As per the findings of a leading yearly report on the “carbon budget” of the globe, carbon emissions from fossil fuels, which increased 2 percent in 2008, are likely to plunge approximately 2.8 percent this year, largely due to the financial crisis.

Commenting on the situation, the report’s Australian co-author Dr Michael Raupach - CSIRO Marine and Atmospheric Research in Canberra – said: “Although that sounds like good news, we must remember that CO2 emissions are very tightly linked with economic activity. A return to rapid emissions growth is likely as the world recovers from the financial crisis.”

Meanwhile, with the Global Carbon Project’s (GCP) Executive Director Pep Canadell noting that developing countries contribute as much as 55 percent of humankind’s total carbon dioxide (CO2) emissions, the Global Carbon Project report has revealed that emissions from developing countries continues to be on the rise, largely driven by consumer demand in rich countries.

The GCP report, published in the latest issue of the journal Nature Geoscience, highlights concerns about the world's oceans and forests. It notes that there has been a steady plunge in the greenhouse-gas-soaking capacity of these huge water-bodies.

The release of the most recent report comes a few weeks prior to a major UN climate conference in Copenhagen, scheduled from December 7 to December 28, which proposes to craft an agreement for combating climate change from 2013.