Public transport is nice, and it could cover some of that, but it will never be available everywhere and at all times.
Anything on top - air travel, second homes, big cars etc - you pay for the carbon.
Maybe doesn’t sound like it’s converting to 0, but at least it differentiates between optional and essential fossil fuel use (or socialises the cost of carbon removal if you prefer).
However, the most likely result will be higher fuel prices -- until the lack of income starts hurting governments and "carbon taxes" are added on top of electricity prices instead, regardlessif the energy is green or not.