This essay provides a critical account of Wal-Mart's rhetoric of environmental stewardship. By situating this discourse within a new political economy of production and governance that Michael Hardt and Antonio Negri have termed empire, I argue that environmental communication scholars should limit the rush to deploy ideological criticism when explaining the corporation's rhetorical motives. Instead, I advocate reading Wal-Mart's rhetoric as a problem of historical conjunctures, a critical move that seeks to highlight, not only the structural interests of capital, but also the centrality of social antagonism. In the case of Wal-Mart, this means accounting for the increased significance of demand to economic production, changes in the composition of sovereignty, and the transgressive function of environmentalism at the beginning of the twenty-first century.