In the paper one elaborates the role of economic instruments in the politics of environmental protection and sustainable development. Key elements are pointed out as well as the frameworks for two basic approaches to the uses of economic instruments: commanding - controlled approach (CAC) and market -based instruments (MBI) -an approach based on market mechanisms. The existing economic instruments in the politics of environmental protection and sustainable development are analyzed in the counties of EC, OECD and in the countries in transition. The review is given of the experiences in the implementation of economic instruments in the countries of EC, OECD and in the countries in transition.