Kus, Basak; Jackson, G ego y
A icle — Published Ve sion
G een T ansi ions: Re hinking Poli ical Economy in he
Con ex o Clima e Change
Regula ion & Go e nance
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Regula ion & Go e nance
ORIGINAL ARTICLE OPEN ACCESS
G een T ansi ions: Re hinking Poli ical Economy in he
Con ex o Clima e Change
BasakKus1 | G ego yJackson2
1Wesleyan Uni e si y, Middle own, Connec icu , USA | 2F eie Uni e si ä Be lin, Be lin,Ge many
Co espondence: G ego y Jackson (g ego y.jackson@ u-be lin.de)
Recei ed: 24 Decembe 2024 | Re ised: 21 Feb ua y 2025 | Accep ed: 24 Feb ua y 2025
Funding: The au ho s ecei ed no speci ic unding o his wo k.
ABSTRACT
Al hough poli ical economy (PE) has long engaged wi h en i onmen al issues, clima e change has emained a he ma gins o
he ield un il e y ecen ly. This a icle a gues ha ully add essing he ans o ma i e challenges b ough up by clima e change
equi es a undamen al e hinking o co e PE concep s ela ed o he s a e, dis ibu ional s uggles, economic g ow h, a ie ies
o capi alism, and ma ke s. Ra he han ea ing he s a e as a neu al egula o o ma ke acili a o , we concep ualize he g een
s a e as ac i ely s uc u ing ansi ions h ough mi iga ion policies, adap a ion s a egies, and he go e nance o jus ansi-
ion con lic s. G een ansi ions gene a e new dis ibu ional con lic s—wi hin and ac oss coun ies, be ween incumben and
eme ging indus ies, and among social g oups wi h unequal exposu e o clima e isks and ansi ion cos s. Clima e policy also
challenges g ow h- cen e ed economic models, aising ques ions abou he iabili y o g een g ow h e sus deg ow h s a egies.
Di e en a ie ies o capi alism a e e ol ing in esponse, wi h dis inc ins i u ional pa hways shaping he speed and cha ac e o
ansi ion e o s. Finally, we c i ique ma ke - based app oaches ha assume p ice mechanisms alone can d i e deca boniza ion,
highligh ing he ole o non- economic alues, ins i u ional cons ain s, and dis ibu ional s uggles in shaping g een ma ke s.
By linking clima e change o co e deba es in compa a i e and in e na ional poli ical economy, we iden i y new esea ch agendas
o unde s anding he une en and con es ed pa hways o g een ansi ions ac oss economic sys ems. This a icle, along wi h he
o he s in his special issue on G eening he Economy: Towa d a New Poli ical Economy, aims o b idge some o hese c i ical gaps.
1 | In oduc ion
Clima e change poses an inc easing a ay o isks, becoming
mo e se e e each yea and eme ging as e han p e iously an-
icipa ed (IPCC2021). Human ood sys ems a e unde g owing
s ain, species a e disappea ing a an unp eceden ed a e, and
he mig a ion o plan s and animals due o changing clima es
is inc easing he po en ial o disease ansmission, exace ba -
ing ecological and human heal h challenges.1 The Wo ld Heal h
O ganiza ion epo s ha o e 3.5 billion people li e in a eas
highly suscep ible o clima e change and ha o e he nex
wo decades, clima e change could cause 250,000 addi ional
dea hs annually.2 These de elopmen s a e likely o uel geo-
poli ical ensions and con lic s o e esou ces such as wa e ,
a able land, and ene gy, and a e ine i ably associa ed wi h
signi ican economic cos s. Acco ding o some es ima es, cu -
en ends could esul in a loss o 10% o o al economic alue
by 2050.3 Businesses will see hei asse s lose alue o become
wo hless, while also acing educed e enue and inc easing
ope a ing cos s due o ex eme wea he e en s. Insu ance p e-
miums a e ising and in some high- isk a eas, co e age may no
longe be a ailable. Fu he mo e, clima e change is expec ed
o wo sen long- s anding socio- economic inequi ies as ma gin-
alized g oups—such as a me s, indigenous communi ies, and
u ban poo popula ions—o en ace he highes exposu e o cli-
ma e haza ds, while lacking esou ces o adap . The absence o
o malized adap a ion mechanisms o elie p og ams wi hin
na ions' social secu i y schemes exace ba es hese challenges,
This is an open access a icle unde he e ms o he C ea i e Commons A ibu ion License, which pe mi s use, dis ibu ion and ep oduc ion in any medium, p o ided he o iginal wo k is
p ope ly ci ed.
© 2025 The Au ho (s). Regula ion & Go e nance published by John Wiley & Sons Aus alia, L d.
288 Regula ion & Go e nance, 2025
lea ing popula ions wi hou su icien sa egua ds such as disas-
e insu ance, hea shel e s, o eco e y unds. The mos se e e
impac s a e unsu p isingly expec ed o occu in low- income
coun ies, which con ibu e minimally o global emissions (see
Figu e1)4. As such, clima e change aises u gen mo al and pol-
icy challenges ega ding his o ical esponsibili y and he equi a-
ble sha ing o mi iga ion and adap a ion cos s.
To educe eliance on ca bon and adap o he consequences
al eady un olding, immedia e changes a e equi ed in how we
p oduce and consume, how we design ou ci ies, and how we
anspo ou sel es and he goods we p oduce—pu simply, how
we li e. All o his will also necessi a e e hinking how we i-
nance he necessa y ans o ma ions and e hinking he oles
o bo h he s a e and ma ke s in d i ing hem. Some o hese
changes a e unde way. As Nach igall e al. (2024) show in hei
ecen pape , d awing on OECD da a, he e has been an inc ease
in bo h he numbe o policies na ions ha e adop ed and he
a e age policy s ingency conce ning clima e mi iga ion o e
he pas wo decades. S ill, many coun ies a e alling sho o
mee ing he emission educ ion a ge s pledged a he 2015 Pa is
Acco ds, as policies ha could e ec i ely educe emissions o en
encoun e domes ic esis ance om key indus ial sec o s and
labo g oups, which a e eluc an o adap o he p o ound ans-
o ma ions equi ed o o bea he associa ed cos s.
