This dissertation was written as part of the MSc in Sustainable Development at the International Hellenic University. Environmental concern grows at a global level. Industrialization was initially responsible for the environmental degradation and the depletion of planet’s resources. Energy production is on high demand nowadays along with its harmful byproducts, such as carbon dioxide emissions. Furthermore, it is evident that technology plays a determining role in energy production. The purpose of the particular dissertation lies on the attempt to connect technology and sustainable development. There is also a growing body of literature that supports the relationship through the role of institutions. The study focuses on a statistical analysis in order to examine the hypothesis that there is a relationship between Gross Domestic Product and Carbon Dioxide emissions on a country level. In particular, a regression analysis is conducted for a period of twenty five years, from 1985 to 2010, aimed at various European countries and the European Union. The results indicate that there are positive and negative relationships between the two variables for each country and the European Union. Finally, these relationships suggest the level of technological development per country among other parameters. I would like to express my sincere gratitude to my thesis supervisor Dr. Fragiskos Archontakis from International Hellenic University who has consistently inspired me in this study and provided me valuable suggestions and advice. Without his attentive guidance, patience and encouragement, this thesis would not have been possible to accomplish.