Yes and no. The main measurement used for emissions is g/km of CO2. So yes if you're using less fuel then more than likely you're producing less CO2/km.
There's a few other components other than CO2 that are looked at and that includes CO, total hydrocarbons and NOx. These will depend on how well your catalytic converter is operating, what the combustion and exhaust temperature is and probably a host of other factors.
Even though you may produce fewer CO2 emissions and use less fuel, more than likely this will have an adverse effect on some of the other emissions.
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