The first commitment period of the Kyoto Protocol came to an end in 2012 and more developing countries began to participate in the new phase of world carbon emission reduction. Kazakhstan is an important energy export country and a pivot of the “Belt and Road Initiative” (BRI). Despite its emissions are relatively small compared with huge emitters such as China and the US, Kazakhstan also faces great pressure in terms of CO2 emission reduction and green development. Accurately accounting CO2 emissions in Kazakhstan from both production and consumption perspectives is the first step for further emissions control actions. This paper constructs production-based CO2 emission inventories for Kazakhstan from 2012 to 2016, and then further analyses the demand-driven emissions within the domestic market and international trade (exports and imports) using environmentally extended input-output analysis. The production-based inventory includes 43 energy products and 30 sectors to provide detailed data for CO2 emissions in Kazakhstan. The consumption-based accounting results showed that certain sectors like construction drive more emissions and that the fuel consumption in different sectors varies. Furthermore, Russia and China are major consumers of Kazakhstan’s energy and associated emissions, with the construction sector playing the most important role in it. The results suggested that both technology and policy actions should be taken into account to reduce CO2 emissions and that the BRI is also a good chance for Kazakhstan to develop a “Green Economy”.