G20 countries are responsible for more than 80% of global energy consumption and the largest CO₂ emissions in the world. Literature related to the energy consumption-environmental quality-subjective wellbeing nexus is limited and lacks consensus. This paper analyses the impact of energy consumption and environmental quality on subjective wellbeing in G20 countries from 2006 to 2019 using a panel-corrected standard error (PCSE) model. Cantril life ladder data is used as a proxy of subjective wellbeing. For robustness, the Newey-West standard error model is used. The findings reveal that renewable energy consumption and environmental quality, i.e. lesser carbon emissions, enhance subjective wellbeing in G20 countries. In contrast, non-renewable energy consumption degrades subjective wellbeing. Moreover, the study also finds bidirectional causality between renewable energy consumption, non-renewable energy consumption, and economic growth. The policymakers of these countries should encourage renewable energy production and its consumption to reduce carbon emissions for conserving the environment and enhancing their people’s subjective wellbeing.

G20国家消耗了全球80%以上的能源，也是世界上最大的CO ₂排放量。有关能源消耗-环境质量-主观幸福感关系的文献有限且缺乏共识。本文采用面板修正标准误（PCSE）模型分析了2006年至2019年G20国家能源消耗和环境质量对主观幸福感的影响。 Cantril 生命阶梯数据被用作主观幸福感的代表。为了稳健性，使用 Newey-West 标准误差模型。研究结果表明，可再生能源消耗和环境质量（即减少碳排放）可以提高二十国集团国家的主观幸福感。相比之下，不可再生能源的消耗会降低主观幸福感。此外，研究还发现可再生能源消费、不可再生能源消费与经济增长之间存在双向因果关系。这些国家的政策制定者应鼓励可再生能源的生产和消费，减少碳排放，保护环境，提高人民的主观福祉。