Economic growth in the world economies has been a result of increased industrialization and digitalization. It has given rise to various innovative technologies and fast and improved methods of production. This rapid industrialization has also led to dramatic changes in the pattern of demand from the society worldwide. These changing directions have significantly given rise to the use of such products and methods which lead to extreme environmental impacts. These environmental impacts have brought about a dynamic revolution in the market which has significant impact on financial and 165 environmental safety and security of the markets today. There is an urgent need to focus attention on adapting cleaner and renewable production practices to give a greener environment to the future generations. This may convert our fast-growing polluted economies into low carbon economies targeting sustainable economic growth and development. Against this backdrop, this paper is an attempt to enhance the empirical and theoretical framework of the subject. The research addresses various issues that the world is going through. The issue needs to be monitored at international standards. The main causes of global warming and its effects are further explained throughout the research article with an intention of creating economic prosperity.