Exergy is compared with other indicators for the environmental impact of waste emissions in an effort to better understand its potential as, or as the basis for, an effective indicator of the potential of an emitted substance to impact the environment. Relations between environmental impact and exergy in general and chemical exergy of waste emissions in particular are observed to support the use of exergy as such an indicator. The measure of disequilibrium with respect to a reference environment provided by exergy is considered, along with the consequence that the exergy of unrestricted waste emissions has the potential to impact the environment. Exergy is observed to exhibit many characteristics of other indicators of environmental impact, which are mainly empirical in nature. An exergy-based indicator could contribute to the development of rational and objective procedures for assessing the harmful effects on the environment of a substance and predicting its potential for environmental impact. The potential usefulness of exergy in addressing environmental problems is concluded to be significant, but further research is needed to develop objective exergy-based indicators that are practical for the potential of a substance to impact on the environment.