This b ings us o ques ions ha poli ical economy is uniquely
well sui ed o add ess: how do na ions na iga e poli ical ine -
ia agains clima e policies? Wha policy ools a e bo h e ec-
i e and poli ically easible? Wha ole do ideas, in e es s, and
poli ical ins i u ions play in he adop ion o pa icula policies?
How much con e gence and di e gence do we obse e ac oss
na ions in e ms o hei deca boniza ion and adap a ion s a -
egies? How do na ions ensu e “jus ansi ions,” whe e he bu -
dens and bene i s o hese ans o ma ions a e dis ibu ed ai ly
wi hin and ac oss na ions, as well as ac oss gene a ions? Wha
ole do ma ke - based and non- ma ke - based ins umen s play
in his p ocess? How do go e nmen s, businesses, and o he ad-
ocacy g oups nego ia e he ade- o s in enac ing clima e pol-
icies? How does clima e change ede ine he s a e as we know
i —no only in egula o y, iscal, and mone a y e ms bu also
in mo al e ms?
These c i ical ques ions will undoub edly occupy poli ical econ-
omis s o decades o come. This in oduc o y pape and special
issue seek o iden i y how clima e change c ea es challenges o
co e concep s in poli ical economy, bu also highligh he an-
aly ical po en ial o poli ical economy hinking o unde s and
he in e na ional a ie y, poli ical iabili y, and e ec i eness o
di e en clima e policy solu ions a ound he wo ld.
2 | Field o Poli ical Economy: A Neglec o
Clima e Change?
The ield o poli ical economy (PE) spans mul iple disciplines, in-
cluding poli ical science, sociology, economics, his o y, and ge-
og aphy, and hus de ies any single de ini ion (Rudel e al.2011).
The in e disciplina y na u e o PE p o ides use ul a lens o s udy
he in e play be ween poli ical ins i u ions, economic sys ems,
and social powe s uc u es ha in luence clima e mi iga ion
and adap a ion s a egies, and hus con ibu e o unde s and-
ing he sys emic and dis ibu ional challenges posed by clima e
change. Fo he longes ime, howe e , PE schola ship—in i s
compa a i e, his o ical, and in e na ional o ms—has made
li le oom o s udy clima e change.5 The Ox o d Handbook
o Poli ical Economy, published in 2006, o ins ance, did no
ha e a single chap e on clima e change among i s 50 chap e s.
Likewise, a e iew o majo PE jou nals clea ly shows ha mos
esea ch on clima e change has been published p ima ily since
2020. Despi e an imp essi e body o pionee ing wo k on hese
issues ha was published be o e his da e,6 clima e change
was ypically ea ed as a “specialis subjec , i ele an o he
majo ene s o he ield, and di o ced in p ac ice om majo
analy ic and concep ual inno a ion.”7 This lack o a en ion may
now seem su p ising, gi en he magni ude o he isk posed by
clima e change. So why has mains eam PE no made a mo e
conce ed e o o b ing clima e change o he o e on o he
ield soone ? This, o cou se, is no a ques ion ha can be an-
swe ed casually; i conce ns how schola ly ields ope a e and
FIGURE 1 | To al, pe capi a, and his o ical emissions o selec ed coun ies and egions.
289
de e mine which p oblems and puzzles a e impo an o ocus
on (Kuhn1962). We can, howe e , specula e on some possible
answe s.
Fi s , one ob ious eason why poli ical economis s ha e no o-
cused on clima e change has o do wi h he lack o eal- wo ld
ac ion by bo h go e nmen s (in e ms o adop ing policies) and
ma ke ac o s (in e ms o changing hei beha io ). Schola s
na u ally end o u n hei a en ion o subjec s when he e
is some hing subs an ial o analyze. Al hough clima e science
had al eady eached a consensus on global wa ming, na ional
and in e na ional e o s o add ess clima e change we e min-
imal o nonexis en un il he ea ly 1990s. The Uni ed Na ions
F amewo k Con en ion on Clima e Change (UNFCCC) was no
es ablished un il 1992, and he Kyo o P o ocol—a legally bind-
ing ag eemen commi ing indus ialized coun ies o educe
g eenhouse gas emissions—was no adop ed un il 1997. E en
hen, majo playe s like he Uni ed S a es p o ed unwilling
o commi o he necessa y s eps o limi hei emissions and
la gely con inued business as usual.
A second eason has o do wi h a pa adigma ic ocus on economic
g ow h, which has shaped he ield's di ec ion since i s 19 h cen-
u y coming o age s udying indus ial capi alism. G ow h has
been ega ded no only as he p ima y indica o o p ospe i y
bu also as a way o alle ia e dis ibu ional con lic s by expand-
ing he economic pie—by p omising o p o ide mo e esou ces
and weal h o a ious social g oups wi hou undamen ally al-
e ing exis ing policies o powe s uc u es (Schmelze 2016).
This emphasis is s ill e y much ali e, pa icula ly in he s udy
o “g ow h models”— he economic policies, ins i u ions, and
social p ac ices ha oge he unde pin economic g ow h in a
speci ic coun y o egion. While assump ions a ound g ow h
ha e come unde inc easing sc u iny, discussions o ecological
sus ainabili y and he impac o clima e change we e o en ma -
ginalized and pushed o adjacen disciplines.
