We examine the causal effects of the energy subsidy programme PetroCaribe in the three dimensions of sustainable development: economic, social and environmental. We use the synthetic control method to construct a counterfactual and compare it to the outcomes of the beneficiary countries and thus estimate the magnitude and direction of the PetroCaribe effect. PetroCaribe had a positive effect on economic growth in most of the beneficiary countries; however, this economic boost was not followed by an improvement in social development. Environmentally, PetroCaribe did not negatively or positively impact the environmental quality of the member countries, in the sense that we do not find a significant effect on the trend of (Formula presented.) emissions per capita.