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Bioeconomy is an important element of European Union (EU) political agenda. Promotion of bioenergy is one of the main aspects of bioeconomy strategy. The aim of this paper is to show how the development of bioenergy can contribute to climate change (and the associated policy). Specifically, we look into the possible reduction of GHG emissions within the framework of Environmental Kuznets Curve (EKC). The panel models are estimated for the EU countries by modifying the classical EKC by including in the EKC model biomass and other renewables. The results showed that the coefficient associated with GDP decreases when renewables are included in the model. More specifically, the more types of renewables are included, the lower values of the coefficient associated with the linear team are observed. Furthermore, the effect of biomass on the reduction of GHG emission is higher if opposed to that caused by the other renewable resources. If we hold other factors fixed, increase in biomass use of 1% would reduce GHG emission by 0.089%, whereas the effect of the other renewable energy sources is 0.025%. Therefore, the development of bioeconomy and the promotion of bioenergy are one of the main tools for climate change mitigation.