Carbon dioxide emissions and environmental risks: Long term and short term

Abstract The world is currently experiencing the environmental challenge of global warming, necessitating careful planning of carbon dioxide (CO 2 ) emissions to deal with this problem. This study examines the environmental challenge posed by CO 2 emissions from both a long and short‐term perspective. In the long term, despite efforts made by countries, our change‐point detection analysis shows that there has been no structural change in CO 2 emissions since 1950. Without significant efforts, the carbon budget corresponding to the Paris Agreement's target will be exhausted by 2046. To achieve this target, a significant reduction in global CO 2 emissions of 3.22% per year is necessary. In the short term, COVID‐19 is thought to have relieved pressure on CO 2 emissions. However, this study shows that CO 2 emissions quickly returned to normal levels after a brief downturn, and we provide information on the order of CO 2 emissions recovery for different sectors.