Abstract. In the article the widespread opinion concerning the exclusively negative impact of globalization on environmental situation in developing countries is disputed. But analysis of environmental consequences of trade and investment liberalization in these states proves that the role of foreign investments in deteriorating of national environmental situation is too exaggerated. On the contrary, the "export of environmentalism" is associated with TNK activities. On the one hand, globalization originates new threats. On the other hand, the integration of developing countries into the world economy favors the solution of many environmental problems by attraction of foreign private investments in industrial development and costly infrastructure projects; transfer of clean technology; promotion of international environmental cooperation and increase of environmental responsibility of national business.