Any carbon it takes in will be released exactly back to where it was.
Except it won't be. Combustion is not a perfect CxHy O2 > CO2 + H2O reaction. Theres a bunch of other side reactions happening, NOx, unburned hydrocarbons, particulate matter, carbon monoxide. There are lots of challenges to continuing to utilize hydrocarbon fuels, especially in mobile/small scale applications where you can't clean the exhaust stream.