This article sets out to draft a preliminary sketch of an environmental history of photography, as opposed to a history of environmental photography. It shows that such a history should be rooted in a conceptualization of our geological epoch as the Capitalocene: the age of capital. Seen in this light, photography can be understood as part of a longer history of what the article describes – building on the work of activist and journalist Raj Patel and environmental historian Jason W. Moore (2018) – as the ‘cheap image’. In this way, photography is shown to offer a succinct expression of the Cartesian dualism that Patel and Moore see as being at the heart of the Capitalocene: the externalized image of capital N nature that this world ecology necessitated. The article considers Mining Photography: The Ecological Footprint of Image Production (Museum für Kunst und Gewerbe, Hamburg, 2022) a recent exhibition and catalogue that attempted to narrate in exhibition form a history of photography from such a perspective. Finally, it concludes with a discussion of the work of several artists from this exhibition who are seen as exemplifying ‘metabolic realism’, a new critical photo-based artistic approach.