Theory and empirical evidence for the relationship between a firm’s environmental strategy and financial performance, as well as contingencies in that relationship, remains inconsistent. The Natural Resource Based View of the firm offers an overarching framework that can help resolve this inconsistency. Leveraging its genesis in the Resource Based View, we examine environmental strategies identified by the NRBV, recasting them and previously proposed contingencies in common terms: their impact on the value and rarity of the underlying capabilities. Testing resulting hypotheses via meta-analysis of 56 studies published over a 10-year period reveals the importance of considering the type, rather than just the intensity, of environmental strategies. Additionally, conflicts in prior studies likely reflect important, but previously unrecognized, differences in the timeframes, countries, and industries examined.