Thi d, PE schola ship has ypically e ained a ocus on na ional-
le el policy- making and poli ical p ocesses wi h ela i ely sho
ime spans.8 Clima e change in ol es ex e nali ies ha a e
global in scope, and whe e i s consequences un old o e decades
o gene a ions. The disconnec s be ween he loca ions o p o-
duc ion and consump ion wi hin global alue chains complica e
e o s o add ess emissions wi hin he adi ional na ion- s a e
amewo k o PE. Ex ending i s empo al and geog aphic scope
equi es add essing si ua ions whe e he cos s and bene i s o
clima e ansi ion a e o en decoupled. Fo example, weal hy
na ions may bene i om clima e mi iga ion e o s in poo e
coun ies bu may be unwilling o bea hose cos s. Simila ly,
in es men s made by one gene a ion may only yield bene i s o
u u e gene a ions. Unde s anding bo h in e na ional and in e -
empo al con lic s equi es PE o adop new analy ical and no -
ma i e lenses ha go beyond con en ional no ions o sel - in e es
and sho - e m ime ho izons, aking se iously he b oade na -
a i es and discou ses ha shape how ac o s pe cei e clima e
issues and o m expec a ions abou unce ain u u es.
Fou h, he absence o obus measu es o cap u e he en i on-
men al cos s o economic ac i i ies has also hinde ed schol-
a ship on he opic. Mac oeconomic indica o s, such as G oss
Domes ic P oduc (GDP), measu e economic ou pu and g ow h
wi hou accoun ing o en i onmen al cos s. GDP ea s he de-
ple ion o na u al esou ces, en i onmen al deg ada ion, o ca -
bon emissions as ex e nali ies ha do no de ac om economic
pe o mance. Da a on co po a e p o i abili y o household con-
sump ion also ail o conside he en i onmen al impac ela ed
o ca bon emissions, pollu ion, o esou ce ex ac ion. Likewise,
PE schola s also lacked da a un il ecen ly on he inpu side,
such as he s ingency o clima e egula ions, he magni ude o
g een in es men s, o co po a e- le el en i onmen alism. Fo
example, he OECD En i onmen al Policy S ingency (EPS)
Index was i s in oduced only in 2014 o measu e he s in-
gency o na ional- le el en i onmen al policies. The a ailabili y
o da a on co po a e- le el “g een” p ac ices has g own as pa o
En i onmen al, Social, and Go e nance (ESG) epo ing, which
has become manda o y ac oss he Eu opean Union and in some
o he coun ies. Howe e , much policy da a is based on sel -
epo ing and does no ake in o accoun he ambi ion o speci ic
a ge s o he de ails o implemen a ion and en o cemen .
While ela ed c i iques ha e been exp essed p e iously (e.g.,
Tanne and Allouche2011), we hope ha PE has eached a c i -
ical h eshold and u ning poin whe e clima e change issues
come o be sys ema ically in eg a ed in o he mains eam o he
ield wi h a sense o u gency— owa d a new PE.
Wha would his new PE look like? A i s co e, a PE app oach
highligh s he ac ha clima e change is no me ely a ques ion
o echnical inno a ion and di usion, bu in ol es new and
acu e dis ibu ional con lic s. In wha ollows, we a gue ha a
new PE in ol es e hinking o ex ending majo concep s in a
leas i e a eas. Fi s , he ole o he s a e mus be econcep u-
alized by ea ing clima e change as a sys emic isk ha pe -
ades e e y aspec o he s a e–economy ela ionship, one ha
is explici ly policy- induced, poli ical, economic, and social, as
much as ex e nal and en i onmen al. This en ails upda ing ou
heo ies abou he “p o ec i e s a e” (Ansell2019; Kus2024) in
e ms o he mi iga ion and adap a ion policies go e nmen s im-
plemen a a ying deg ees. Second, dis ibu ional poli ics a e
becoming mo e complex as adi ional class poli ics ep esen
one clea age ha is laye ed in o o he con lic s be ween egions,
economic sec o s, and e en gene a ions. Thi d, economic g ow h
mus be econside ed bo h as a no ma i e pa adigm o e alu-
a e economic success and a poli ical mechanism o sol ing c i-
ses inhe en o capi alism. Fou h, di e en na ional a ie ies
o capi alism mus be e hough in ligh o how hei di e se
go e nance models and in e es poli ics app oach deca bon-
iza ion and adap a ion. Likewise, ma ke s mus be unde s ood
no only as a enas in ol ing a p ice mechanism (e.g., axes and
ca bon p icing) bu also as how ma ke ac o s may embed non-
economic c i e ia o alua ion and e alua ion in making decen-
alized economic decisions.
3 | Towa d a New Poli ical Economy
This sec ion ou lines some o he key issues cen al o a new PE
ha app op ia ely inco po a es he eali y o clima e change:
concep ualizing how he g een s a e challenges and expands a-
di ional unde s andings o he s a e, e hinking dis ibu ional
ques ions and clea ages a ising in esponse o clima e change,
examining he compa ibili y o g ow h wi h deca boniza ion
290 Regula ion & Go e nance, 2025
e o s, explo ing how clima e policy a ies based on ins i u-
ional di e si y, and heo izing abou he ole o ma ke ac o s
in g een ansi ions.
3.1 | Concep ualizing he G een S a e
Clima e change and he p ospec s o a g een ansi ion p o-
oundly in luence how we concep ualize he s a e, he ma ke ,
and hei in e ela ionship. The ole o he s a e in he economy
emains a he hea o PE. Schola s as a ied as Ma x, Polanyi,
Hayek, and F iedman ag ee ha capi alism could no exis o
unc ion wi hou he igh s and ules es ablished by he s a e
(e.g., he legal cons i u ion o p i a e p ope y, he commodi i-
ca ion o labo , eedom o con ac , and ju idical pe sonhood).
