Countries’ quest to achieve robust economic growth in a fossil fuel-dependent production paradigm has resulted in an unsustainable accumulation of greenhouse gases (GHGs) in the atmosphere. This phenomenon threatens humankind with irreversible climatic changes in the future. Policymakers worldwide have to devise emissions-reduction plans without affecting the economic performances of countries; developing countries must reduce emissions along with meeting development goals manifested in the form of ensuring a decent quality of life.