The aim of this study is to compare possible approaches that support the goal of achieving a carbon-neutral society in the mobility sector, with a specific focus on the two-wheel segment of the mobility sector. One of the key considerations in the mobility sector is the transition from a fossil fuel-based energy mix to a more renewable one. While there are numerous options available for achieving a carbon-neutral society in the four-wheel scenario, the two-wheel sector presents a different challenge due to a smaller number of available options. This study introduces a new comparison between full electric, gasoline, and ethanol-powered two-wheeled vehicles. It suggests that ethanol is a feasible solution for reducing carbon emissions in the two-wheel sector. The study includes an analysis of CO2 emissions for two-wheel vehicles using a life cycle approach, focusing on the technologies of full electric motorcycles, motorcycles with flex-fuel internal combustion engines running on gasoline, and motorcycles with flex-fuel internal combustion engines running on ethanol. The energy mix of a country, which serves as a reference for this study, directly impacts emissions from the mobility sector. Therefore, the analysis focuses on Brazil, China, and India, which represent significant markets in the two-wheel segment and are crucial for decarbonization efforts. The findings of the analysis indicate that motorcycles powered by ethanol can reduce greenhouse gas emissions by approximately 56% compared to gasoline-powered motorcycles and by 52%, 48%, and 37% compared to electric motorcycles in countries with emission-intensive energy sources such as China, India, and the United States, respectively. However, in countries with more renewable electricity sources, such as Brazil and France, full electric motorcycles showed slight advantages. The study also suggests that, based on the Brazilian experience with flex-fuel two-wheeled vehicles, replacing 60% of the current gasoline-powered fleet with ethanol-powered vehicles could lead to a reduction of around 34% of all emissions associated with the two-wheeler sector in China and India. The conclusions drawn from this study provide valuable insights for comparative discussions on the decarbonization of the two- and four-wheel segments. These insights can be instrumental in making strategic decisions and promoting the development of alternative sectoral solutions.