The s a e's policies and in e en ions ha e shaped capi alism in
di e en ways ac oss coun ies, leading schola s o de elop a -
ious ypologies o s a e–economy ela ionships and ypologies
o he s a e, including he “de elopmen al s a e,” “ egula o y
s a e,” “en ep eneu ial s a e,” “s a e capi alism,” and “sub-
me ged s a e,” o name a ew.
The un olding clima e c isis imposes isks and economic cos s
on e e y coun y and egion, ac oss sec o s and social di ides,
he eby equi ing us o e hink he ole, legi imacy, and capac-
i y o he s a e. Whe he we call i he “g een s a e,” “ecos a e,”
o “en i onmen al s a e,” hese concep s ha e bo h a no ma-
i e and empi ical aspec . The no ion o a g een s a e is o en a
no ma i e aspi a ion in which a s a e p io i izes deca boniza-
ion, sus ainabili y, and long- e m en i onmen al s ewa dship
(Ecke sley 2004). Howe e , we see he g een s a e as a use ul
empi ical concep . E en hough no s a e is ully “g een,” he
concep is use ul o explo e wha s a es do, empi ically speak-
ing, and wha hey should do o achie e deca boniza ion and
p o ec hose impac ed by clima e isks. F om le ying ca bon
axes o os e ing ca bon ading, om emb acing command-
and- con ol egula ion o elying on olun a y measu es, and
om in es ing in g een indus ies o doing i ually no hing, a
a ie y o pa hs a e a ailable.
A emp s o concep ualize he s a e o he s a e in he
An h opocene a e no new. While many adical poli ical
ecologis s ha e a nega i e and c i ical iew o he capi alis
s a e, Ba y and Ecke sley(2005) ad oca ed o “ eins a ing
he s a e” as a ca alys o p og essi e en i onmen al e o m
a he han as a o ce o en i onmen al ha m. Meadowc o
(2005) d ew pa allels be ween he ecological s a e and he wel-
a e s a e. Jus as he pos - wa wel a e s a e ook on signi ican
esponsibili y o p o iding social se ices while main aining
a ma ke - based economy, he a gues ha he inc easing p om-
inence o en i onmen al issues oday is likely o encou age
he de elopmen o an ecological s a e—“a s a e ha places
ecological conside a ions a he co e o i s ac i i y.” D yzek
e al.(2003) simila ly concep ualized he g een s a e as he
nex s ep in a mode niza ion amewo k. They a gued ha
he ise o he economic impe a i e ini ially democ a ized he
mode n s a e by inco po a ing he bou geoisie in o i s co e,
o ming he capi alis s a e; he legi ima ion impe a i e u -
he expanded democ acy by including he o ganized wo king
class, leading o he wel a e s a e; and now, he en i onmen al
conse a ion impe a i e could ad ance democ a iza ion e en
u he by in eg a ing en i onmen alis s in o he co e, esul -
ing in a u u e g een s a e. Dui (2016) alked abou he ou
aces o he g een s a e: egula ing he en i onmen ; edis-
ibu ing he en i onmen ; adminis a ing he en i onmen ;
knowing he en i onmen . Babić and Dixon(2022) eminded
us ha he mode n s a e does no only go e n o egula e ma -
ke s so as o mi iga e clima e change, he s a e is also a ca bon
owne and is “in a posi ion in which hei in es men o dis-
in es men decisions ha e a di ec and measu able impac on
humani y's global ca bon oo p in .”
He e, we add o hese s udies by u he de eloping he ways in
which he g een s a e can be concep ualized. Jus as he wel a e
s a e was a poli ical esponse o p o ec he social body om he
isks and luc ua ions o ma ke - based economic sys ems, g een
s a es a e a poli ical esponse o shield agains he many changes
and dis up ions caused by clima e change. We belie e his pa al-
lel can be ex ended u he . Jus as wel a e s a es can be ca ego-
ized by hei a ious unc ions—how much hey decommodi y
(social insu ance unc ion), how much hey equalize ( edis ibu-
i e unc ion), he sou ce o p o ision (public–p i a e mix), and
whom hey p ima ily bene i ( he elde ly e sus he young, pub-
lic se an s e sus he en i e labo ma ke , middle classes e sus
low- income g oups)—g een s a es can also be concep ualized
and ca ego ized by he oles hey play and how hose oles a e
s uc u ed. In his ein, we p opose ha one use ul way o con-
cep ualize g een s a es is h ough hei h ee p ima y unc ions:
Deca boniza ion (emissions educ ion), clima e change adap a-
ion, and jus ansi ion.
Deca boniza ion e e s o educing he emissions eleased in o
he a mosphe e. The s a e could app oach i in a ious ways:
in es ing in and p omo ing g een indus ies; enhancing g een-
house gas s o age h ough ca bon sinks, such as expanding
o es s; employing command- and- con ol measu es whe e he
go e nmen es ablishes emission s anda ds o speci ic sec o s
o acili ies; imposing a ca bon ax, which cha ges emi e s o
each on o g eenhouse gases hey elease, encou aging busi-
nesses and consume s o cu emissions o a oid he ax; o se ing
an o e all emissions cap while allowing emi e s o ade emis-
sion c edi s in a ma ke whe e he p ice o ca bon is de e mined
by supply and demand (cap and ade). Va ia ions a e expec ed
among na ions in e ms o he ools hey will ely on and p io i-
ize in deca bonizing hei economies.
As he pa hway ha could cu b emissions wi hou unde mining
economic g ow h and po e y educ ion, g een indus ial pol-
icy has ecei ed signi ican a en ion ecen ly as a policy ool.
While i has been employed success ully by China9 and now in
he Uni ed S a es and Eu ope, go e nmen s ha e u ned o i ,
ma king a b eak wi h he neolibe al pe iod o limi ed s a e in-
ol emen (McNama a2023; Gabo 2023).
