In an effort to reduce the emissivity of transport and energy, numerous studies are being carried out on the impact of the combustion of alternative fuels on the emission and operating parameters of propulsion and energy units. One of the observed trends is the use of emulsion fuels. The addition of an emulsifier to an emulsion fuel reduces the interfacial tension between two liquids, which allows obtaining an emulsion fuel with the expected stability. The research conducted on self-ignition engines and gas turbines (TG) does not give an unambiguous answer as to the influence of the use of fuel-water emulsion on CO emissions. One of the reasons for the discrepancy in the obtained results may be the type and amount of the emulsifier used in the emulsion fuel. Tests were carried out on the GTM-120 gas turbine to compare the operating parameters and emissions between the cases in which TG was supplied with three fuel mixtures—the standard fuel for TG (DF) and DF with 2% and 5% emulsifier addition. It was shown that the addition of 2% of the emulsifier to DF causes an increase in CO emission, with the remaining measured parameters unchanged. On the other hand, increasing the amount of emulsifier in DF to 5% reduces CO emissions to the level observed in the case in which DF was burned reduces NOx emissions and reduces the thermal efficiency of TG.