Despite significant progress by G7 member countries towards achieving Sustainable Development Goals (SDGs), challenges persist in meeting targets for SDGs 7, 9, 12, and 13. A critical gap lies in policy frameworks addressing the impact of domestic material consumption on CO2 emissions. While current policies propose emission mitigation solutions, they often overlook the pivotal roles of domestic material consumption, renewable energy adoption, and technological innovations in achieving carbon neutrality. This study responds to the need for policy realignment by integrating these factors into sustainability strategies. To provide empirical insights, this study examines the influence of renewable energy consumption, domestic material consumption, and technological innovations on CO2 emissions using data from 1985:Q1 to 2021:Q4 across G7 nations. Employing Wavelet Quantile Regression, the analysis captures associations across different time periods and quantiles. The findings reveal that domestic material consumption generally increases CO₂ emissions, except in the cases of Canada and the USA. Renewable energy consumption shows a consistent trend of reducing emissions, albeit with mixed outcomes observed in Japan and Canada. Technological innovations tend to lower CO2 emissions, except for instances in France and the UK where the impact is positive. Based on these findings, G7 nations are urged to prioritize reductions in domestic material consumption, accelerate the transition to renewable energy sources, and foster technological innovations.