This study analyzes the trend of CO2 emissions from energy (especially fossil-fuel) consumption in Korea to better understand the relationship between economic growth and CO2 emissions in rapidly growing Asian economies. The study spans the period 1961-94, during which Korea experienced dramatic changes in energy consumption stemming from rapid economic development. Korea is a particularly interesting example, as it typifies the export-led industrialization believed likely to be repeated elsewhere in East Asia. The study explores the relationship between national output and total CO2 emissions by analyzing CO2 intensity (defined as the ratio of CO2 emissions to national output) using the Divisia decomposition analytical method, a useful tool for quantifying factors contributing to changes in a variable of interest.