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Not only does it do everything, it captures carbon better than any other plant. It's so effective at it, that one harvest of one acre of hemp removes almost 10 times the carbon that one acre of trees would capture. Thing is that hemp does that in 3 months allowing 4 harvests per year, while trees take 150 years on average to grow. It also stores 85% of that carbon in the roots of the plant, the "waste" part as far as we are concerned, so we could produce biofuel, paper, clothing, food, and housing from the stuff without harming the effectiveness of the carbon capture. All we would need to do is collect the roots, compress them into a density that will not float, and dump them into the Marianas Trench. That way that carbon will be trapped down there for a few hundred million years.