World Bamboo: http://worldbamboo.net/cop16-cancun/fight-climate-change-with-bamboo/

In addition to providing livelihoods for people, bamboo forests would be an invaluable weapon against carbon dioxide (CO2), the principal greenhouse gas, through photosynthesis, INBAR said.
Some species of bamboo can suck up CO2 at least as fast as Chinese fir and eucalyptus, among the swiftest-growing commercial species of trees, according to a scientific report presented last month.
In addition, bamboo roots reduce soil erosion, preventing hillsides and riverbanks from washing away in floods and landslides.