Green Deals around the World

Mikael Stenkula ()
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Mikael Stenkula: Research Institute of Industrial Economics (IFN), Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden, https://www.ifn.se/en/researchers/ifn-researcher/mikael-stenkula/

No 1554, Working Paper Series from Research Institute of Industrial Economics

Abstract: This essay examines the rise of “Green Deals” as large-scale state-sponsored active industrial policies to accelerate a transition toward climate neutrality. Building on the concept of mission-oriented innovation policy (MOIP), it documents how environmental and active industrial policies have converged across advanced economies, reshaping the policy toolkit toward direct public investment and publicly supported investment. The essay provides detailed accounts of the European Union’s Green Deal and the U.S. counterpart, situating them in the broader political economy of climate policy. It also highlights initiatives in the United Kingdom, Germany, and Sweden, which additionally illustrate Grean Deal initiatives and how the latter national strategies adapt EU-level frameworks and institutional constraints. A comparative analysis underscores key differences between the EU’s fragmented, case-by-case approach and the more streamlined but fiscally uncertain U.S. model. The essay concludes by stressing the need for greater scrutiny of these policies, including their economic efficiency and fiscal sustainability.

Keywords: Climate neutrality; Climate policy; Green Deal; Mission-oriented innovation policy; Industrial policy (search for similar items in EconPapers)
JEL-codes: H23 O38 P18 Q58 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2026-02-26
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