A　continuous　growth　of　international　trade,　especially　between　developing　countries,　has　greatly　increased　carbon　dioxide　(CO2)　emissions　associated　with　energy　consumption　over　the　past　two　decades.　Given　the　more　intensified　intraregional　cooperation　and　trade　within　the　Belt　and　Road　Initiative　(BRI),　this　study　aims　to　trace　the　imbalance　of　CO2　embodied　in　trade　between　nations　in　BRI　and　the　rest　of　the　world,　providing　new　insights　into　the　drivers　of　emissions　growth　by　contrasting　consumption,　production　and　technological　differences-based　perspectives.　Results　indicate　that　the　BRI　contributed　to　over　50%　of　global　carbon　footprint　and　92%　of　its　increase　in　1995-2015.　The　BRI　was　a　net　exporter　of　trade-embodied　emissions,　whose　technological-adjusted　carbon　footprint　remained　remarkably　large　due　to　comparatively　high　carbon　intensity.　Geographically,　carbon　leakage　has　gradually　moved　from　China　and　India　to　other　BRI　countries,　especially　to　Southeast　Asia,　West　Asia　and　Africa.　Technological　change　was　the　key　driver　of　emissions　reduction,　followed　by　the　change　in　industrial　structure.　The　growth　in　final　demand　per　capita　was　the　most　important　driver　for　the　growth　of　CO2　emissions　in　BRI.　Improving　carbon　efficiency　remains　a　critical　step　for　BRI　nations　to　slow　down　not　only　emissions　growth　but　also　carbon　leakage.　The　paper　managed　to　provide　novel　insights　into　the　carbon　leakage　in　BRI　by　contrasting　the　consumption,　production　and　technological　differences-based　perspectives,　thus　being　able　to　better　inform　policymakers　on　region-specific　low-carbon　transition　and　global　climate　governance.