As Rod ik(2024) no es, g een indus ial policy goes beyond a-
di ional clima e policy, inco po a ing a social policy dimension
wi h he po en ial o compensa e o job losses in declining b own
sec o s and gene a e wel a e in sus ainable ways. In ha sense,
i ep esen s a “quali a i e shi away om clima e policy as we
know i —as classic en i onmen al policy,” as Meckling a gues
(Meckling2021). In ac , gi en ha i combines wo policy o ien-
a ions whose end goals di e subs an ially—indus ial policy is
291
o en aimed a gene a ing economic g ow h, while clima e policy
is abou cu ing emissions10—wha makes g een indus ial pol-
icy a pa icula ly powe ul and “complemen a y” policy ool may
also be he sou ce o “con lic ual dynamics” (Meckling 2021).
Wha di e en go e nmen s will do o scale up hei g een in-
dus ies, and how hey will do so, depends on a la ge numbe
o bo h domes ic and ex e nal ac o s. Wi h ools like ax incen-
i es, subsidies, loan gua an ees, and a i s in he pic u e, he
o mula ion o g een indus ies will ha e majo consequences
o in e na ional ade, powe , and secu i y globally and inequal-
i y and wel a e domes ically. One key issue he e is he ex en o
which hese ools can be designed in a way o “maximize public
bene i s” h ough he use o “condi ionali ies ha g an equi able
access” (Mazzuca o2022; Mazzuca o and Rod ik2023).
Adap a ion in ol es “adjus men s in ecological, social o eco-
nomic sys ems in esponse o ac ual o expec ed clima ic s im-
uli” in o de “ o mode a e po en ial damages o o bene i om
oppo uni ies associa ed wi h clima e change.”11 These mea-
su es may include disas e p epa edness—such as upg ading
public in as uc u e o wi hs and ising empe a u es and sea
le els— eloca ing ulne able communi ies, in es ing in ea ly
wa ning sys ems, educa ing he public, expanding heal hca e,
and ansi ioning o clima e- esis an c ops in ag icul u e,
among o he s.12
T ansi ional jus ice speaks o he s a e's ole in “g eening he
economy in a way ha is as ai and inclusi e as possible o
e e yone conce ned, c ea ing decen wo k oppo uni ies and
lea ing no one behind”13 and includes he s a e compensa ing
o “loss and damage” in a eas whe e communi ies expe ienced
clima e- ela ed impac s. No ably, compensa ion o loss and
damage is a mo al and cul u al issue, as much as a echnical
and iscal one, especially gi en ha some o he losses and dam-
ages a e unquan i iable and “p iceless”14—such as loss o li es,
biodi e si y, adi ional li elihoods, cul u al he i age, indige-
nous, and indigenous knowledge.
In he coming yea s, an impo an agenda o PE esea che s
is o empi ically compa e he policies, policy ins umen s, and
ou comes associa ed wi h di e en ypes o g een s a es. S a es
will di e in e ms o he deg ee and he ways in which hese
h ee unc ions a e a icula ed and accommoda ed, as well as
he policy ools used. S a es may pu sue deca boniza ion in di -
e en ways, anging om s a e- based egula ion o emissions
o adop ing ma ke - based ins umen s such as ca bon ax, o
es ablishing, acili a ing, and in es ing in ca bon ma ke s wi h
di e ing le els o poli ical suppo a ound hem.
Mo e undamen ally, he eme gence o he g een s a e chal-
lenges ounda ional assump ions in PE abou he ole o he s a e
in ma ke s, economic g ow h, and dis ibu ion. T adi ional PE
amewo ks o en ea he s a e as ei he a egula o o ma -
ke s o an enable o capi alis accumula ion. Ye , unlike he
de elopmen al s a e, which p io i izes indus ializa ion and
economic expansion, o he neolibe al s a e, which minimizes
di ec in e en ion, g een s a es mus simul aneously discipline
ma ke s h ough egula ion, edi ec in es men owa d deca -
boniza ion, and mi iga e he social cos s o ecological ansi ion.
This in oduces new ensions be ween ma ke - based and in e -
en ionis s a egies, as well as be ween na ional in e es s and
global ecological impe a i es. Mo eo e , g een s a es challenge
con en ional no ions o s a e au onomy due o he g ow h o
ansna ional p essu es and he g owing ole o scien i ic expe -
ise and in e ac ions wi h non- s a e ac o s (e.g., NGOs, inancial
ins i u ions, e c.) ha blu adi ional bounda ies be ween s a e,
ma ke , and ci il socie y. Thus, we see he poli ics o he g een
s a e as going beyond clima e policy bu aising undamen al
ques ions abou he so e eign y, legi imacy, and economic pu -
pose o he s a e i sel (see Figu e2).
FIGURE 2 | Concep ualizing he g een s a e.
292 Regula ion & Go e nance, 2025
3.2 | Dis ibu ional Con lic s and Clima e Change:
New Clea ages
Many s udies on g een ansi ions ocus on mobilizing capi al
in es men o issues o echnological inno a ion while neglec -
ing dis ibu ional jus ice conce ns ied o No h- Sou h di ides,
labo , gende , and acial inequali ies (Panse a e al.2024). A co e
con ibu ion o PE is o highligh and analyze how hese dis i-
bu ional con lic s shape clima e poli ics and g een ansi ions.
