Many nations must undergo economic growth, and this will inevitably lead to a rise in population, both of which will have consequences for the natural environment. This is due to the fact that producing energy (whether for electricity, cooling, heating or power for transportation motors and other applications) is an ecologically inefficient and wasteful activity that contributes to pollution. Considered crucial to the creation of prosperity, energy is widely recognized as an important factor in economic growth. It has a crucial role in alleviating poverty and fostering long-term growth. It has a beneficial impact on social, economic, and environmental development in areas such as livelihoods, water availability, agricultural production, health, population levels, educational equity, and addressing the needs of women and girls. Due to this, energy resources are crucial for every nation on Earth. This paper provides a discussion of the benefits to the economy, environmental effects (including on global warming), pros and cons, and methods for optimal utilization with regards to renewable energy sources and their role in sustainable development.