Based on an elegant method given by Mr Wizard (and originally posted as a comment):
list1 - list2.{{0, 0}, {0, 1}}
{0.5, 0.2}, {0.75, -0.3}, {1.1, 2.1}, {1.3, 1.}, {2., 1.1}}
Edit
This may be generalized somewhat:
list1 - list2.DiagonalMatrix[{0, 1}]
For
list3 = {{0.1, 10, 100, 1000}, {0.2, 20, 200, 2000}, {0.3, 30, 300,
3000}, {0.4, 40, 400, 4000}, {0.5, 50, 500, 5000}};
list4 = {{0.1, 5, 50, 500}, {0.2, 10, 100, 1000}, {0.3, 15, 150,
1500}, {0.4, 20, 200, 2000}, {0.5, 25, 250, 2500}};
Subtract all columns (of list4) except column 1:
list3 - list4.DiagonalMatrix[{0, 1, 1, 1}]
$$\left(
\begin{array}{cccc}
0.1 & 5. & 50. & 500. \\
0.2 & 10. & 100. & 1000. \\
0.3 & 15. & 150. & 1500. \\
0.4 & 20. & 200. & 2000. \\
0.5 & 25. & 250. & 2500. \\
\end{array}
\right)$$
Subtract columns 2 & 3, and subtract twice column 4:
list3 - list4.DiagonalMatrix[{0, 1, 1, 2}] // MatrixForm
$$\left(
\begin{array}{cccc}
0.1 & 5. & 50. & 0. \\
0.2 & 10. & 100. & 0. \\
0.3 & 15. & 150. & 0. \\
0.4 & 20. & 200. & 0. \\
0.5 & 25. & 250. & 0. \\
\end{array}
\right)$$
Edit 2
After this answer by Carl Woll:
Subtract all columns (of list4) except the first:
list3 - (list4 // #.SparseArray[{Band[{2, 2}] -> 1},
Dimensions[#][[2]]] &) // MatrixForm
$$\left(
\begin{array}{cccc}
0.1 & 5. & 50. & 500. \\
0.2 & 10. & 100. & 1000. \\
0.3 & 15. & 150. & 1500. \\
0.4 & 20. & 200. & 2000. \\
0.5 & 25. & 250. & 2500. \\
\end{array}
\right)$$
Edit 3
Removed extraneous material to here