Usually means: Limit of allowable carbon emissions.
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We found 4 dictionaries that define the word carbon budget:

General (2 matching dictionaries)
  1. Carbon budget: Wikipedia, the Free Encyclopedia
  2. carbon budget: Wiktionary

Business (1 matching dictionary)
  1. BusinessDictionary.com (No longer online)

Tech (1 matching dictionary)
  1. Glossary of Meteorology (No longer online)

Definitions from Wiktionary (carbon budget)

noun:  The maximum amount of cumulative anthropogenic carbon dioxide emissions that result in limiting global warming to a given level with a given probability.

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