Large amounts of carbon dioxide are being produced every day.

Literal

Every-day large-quantity [possessive-の] carbon-dioxide [subject-が] is-being-produced.

生成される is formal/technical — 生成 ('production/generation') + される (passive). 二酸化炭素 is the chemical term for CO₂: 二 (two) + 酸化 (oxide) + 炭素 (carbon). The sentence reads like a science text or news report.