This interesting working paper written by the Grantham Research Institute on Climate Change and the Environment concludes that "continued economic growth is feasible and desirable, although not without significant changes in its characteristics.

These changes need to involve ultimately the reduction of the rate of material output, with continued growth in value being generated by expansion in the ‘intellectual economy’." (Source: LSE)

The Achilles heel of this thought-provoking paper lies in the fact that it starts from the fallacy that the "intellectuel economy" (the knowledge economy) has little or no material and resource implications.

On this and other fallacies about growth, read this brilliant article by Herman Daly.