Rubisco, or ribulose bisphosphate carboxylase/oxygenase, is an essential enzyme that catalyzes the first step of carbon fixation in the Calvin cycle, converting ribulose-1,5-bisphosphate and carbon dioxide into 3-phosphoglycerate. This enzyme plays a crucial role in photosynthesis by enabling plants to utilize atmospheric CO2, which is vital for the production of organic compounds that support life on Earth.