Despite attempts in recent decades to tackle environmental problems, our Mother Earth is currently facing a plethora of concerns. Issues such as pollution, land degradation and global warming still persist, due to the exploitation of earth at an alarming rate. It appears that in dealing with environmental issues, legal frameworks do exist at global and bilateral level, ranging from holding states responsible for their breaches of international obligations, to cooperating internationally among states and to swapping debts of a nation for undertaking environmental friendly projects. Yet the overall health of the earth has not been satisfactory, and instead, is deteriorating. Our actions have been not favored protecting this planet, and we have experienced an increasing recurrence of natural disasters. This paper intends to discuss the traditional concept of how states are held responsible for breaching their international obligations towards the environment, and how international cooperation plays a role in protecting the environment to date.The discussions will further highlight the use of the new formula and approach known as 'debt-for-nature swap' which can be an effective way of sustaining the environment. As environmental problems are piling up around us and the earth is on the brink of a planetary emergency, this paper further intends to identify the ultimate key to solve this global problem.