This article develops a political economy account of global environmental governance to improve upon our understanding of the contemporary conduct of environmental politics and to clarify thinking about the potential for, and barriers to, effective environmental reform. By elaborating the key contours of a political economy account on the one hand and opening up to critical enquiry prevailing understandings of what is meant by ‘global’ ‘environmental’ and ‘governance’ on the other, such an approach is able to enhance our understanding of the practice of environmental governance by emphasising historical, material and political elements of its (re) constitution and evolution.