Diverse factors may have an impact in Carbon dioxide (CO₂) emissions; thus, three main contributors, energy consumption, exergy indicator and gross domestic product (GDP) are examined in this work. This study explores the relationship between economic growth and energy consumption by means of the hypothesis postulated for the Environmental Kuznets Curve (EKC). Panel data for 10 countries, from 1971 to 2014 have been studied. Despite all this wide gamma of research, the role of an exergy variable has not been tested to find the EKC; then exergy analysis is proposed. Exergy analyses were developed to propose an exergetic indicator as a control variable and a comparative empirical study is developed to study a multivariable framework with the aim to detect correlations between them. High correlation between CO₂, GDP, energy consumption, energy intensity and trade openness are observed, conversely not statistically significant values for trade openness and energy intensity. The results do not support the EKC hypothesis, however exergy intensity opens the door for future research once it proves to be a useful control variable. Exergy provides opportunities to analyze and implement energy and environmental policies in these countries, with the possibility to link exergy efficiencies and the use of renewables.