To our knowledge, this study explores the correlation between the CO2 emissions of regions with close industrial interdependence by using Lyapunov functions for the first time. Analytical results indicate that China's increasing imports of semi-finished products from Taiwan have led to a decline in China's fossil fuel consumption, subsequently lowering its CO2 emission growth rate. The industrial dependence between Taiwan and China markedly affected CO2 emissions of the latter. The analysis results of Lyapunov function reveal that the future trajectory of CO2 emissions from China and Taiwan will fail to reach stable equilibrium points. Their increased CO2 emissions cannot be absorbed entirely by plants through photosynthesis, implying that the excessive CO2 emissions from Taiwan and China will create ecological imbalances and worsen continuously. Any change in such CO2 emissions from Taiwan and China depends on how their industries are related. In terms of forecasting accuracy, the proposed Lotka-Volterra model can accurately predict future CO2 emissions from China and Taiwan since this model considers both the previous CO2 emissions in one region, and the economic competition and cooperation between these two regions. Results of this study significantly contribute to the efforts of governmental authorities in promulgating environmental policies.