The industry is undergoing a significant transformation since the introduction of Industry 4.0 and Industry 5.0, with a special focus on sustainability, circular economy and the digitalization of manufacturing processes. This shift from traditional industry is primarily influenced by the digital revolution, climate protection, and environmental sustainability. Key technological developments in the sector include the intensive use of data, carbon-waste recycling and the production of base chemicals using H2 from renewable energy in combination with CO2. Our research investigates potential factors affecting greenhouse gas emissions, considering energy production from hydropower, wind and solar photovoltaic sources. With the help of publicly available data provided by the Directorate-General for Energy of the European Commission for the period of 1990-2021, we conduct a comprehensive statistical analysis. The findings of our study reveal statistically significant differences in renewable energy production between countries with high versus low CO2 emissions. Furthermore, we examine the relationship between greenhouse gas emissions, renewable energy production and economic indicators, using gross domestic product as a measure of the wealth of a country. These insights offer valuable guidance for countries developing environmental policies aimed at increasing the production and usage of renewables, while maintaining low greenhouse gas emissions.