The name of the chemical process by which plants absorb carbon dioxide is called photosynthesis. This process enables plants to convert carbon dioxide and sunlight into glucose and oxygen, serving as a vital energy source for the plant. During photosynthesis, chlorophyll in the plant's chloroplasts captures light energy, facilitating a series of chemical reactions. This process is essential for the survival of plants and plays a critical role in the Earth's ecosystem by producing oxygen and serving as the foundation for the food chain.