As a s a ing poin , exis ing inequali ies lead o a ied le els o
exposu e o clima e isks and impac s, as well as di e en ca-
paci ies o coping wi h hese challenges. As clima e change
a ec s ulne able popula ions, hese g oups o en pu sue pol-
icies o help hem adap and ad oca e o a ai dis ibu ion o
ansi ion cos s wi h hose who ha e his o ically bene i ed he
mos . Incumben g oups, howe e , o en esis losing es ab-
lished p i ileges and aim o main ain unsus ainable li es yles
ha a e inc easingly a isk while delaying and de lec ing any
compensa o y measu es. The concep o “jus ansi ion” seeks
o add ess hese issues (Wang and Lo2021), pa icula ly by min-
imizing he adjus men cos s o labo and local communi ies
(Galanis e al.2025). Howe e , clea ages a ound clima e change
in ol e complex geog aphic and sec o al di ides and esul in
new social alignmen s ha cu ac oss class, iden i y, and gen-
e a ional lines. Thus, g een ansi ion can ei he exace ba e o
alle ia e p e ious inequali ies, depending on ac o s such as
con ex , policy design, and implemen a ion (Ma kkanen and
Ange - K aa i2019; Canale2020; Mildenbe ge 2020; Vo medal
and Meckling2024).
Fi s , clima e poli ics a e mos gla ingly shaped by inequal-
i ies ac oss coun ies and egions. The No h- Sou h Di ide
e lec s hei espec i e his o ical esponsibili ies o ca bon
emissions and ecosys em des uc ion. The esul is in ac able
poli ical ade- o s be ween secu ing access o ene gy o hose
who do no ha e i and jus ice o hose who a e a ec ed by he
ansi ion away om ossil uels (Newell and Mul aney2013).
Coun ies o he Global Sou h equi e in es men in g een in-
as uc u e capable o suppo ing young and g owing popu-
la ions bu lack he iscal space as hey g apple wi h ex e nal
deb bu dens and he economic impac s o clima e change
(Ca ley and Konisky2020). Fo example, deb cancella ion o
es uc u ing can ee up na ional budge s, allowing in es -
men in sus ainable in as uc u e wi hou comp omising
social spending (Ce ik and Jalles 2024). Meanwhile, some
p oposed clima e solu ions may agg a a e hese global inequi-
ies in nega i e ways. Schola s o in e na ional poli ical econ-
omy (IPE) a e needed o examine ene gy and ene gy secu i y
mo e ex ensi ely (Kuzemko e al.2019). Fo example, policies
o ca bon o se s may enable “ca bon colonialism,” whe e land
and esou ces in he Global Sou h a e app op ia ed o eco-
logical p ojec s, o en wi hou bene i ing local communi ies
(Pa sons2023). Hence, he s uggle o e sh inking esou ces
and he displacemen o popula ions due o clima e change a e
likely o in ensi y exis ing o cause new geopoli ical con lic s
(Koubi2019).
Second, g een ansi ions equi e a e y apid and decisi e mo e
away om ossil uel- dependen economic ac i i ies, wi h un-
e en impac s ac oss di e en sec o s o he economy. While he
e ec s a e mos appa en o i ms, indus ies, and poli ical ac-
o s ied o he ossil uel economy (e.g., coal and oil companies),
he allou ex ends a beyond, a ec ing anspo a ion, ou -
ism, ag icul u e, manu ac u ing, and mo e. Incumben g oups
aligned wi h he ossil uel indus y e ain signi ican poli ical
and economic in luence and use i o block o a leas delay cli-
ma e ac ion (Geels2014). Bu o he economic ac o s also align
wi h incumben in e es s—sha eholde s seeking o exploi
high p o i s, go e nmen s seeking o main ain ax e enue,
local communi ies seeking o main ain jobs, and wo ke s wi h
indus y- speci ic skills who ea job losses in “b own” sec o s
(Bosch 2023). Sec o al shi s also impac egional inequali ies
wi hin coun ies. Ru al e sus u ban di ides will be exace ba ed
as hese popula ions ace di e en isks om clima e impac s,
such as d ough o ex eme wea he , and di e en oppo uni ies
ela ed o echnological inno a ion. Regions depending hea -
ily on ossil uel indus ies may ace massi e ansi ion cos s,
whe eas esou ces o enewable ene gy may be concen a ed in
e y di e en egions.
These dynamics ha e also c ea ed a poli ical backlash o clima e
change policy, which is an ac i e pa o igh - wing populis ap-
peal seeking o de end a pe cei ed way o li e agains changes
(Haas 2024). Local policymake s and o e s o en p io i ize
sho - e m economic s abili y and oppose clima e policies ha
h ea en he s a us quo. While g een indus ies leading he shi
o clean echnologies (e.g., enewable ene gy companies, elec ic
ehicle manu ac u e s, and indus ies ocused on ene gy e i-
ciency) may compensa e o job losses by c ea ing “g een jobs,”
he mo emen o capi al and labo o new indus ies will ine i a-
bly in ol e massi e uphea al. E ec i e clima e policy, he e o e,
will no only ake in es ing in g een g ow h bu also in ol e e -
o s owa d a “managed decline” o b own indus ies (see E gen
and Schmi z in his issue; Rosenbloom and Rinscheid 2020).
In es men in new g een echnologies, o one, will equi e la ge
subsidies, likely placing u he dis ibu i e cons ain s on he
abili y o compensa e lose s in he g een economy. One o he
ways in which PE schola ship should e ol e in he coming yea s
is by examining how con lic ing in e es s—such as egula ing
and also managing he decline o b own capi alis s, suppo -
ing g een capi alis s, and p o ec ing wo ke s o o he g oups o
p e en opposi ion o he g een ansi ion—can be econciled
(G azini e al.2024).
Thi d, he g een ansi ion is shaped by inequali ies be ween
mo e and less ulne able segmen s o he popula ion, who ha e
unequal access o asse s and social p o ec ions, and di e en po-
li ical capaci ies o shape g een ansi ion policies (Ribo 2014).
In e ms o social class, poo e communi ies a e o en mos a -
ec ed by clima e change because hey li e in a eas mo e exposed
o en i onmen al isks wi h ewe esou ces o adap o change.
