The Belt and Road Initiative (BRI) – China’s multi-trillion-dollar infrastructure program across 138 countries and counting – has provoked concern among observers that China is exporting its polluting model of development. Others, however, claim that the BRI is well-positioned to drive “green development” through investments in low-carbon infrastructure and technologies. This review article argues that discussions about “greening” the BRI can overlook the politics that infuse how green development is conceptualized and implemented, and for whose benefit. Taking a political ecology approach, I distinguish between green BRI activities that invest in low-carbon infrastructure and those that mitigate environmental risk – the latter of which are often selectively enforced, leading to “greenwashing.” I then apply this distinction to three key sectors of the green BRI: green finance, green energy, and green cooperation mechanisms. I find that low-carbon investments are currently concentrated in higher-income countries and regions, while risk mitigation activities are currently concentrated in lower-income countries and regions. This article thus highlights the need for attention to how the green BRI is defined and implemented, with implications for efforts toward building an equitable and sustainable Belt and Road.