<p>Most countries have made ongoing efforts to reduce their dependency on fossil fuels and limit air pollution. However, the quest for cleaner energy structures and air quality suffers from the increasingly frequent financial shocks and geopolitical uncertainties. This paper studies the influence of financial stress and geopolitical risk on renewable energy consumption and carbon emissions by utilizing a panel quantile regression with non-additive fixed effects for a group of 36 countries from 1991 to 2023. The empirical results confirm the important roles of these two risk factors and reveal their heterogeneous impacts on renewables and carbon emissions. Financial stress negatively or positively affects energy development and air quality, depending on the level of the two sustainable targets. Meanwhile, geopolitical risk depresses the shift of energy structure towards sustainability as well as causes further deterioration of air quality. Such a negative effect of geopolitical instability intensifies as the proportion of renewables rises and air pollution degrades. Various robustness tests validate the findings. They guide policymakers and relevant stakeholders to adopt a more effective risk management framework that aligns with energy transition and environmental protection agendas, thereby helping to achieve a sustainable future.</p>