Due to large increases in greenhouse gas emissions (GHG) in recent decades, environmental pollution has become one of the most critical global issues. Many countries, including those of the European Union (EU), signed the Kyoto Protocol, which entailed specific target goals per country (Dogan and Seker 2016). This Protocol proposed a 5.2% reduction in GHG emissions, taking 1990 levels as a reference. Developed countries which subsequently ratified the Protocol committed themselves to reduced targets while developing countries were encouraged to reduce their emissions on a voluntary basis (United Nations 1998). Irrespective of its commitment under the Kyoto Protocol, the EU adopted stricter environmental targets through binding legislation with the 2020 climate-energy package, which aims to make Europe a low-carbon economy and increase energy efficiency. The goal is a 20% reduction in greenhouse gas emissions and an increase of up to 20% in the use of renewable resources by 2020. Disengaging economic growth from carbon dioxide emissions has become an environmental ambition. Governments are committed to reducing their greenhouse gas emissions without undermining their economic development, based on the assumption that greater economic growth does not always lead to increased emissions. Italy ratified the Kyoto Protocol and has adopted European energy initiatives, such as the European Emissions Trading Scheme, the White Certificate Scheme in Italian legislation, financial incentives, and the legislative framework for increasing energy efficiency, in an attempt to meet their 2020 targets for CO2 emissions (Bento and Moutinho 2016). Several research studies have highlighted the relationship between CO2 emissions, GDP (or economic growth), and energy consumption (electricity). Other studies investigate the relationships between renewable energy, non-renewable energy, and economic growth, while a third group of studies analyzes the link between CO2 emissions, GDP, and energy consumption from renewable and non-renewable sources. This research has mainly been carried out in Turkey (Halicioglu 2009; Ozturk and Acaravci 2010a; Say and Yücel 2006; Soytas and Sari 2009; Soytas et al. 2007), France (Ang 2007), Malaysia (Ang 2008), Central American countries (Apergis and Payne 2009), Central and Eastern Europe (Atici 2009), Albania, Bulgaria, Hungary, and Romania (Ozturk and Acaravci 2010b), BRICS countries (Cowan et al. 2014; Pao and Tsai 2011), China (Du et al. 2012; Jalil and Feridun 2011), Russia (Pao et al. 2011), Pakistan (Nasir and Ur Rehman 2011), panel of newly industrialized countries (Sharif Hossain 2011; Park and Hong 2013), MENA countries (Farhani and Shahbaz 2014; Omri 2013), Asia (Chandran and Tang 2013), Malaysia (Bölük and Mert 2014; Shahbaz et al. 2013; Farhani and Ozturk 2015; Shahbaz et al. 2014), Turkey (Bölük and Mert 2015; Dogan 2015; Seker et al. 2015; Yavuz 2014), G7 countries (Ajmi et al. 2015; Sadorsky 2009), Saudi Arabia (Alshehry and Belloumi 2015), European Union countries (Bengochea and Faet 2012; Kasman and Duman 2015; López-Menéndez et al. 2014), Canada, Denmark, Iceland, Finland, Norway, Sweden, USA (Baek 2015), 93 countries (Al-Mulali et al. 2015), Vietnam (Al-Mulali et al. 2015; Tang and Tan 2015), OECD countries (Apergis and Payne 2010a; Chiu and Chang 2009; Inglesi-Lotz 2015; Ben Jebli and Ben Youssef 2015; Apergis and Payne 2012b), emerging countries (Nicholas Apergis and Payne 2011a),