Energy-related carbon emissions and their relationships with energy consumption and GNP in Korea are studied from 1961 to 1998. The ratio of carbon emissions to GNP is expressed as the product of the aggregate carbon factor and the energy intensity. Changes in the aggregate carbon factor are decomposed into the impacts associated with the fuel carbon factor and the fuel mix, using the Divisia index approach. The analysis is carried out using two sets of data, with and without wood consumption as an energy source, and very different results are obtained. This shows that carbon emission studies for developing countries based on commercial energy consumption only may have to be interpreted with caution. Our analysis also reveals that the impact of the energy intensity on carbon emissions is greater than that of the aggregate carbon factor. This finding supports the assertion made in earlier studies that the energy intensity is a more meaningful indicator than the aggregate carbon factor in the study of climate change resulting from energy-related emissions.