The consumption of renewable energy sources results in the minimal production of greenhouse gases. However, the issue of environmentally efficient use of renewable energy sources remains a key concern. The primary aim of this article was to assess whether the energy production from renewable energy sources was environmentally efficient in four selected European countries: Germany, Austria, Poland, and the Czech Republic. In order to achieve the primary research goal, a regression analysis method was used for several variables. The results of the analysis suggested that with an increase in the consumption rate of renewable energy sources and biofuels equivalent to one thousand tons of oil, the volume of emissions from all sectors would increase by 0.0048 thousand tons (4.8 tons) on average. The system of emission allowances was rather environmentally inefficient at the lower allowance levels; in the monitored period of 2007 to 2016, the dependence of greenhouse gas production on the consumption of fossil fuels did not statistically manifest itself. Based on the analysis, the land use, land-use change, and forestry production activities do not contribute to increasing total greenhouse gas emissions.