Towards a sustainable energy future: a comparative analysis of environmental and economic impacts of energy sources

Purpose As the world’s energy demand increases, the transition to sustainable and economically viable energy solutions has become more critical. This shift from conventional fossil fuels to cleaner alternatives presents both opportunities and challenges, requiring a careful evaluation of environmental and economic trade-offs. This paper covers a wide comparison of various energy sources from both environmental and economic viewpoints, and discusses the strengths and challenges found in both renewable and non-renewable energy sources. The paper further looks at energy storage solutions that stabilize the power supply and supportive policy frameworks that promote renewable energy investments. It advocates for an appropriate energy mix that combines sustainability and economic growth by integrating renewables, advancing storage technologies and supportive policies. Design/methodology/approach This review analyzes studies from 2011 to 2024, focusing on the environmental and economic impacts of various energy sources. A systematic search of databases like Google Scholar and Scopus identified relevant studies, which were categorized by factors such as emissions, cost and job creation. Each study was critically evaluated to ensure reliability. Findings The review highlights the trade-offs between environmental sustainability and economic viability for fossil fuels, nuclear power, waste-to-energy, storage energy and renewable energy sources. It also identifies gaps in the literature, particularly in integrating long-term environmental and economic assessments. Originality/value This study uniquely provides a balanced analysis of both environmental and economic impacts, offering insights that inform energy policy and future research, especially in the integration of long-term sustainability assessments.