Concentrations of thermal nitrogen oxides (NOx), produced during combustion, would be at a level hazardous to human health.
The study is the first of its kind to assess the potential environmental impact of space travel for altitudes up to 42 miles into the atmosphere.
Co-author Professor Dimitris Drikakis said: "Improved understanding of rocket emissions requires modeling and simulation of fluid dynamics of rocket exhaust gases into the atmosphere."
Branson's goal is space tourism, Bezos' is to move industries there to 'save the planet' while Musk wants to colonize Mars.
So the team at the University of Nicosia, Cyprus, modeled exhaust gases and developing plumes at several altitudes along a typical trajectory of a standard present-day rocket.
They did this as a prototypical example of a two-stage rocket to transport people and payloads into Earth's orbit and beyond.
Co-author Dr, Ioannis Kokkinakis said: "We show pollution from rockets should not be underestimated as frequent future rocket launches could have a significant cumulative effect on the Earth's climate."
The researchers found NOx production remains high above or even slightly below the nozzles' exit pressure - below an altitude of about 10 km (6.2 miles).
Emitted mass of carbon dioxide as the rocket climbs 1 kilometre above Earth's atmosphere is equivalent to that contained in 26 cubic kilometres of air at the same altitude.
The study in Physics of Fluids found the impact on the atmosphere locally and momentarily can be significant.
Air currents will gradually transport and mix the exhaust CO2 throughout the atmosphere.
It will eventually bring it back down to naturally occurring levels - but the time scale over which this happens is not clear.
Scientists believe a number of rocket launches will accumulate CO2 over time - increasing naturally occurring levels and affecting our climate.
Prof Drikakis added: "We hope commercial flight companies, such as SpaceX, Virgin Galactic, and the New Shepard, and their associated engine manufacturers, will consider these effects in future designs."
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