In the current era of digital innovation, the global transition toward climate neutrality has ushered in a dual transformation: a shift toward green energy and the rise of digital technologies. However, both processes require substantial investments, often financed through public debt—raising concerns about long-term fiscal sustainability, especially in emerging economies. Against the backdrop of the fourth wave of global debt, considering climate deadlines, energy security, and the digital carbon paradox, this research aims to identify whether and how investments in renewable energy and the expansion of digital technologies affect the debt burden. As global public debt soared to a record $100 trillion in 2024, equivalent to 93% of global GDP, and climate impacts continued to reduce GDP growth by 1–2 percentage points each year, particularly in developing countries, the challenge of financing investments has become increasingly urgent. To achieve net zero emissions by 2050, the world needs to invest $9.2 trillion annually in green infrastructure, with developing countries receiving only 9% of global sustainable finance flows in 2023, pushing countries into a new green debt trap. The development of digital transformation in this context is an opportunity and a challenge. The ICT sector is projected to have the potential to reduce (5–10% by 2030) global emissions. However, the growing energy demand associated with ICT will exacerbate existing energy crises, with the sector’s energy consumption estimated to reach approximately 1000 TWh by 2026. This paradox requires closer coordination between financing mechanisms for ICT growth and renewable energy sources.