Contemporary, different impediments strongly challenge our planet. However, nothing can be equated with the problems encountered by the pollutions released from industries. These pollutions adversely affect the environment, health, social, and economic aspects of human beings. Countries have tried to codify various international and domestic laws to oversee the problem. Besides making laws, Governments are looking for policy options. Among the options developed in the last half a century, Economic instruments (EIs) are the prominent approach. This paper aims to briefly discover vital issues of EIs with its role in protecting the environment. As the paper's findings revealed, EIs have played a pivotal role in protecting and curing the environment from hazardous waste. Thus, the paper urges the Governments to apply EIs properly in compliance with their respective situation. To achieve its objectives, the paper employed the doctrinal analysis method based on primary and secondary data sources.