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A Time‐dependent inverse (TDI) model is used to estimate carbon dioxide (CO₂) fluxes for 64 regions of the globe from atmospheric measurements in the period January 1994 to December 2001. The global land anomalies agree fairly well with earlier results. Large variability in CO₂ fluxes are recorded from the land regions, which are typically controlled by the available water for photosynthesis, and air temperature and soil moisture dependent heterotrophic respiration. For example, the anomalous CO₂ emissions during the 1997/1998 El Niño period are estimated to be about 1.27 ± 0.22, 2.06 ± 0.37, and 1.17 ± 0.20 Pg‐C yr⁻¹ from tropical regions in Asia, South America, and Africa, respectively. The CO₂ flux anomalies for boreal Asia region are estimated to be 0.83 ± 0.19 and 0.45 ± 0.14 Pg‐C yr⁻¹ of CO₂ during 1996 and 1998, respectively. Comparison of inversion results with biogeochemical model …