Fo example, he cos s o implemen ing cleane echnologies
a e o en eg essi e, disp opo iona ely a ec ing low- income
households, such as when highe p ices o uel, ene gy, o ood
om ca bon axes s ain limi ed household budge s. These ul-
ne abili ies o en in e sec wi h gende , mig a ion s a us, ace,
o e hnici y (Ayanlade e al. 2023). Fo example, indigenous
peoples a e o en impac ed by clima e mi iga ion and adap a-
ion measu es in ways ha deeply impac hei so e eign y and
cul u al he i age (Johnson e al.2022). While clima e isk poli-
cies a e slowly coming o acknowledge hese in e sec ionali ies,
293
hese e o s emain une en ( o he case o India, see Singh
e al.2021).
Finally, gene a ional inequi y is also highly salien since cu -
en gene a ions ha e eaped economic bene i s om ossil-
ueled indus ializa ion and e ain es ed in e es s in cu en
li es yles, bu u u e gene a ions will bea he b un o he en-
i onmen al impac s o clima e change. Howe e , in ad anced
indus ialized coun ies, aging popula ions and small bi h
a es ha e demog aphically bes owed olde gene a ions wi h
g ea e poli ical in luence han he ela i ely small younge
gene a ions. By con as , many Global Sou h coun ies ha e
ex emely young popula ions who may ha e di e en p io i-
ies—desi ing ca ch- up g ow h and highe li ing s anda ds,
bu who may also s and o bene i om apid in es men in
g een echnologies. Whe he poli ical and economic decisions
p io i ize sho - e m bene i s o e long- e m sus ainabili y de-
pends e y much on he poli ical dynamics o his in e gene -
a ional con lic .
The dis ibu ional con lic s ela ed o clima e change challenge
long- s anding assump ions o PE. New poli ical and economic
clea ages ha cu ac oss adi ional le – igh , na ional–in e -
na ional, and sec o al bounda ies hus demand a eassessmen
o how ac o s cons uc hei economic in e es s, build coa-
li ions, and e en exe cise powe . Issues o clima e jus ice also
in e sec wi h o he social inequali ies—including class, ace,
gende , and gene a ional di ides—in ways ha complica e con-
en ional analyses. Agains he backd op o i e e sible ecolog-
ical h esholds, hese dis ibu i e s uggles ake place agains a
backg ound o unce ain y abou clima e dynamics bu a e also
exace ba ed by he ac ha delay clea ly esul s in g owing cos s
o e e yone (Ti ole2012). As we shall a gue in he nex sec ion,
he g een ansi ion also equi es a en ion no only o economic
g ow h bu also o economic con ac ion, indus ial decline, and
long- e m ecological limi s— ac o s ha do no i nea ly in o
exis ing models.
3.3 | Clima e Change and Economic G ow h
The ela ionship be ween economic g ow h and clima e change
p esen s wo key challenges: i s , whe he economies can e-
duce emissions while main aining g ow h, and second, how di -
e en na ional g ow h models shape clima e policies and g een
ansi ions.
3.3.1 | Economic G ow h and Emissions
Do na ions need o abandon economic g ow h o achie e de-
ca boniza ion? While some clima e ac i is s iew his as a
mo al impe a i e, poli ically, i emains deeply con es ed.
Economic g ow h is no jus a goal o capi alism—i is embed-
ded in s a e p io i ies, inancial ma ke s, and global de elop-
men amewo ks. F om u ban planning o educa ion sys ems,
economies ha e been s uc u ed a ound g ow h as a means o
ensu ing employmen , social s abili y, and po e y educ ion.
As a esul , clima e policy deba es e lec compe ing isions
o g ow h: g een g ow h ad oca es a guing o echnological
solu ions o decouple emissions om GDP, while deg ow h
p oponen s ques ion whe he such a pa hway is easible o
desi able.
The concep o “plane a y bounda ies” highligh s he u gency
o hese deba es, iden i ying clima e change and biosphe e in-
eg i y as c i ical ecological limi s (Racks aw e al. 2009). The
S ockholm Resilience Cen e (2023) sugges s ha six ou o
nine plane a y bounda ies ha e al eady been b eached, ais-
ing doub s abou whe he economic g ow h, as cu en ly s uc-
u ed, can emain iable wi hou exace ba ing en i onmen al
deg ada ion. These conce ns ueled enewed calls o deg ow h,
which a gue ha high- income coun ies mus educe ma e ial
consump ion and ene gy use o emain wi hin sa e plane a y
bounda ies.
The e m “deg ow h” o igina ed wi h he publica ion o The
Limi s o G ow h by he Club o Rome (Meadows e al.1972).
In ellec uals like Geo gescu- Roegen(1975) and G ine ald(1979)
con ibu ed o i s de elopmen in he 1970s ad oca ing o a e-
duced use o na u al esou ces and adical ans o ma ion in
how socie ies unc ion. While eceding o he backg ound in he
1980s, in he “ he e is no al e na i e” neolibe al e a, schola s
like Kallis(2018), Hickel(2021), and Sai o(2023) ha e e i ed
and championed he deg ow h hesis, calling o “ ich na ions
o scale down h oughpu o sus ainable le els, educing agg e-
ga e ene gy use o enable a su icien ly apid ansi ion o enew-
ables, and educing agg ega e esou ce use o e e se ecological
b eakdown” (Hickel2021, 88).
