The study sought to evaluate the effect of sustainable finance on economic growth in west African monetary zone (2000 – 2024). Sustainable finance is proxied by renewable internal freshwater resources per capita (RIFWPER) and Carbon intensity of GDP while GDP per unit of energy used represents the economic growth. Nigeria and Ghana were purposively selected from countries in West African Monetary zone base on two countries with highest population growth rate among others. The data used for ex-post facto research design were secondarily sourced from world development indicators and published works of other scholars. Despite growing research on energy efficiency and sustainable development, few studies have examined GDP per unit of energy used (energy productivity) in the West African Monetary Zone (WAMZ). Most studies in Sub-Saharan Africa focus separately on carbon emissions, renewable energy, or economic growth, rather than their joint effect on energy productivity. A gap in understanding energy productivity in resource-dependent economies, where structural factors differ from advanced countries. While in developed economies higher energy productivity often reflects technological innovation and decarbonization, in WAMZ countries it may still rely on carbon-intensive production. Consequently, there is limited empirical evidence on whether energy efficiency improvements can occur in these economies without increasing carbon intensity. Several pre-tests were carried out such as panel unit root test, Pedroni co-integration test. Generalized Method of Moment (GMM) model was used to address endogeneity.  The results revealed that: (i) internal freshwater resources per capita (RIFWPER) had a negative (-0.0096) effect on GDP per unit of energy used, while Carbon intensity of GDP had a positive effect (86.98) on GDP per unit of energy. the findings suggest that within the West African Monetary Zone, energy productivity (GDP per unit of energy used) is significantly influenced by environmental and structural factors. These results highlight the need for WAMZ economies to pursue structural transformation policies that promote cleaner technologies, renewable energy adoption, and true decoupling of economic growth from carbon emissions if sustainable energy productivity is to be achieved.

Key Words: Sustainable Finance, Generalized Method of Moment (GMM), Carbon intensity, Decabornization, Carbon Emission, Renewable Energy