I would also assume that there are still billions of people around the world aspiring to live lifestyles like people in the US/Western Europe, so absent the development of an energy source comparable to the convenience and low price of fossil fuels, any slack in demand from US/Western Europe will be picked up by the poorer billions.
I'm at least hopefully because this one appears longer (~9 years; if you count 2012-2019; most of the other drops were shorter and seem to be tied to major economic events - the 73 and 79 oil crises, fall of the Soviet Union in 91 and subsequent recession in Eastern Europe, and the great recession in 2009.
Seeing an apparent flattening in a period of major economic growth is really encouraging.
It was effectively flat from 2012-2017, then small upticks in 2018 and 2019?
The second derivative of CO2 seems to show a huge decrease in the last few years.