Rapid industrialization activities in the process of economic growth and development of countries harm the environment. The purpose of this study is to investigate the effect of economic growth on CO2 emissions and sub-components in developed countries. In this context, CO2 emissions from transportation, manufacturing industries and residential buildings (commercial and public) and economic growth relationship was analyzed by panel data methods within the framework of the Environmental Kuznets Curve (EKC) hypothesis. The variables used in the study became static when the first differences were taken. The long-run relationship between the variables was determined by the Pedroni panel cointegration test. The FMOLS estimator results show that inverted U-shaped EKC hypothesis is due to CO2 emissions from transport in the most of developed countries.