Wal-Mart Stores, Inc. (NYSE: WMT) has gained a powerful ally in its quest to be known as the greenest company on the planet. Former U.S. President Bill Clinton is trumpeting the company's efforts and practices in the area of ecological sustainability. Clinton's three-day 'Clinton Global Initiative' will end today with a panel on economic growth in the face of decreasing resources and climate change.

Clinton has toured the world as a private citizen touting green strategies and corporate sustainability, so it's no surprise that he's recognized Wal-Mart in this manner. His comments during the Clinton Global Initiative were witnessed by Wal-Mart CEO H. Lee Scott as well. Clinton stated that Wal-Mart alone could set a template on how to reduce waste and increase sustainability to developing countries. That's quite an endorsement.

But, not so fast. Democrats in the U.S. constantly chide the world's largest retailer for its labor practices and health insurance costs, and one of the biggest former Democratic leaders sings its praises? Why sure -- this has nothing to do with labor on the surface. Clinton did say that if the retailer can generate wealth and jobs while reducing its carbon footprint, other companies will follow. I'm not sure how 'being green' will generate jobs (and good ones at that).

Clinton then made several references to the amount of energy saved by Wal-Mart customers buying and using compact fluorescent light bulbs (CFLs) among highlighting other moves by the company in recent years to minimize the impact it has on the world's environment. On that note, later today I'll be looking at Wal-Mart's recent moves into sustainability and operating in the 'green' in detail, so stay tuned for another edition of The Wal-Mart Weekly this afternoon.