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Nanoporous gold (NPG) made by dealloying silver/gold alloys is a mesoporous metal combining high surface area and high conductivity. Recently, NPG has been shown to exhibit some of the high catalytic activity previously associated only with supported gold nanoparticles. Here we describe how NPG acts as a catalyst for the oxygen reduction reaction in both gas phase (in fuel cells) and aqueous environments (using rotating disk electrochemistry). NPG was found to reduce oxygen via an effectively 4-four electron route comprised of a first reduction of oxygen to hydrogen peroxide, and then an unusually active further catalytic reduction of hydrogen peroxide to water.