This study evaluates and compares the trends in CO2 emissions for the manufacturing industries of two countries: one developed countries (Germany) that has applied several measures to promote the shift towards a low-carbon economy and one developing country (Colombia) that has shown substantial improvements in the reduction of CO2 emissions. This analysis is conducted using panel data cointegration techniques to infer the causality between CO2 emissions, production factors and energy sources. The results indicate that the trend in the countries analysed in this study is to produce more output with less pollution. The trends for these countries’ CO2 emissions depend on investment levels, energy sources and economic factors. The trends in CO2 emissions also indicate that there are differences between the two developed countries and the developing country with respect to emissions levels. Moreover, the study confirms that it is possible to achieve economic growth and sustainable development while reducing greenhouse gas emissions, as Germany demonstrates. In the case of Colombia, it is important to encourage the reduction in CO2 emissions through policies that combine technical and economic instruments and incentivise the application of new technologies that promote clean and environmentally friendly processes.