Climate change is one of the most complex challenges threatening our planet. Since the beginning of the industrial era, mankind has been emitting large amounts of greenhouse gases into the atmosphere. This study empirically investigates the co-integration of the carbon dioxide emissions (CO2) with the cement and steel industries, energy and oil sectors and total industrial production for the panel comprised of the OECD countries using time series data for the period of 1994-2008. Every item of production was determined to be co-integrated with CO2 emissions. It is striking that energy production and CO2 emission were co-integrated in almost every country that was under investigation according to the country decomposition analysis.