There are as many ways for companies to improve their environmental performance as there are stakeholders who are calling upon them to do so. If companies make the right choices, they can satisfy their stakeholders, enhance their financial position, and improve environmental conditions. The wrong choices invite stakeholder scorn and risk wasting valuable resources. This chapter outline the environmental strategy framework that can guide a company’s choices and help achieve wins across the triple bottom line. Effective environmental strategy (1) identifies which dimensions of environmental performance improvements can create business value; (2) establishes channels for transferring value from appreciative stakeholders; (3) ensures the company and its stakeholders have credibility with each other; and (4) positions the company for capturing sustainable financial value from its environmental improvements. This framework can help companies choose when and how to implement environmental improvements and scholars to identify the conditions under which companies’ environmental improvements are financially sustainable.