In short, no.
Trees generally do grow faster if there is an increased atmospheric concentration of carbon dioxide. And if there is sufficient water, trees generally also grow faster if there are higher temperatures (up to a point). So while atmospheric carbon dioxide concentrations are increasing, so is drought and erratic or severe precipitation patterns.
One thing to keep in mind, is a natural law known as Leibigs Law of the Minimum. This law essentially states that a plant will always be limited by a certain factor (known as the limiting factor) in its growth. For example, if a plant has sufficient nitrogen and phosphorous, but not enough water, it will only grow at the rate that the water (in this case the limiting factor) will allow, leaving a pool of unused nitrogen and phosphorous.
This law can be extended to many other natural processes.
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