In person icon Industrial Policy, Market Competition, and Governance in the Energy Transition

Abstract

The accelerating energy transition is reshaping global economies, industrial strategies, and governance structures, raising fundamental questions about the role of markets, states, and international competition in driving decarbonization. This panel examines how climate and energy policies have evolved from market-based carbon pricing mechanisms to industrial policy-driven approaches, emphasizing targeted investments in green technologies and infrastructure. While these shifts have spurred innovation and cost reductions in renewables, they also face ideological contestation and governance challenges. A key focus of the panel is the role of capitalism and industrial competition in accelerating energy transitions. The creative destruction of fossil fuel industries, the strategic recapture of state institutions by low-carbon interests, and the intersection of industrial decarbonization with economic competitiveness highlight the tensions between environmental goals and market dynamics. European energy-intensive industries and the automotive sector exemplify these pressures, as firms navigate policy fragmentation, geopolitical rivalries, and trade disputes over green technologies, particularly in the competition between the EU, U.S., and China. Beyond industrial decarbonization, the panel also explores the governance and infrastructural challenges of sustainability transitions, with a focus on European rail integration as a case study of political and economic barriers to long-term systemic change. Taken together, these discussions reveal how industrial strategy, international political economy, and regulatory frameworks shape the trajectory of the energy transition. By engaging with diverse perspectives—from climate policy and political economy to governance and technological innovation—this panel provides a critical examination of the contested pathways toward decarbonization. It offers insights into how industrial policy, market competition, and international coordination can be leveraged to accelerate systemic change in an era of economic and geopolitical uncertainty.

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