The research aims to identify the prospects of combating climate change through decarbonization in the energy sector using environmental innovations. For this purpose, the author examines international experiences in decarbonizing industrial economies that produce and actively consume fuel and energy resources and, therefore, are characterized by a significant carbon footprint in 2024. The developed econometric model holds theoretical significance because it mathematically describes the patterns of changes in an economy’s carbon footprint as the innovative energy economy evolves. The author concludes that factors promoting the implementation of environmental innovations in the energy sector (i.e., increasing the share of high-tech employment, enhancing collaboration between universities and businesses in R&D, and boosting the patenting activity of national innovations) positively influence the fight against climate change by reducing the resource rent in GDP and increasing the share of renewable energy consumption, thereby decreasing carbon emissions. The main outcome of the research lies in the development of a new approach to decarbonization through environmental innovations, which aims to enhance the efficiency of managing an innovative energy economy. The results support sustainable development by strengthening the scientific and methodological foundation of the green transition in the innovative energy economy during the implementation of the Paris Agreement. The set of the author’s recommendations for implementing environmental innovations in Russia’s energy sector holds practical significance because they will enable substantial decarbonization of the Russian economy by 2050.