The analysis of the relationship between business cycles and carbon theory is generating increasing interest among researchers given the environmental threats we face today. Understanding this relationship is crucial for analyzing associated technological innovation trajectories and implementing appropriate public policies to decarbonize the economy. This chapter explores the evolution of innovation cycles throughout industrial history and their relationship with the discovery of fossil energy sources. The chapter also examines the emerging concept of Industry 5.0, which represents the latest long cycle of industrial evolution. The results of our research have identified the main techniques of Industry 5.0 aimed at addressing the issue of decarbonization, such as manufacturing productivity, manufacturing resilience, manufacturing responsiveness, renewable integration, sustainable business model innovation, sustainable employment practices, sustainable skills development, sustainable technological governance, value network integration, work environment smartification, and so on. Determining these environmentally related technologies represents an appropriate step to attract empirical attention from researchers and encourage policymakers to deepen their thinking while proposing climate policy actions based on these technologies.