This paper identifies gaps in the theoretical literature on Natural Resource-Based View (NRBV) and compares it with empirical evidence on barriers to environmental strategies. Although NRBV’s components may allow firms to gain a sustained competitive advantage, the determinants of these components may be affected by the market conditions. The barriers to environmental strategies align with the gaps found in the NRBV literature, suggesting that NRBV may need to address these issues in order to be generalizable across various market conditions. The barriers to environmental strategies may intensify in countries with low levels of human development, making it difficult for firms to gain a competitive advantage in developing countries, as compared to developed countries. This implies that the optimal market conditions for environmental strategies may depend on the human development level of both developed and developing economies.