By con as , “g een g ow h” ad oca es a gue ha economies can
con inue expanding while educing emissions h ough echno-
logical and policy- d i en decoupling. As Rod ik (2024) no es
g een g ow h cons i u es “a ajec o y o economic de elopmen
ha is based on sus ainable use o non- enewable esou ces and
ha ully in e nalizes en i onmen al cos s, including mos c i -
ically hose ela ed o clima e change.” Haus a he (2021) high-
ligh s e idence o ela i e decoupling—whe e emissions pe uni
o GDP decline—e en in apidly g owing economies like India
and China. Bo h coun ies ha e made commi men s o g een
g ow h by in es ing in clean ene gy sec o s. In China, clean-
ene gy sec o s—sola powe , elec ic ehicles, and ba e ies—
we e he p ima y d i e o economic g ow h, con ibu ing 40%
o he GDP expansion in 202315. Some high- income coun ies
ha e also achie ed absolu e decoupling, wi h e i o ial emis-
sions alling despi e con inued GDP g ow h since 2005 in 32
coun ies.16 Meanwhile, c i ics no e ha absolu e decoupling
is nowhe e nea happening a he global scale (Mo ia y and
Honne y 2023), and canno be expec ed o esul om a sin-
gle ecipe since he complex in e dependen e ec s o g ow h,
esou ce use, and en i onmen al impac may di e ac oss
coun ies (Mahmood e al.2023). E en among ich coun ies,
he decoupling a es a e inadequa e o mee ing he clima e
and equi y commi men s o he Pa is Ag eemen (Vogel and
Hickel2023).
The ques ion o whe he o no g ow h needs o be abandoned o
each emissions objec i es has huge implica ions o he dis i-
bu ional aspec s o clima e change discussed p e iously. A co e
c i ique o he deg ow h hesis ela es o i s poli ical easibili y.
Lawhon e al.(2021) no e ha “in a wo ld o as global inequal-
i ies, he deg ow h li e a u e inadequa ely g apples wi h powe
294 Regula ion & Go e nance, 2025
and inequali y.” We could add ha i also inadequa ely g apples
wi h pa h dependencies, he powe o in e es g oups o e pol-
icy, and ins i u ional cons ain s ha shape he capaci y o s a es
o abandon g ow h- cen e ed policies.
3.3.2 | G ow h Models and Clima e Change
A second c i ical aspec o he deba e is how na ional g ow h
models— he ins i u ional a angemen s shaping agg ega e le -
els o demand—shape deca boniza ion. Nahm(2022) desc ibes
a “manu ac u ing pa adox,” showing ha expo - led manu ac-
u ing economies wi h a his o ical eliance on high- emissions
indus ies, like Ge many and China, ha e managed o o m
b oade domes ic coali ions in a o o clima e ac ion. Al hough
hese economies ha e es ed in e es s ha ha e adi ionally
opposed clima e policy, Nahm a gues hey also ha e he indus-
ial capabili ies necessa y o de elop manu ac u ing sec o s o-
cused on p oducing new clean ene gy echnologies. In con as ,
consump ion- d i en g ow h models, such as he Uni ed S a es,
ha e p o en less compa ible wi h g een indus ial de elopmen
s a egies, s uggling o build s ong domes ic coali ions. Thus,
he easibili y o g een g ow h s a egies depends on he unde -
lying s uc u e o na ional economies.
In sum, clima e change has deeply challenged economic g ow h
as a no m o economic policy and a poli ical mechanism o
esol ing dis ibu ional s uggles. The g een g ow h e sus de-
g ow h deba e e eals a co e ension in PE: whe he capi alis
economies can con inue expanding while s aying wi hin plane-
a y bounda ies o whe he hey equi e deepe ans o ma ions
ha con adic his o ical g ow h impe a i es. This ension has
eal- wo ld implica ions o policy choices, indus ial s a egies,
and he abili y o s a es o cons uc coali ions o clima e ac ion.
Fo example, wha a e he key d i e s o g een g ow h, and can
hey be scaled o eplica ed ac oss di e en economic con ex s?
Al e na i ely, wha would be he poli ical, social, and economic
implica ions o adop ing a deg ow h s a egy? PE mus also
g apple wi h he global dimensions o hese deba es, as Global
Sou h coun ies demand space o con inued g ow h while he
Global No h s uggles o ansi ion wi h minimal dis up ion.
He e we nex u n o he ole o ins i u ional di e si y in shaping
hese dynamics.
3.4 | F om Va ie ies o Capi alism o Va ie ies
o G een T ansi ions
Compa a i e poli ical economy (CPE) highligh s how di -
e en socie ies de elop ins i u ional amewo ks o man-
age economic g ow h and dis ibu ional s uggles. These
amewo ks—whe he unde s ood as “ a ie ies o capi al-
ism,” “modes o egula ion,” “na ional business sys ems,”
o “g ow h models”—shape how s a es espond o clima e
change. Ins i u ional di e si y ma e s h ough se e al chan-
nels. G een (2023) a gues ha each a ie y o capi alism
g apples wi h he ecological ansi ion di e en ly based on
i s en enched g ow h model. While ins i u ions c ea e pa h-
dependen legacies ha shape clima e policies, PE also high-
ligh s he po en ial o agency and ins i u ional change: in
esponse o new challenges o clima e change, ac o s may seek
ou new coali ions and p omo e new policies, as well as adop
new s a egies o bypass o a oid pas poli ical cons ain s.
Li e a u e linking “ a ie ies o capi alism” (VoC) o g een an-
si ion emains ai ly nascen . Finnegan(2022) has s essed ha
VoC may ma e o clima e policy h ough wo in e linked
channels: he s uc u es o in e es in e media ion, as well as
elec o al poli ics such as p opo ional ep esen a ion s. majo -
i a ian ins i u ions. In coo dina ed ma ke economies (CMEs),
such as Ge many and he No dic coun ies, clima e policy is
o en ad anced h ough s ong coo dina ion be ween go e n-
men , labo , and business. In CMEs, p opo ional elec o al
ules and co po a is s uc u es enable highe clima e policy
in es men s by sp eading cos s s a egically ac oss consume s
and p oduce s. This s uc u e os e s ambi ious en i onmen-
al goals, as CMEs le e age co po a is collabo a ion o pu -
sue long- e m sus ainable de elopmen wi h mechanisms, like
enewable ene gy incen i es and jus ansi ion policies. Fo
example, Ge many has sough o balance ecological ini ia i es
wi h s ong labo ma ke p o ec ion (Bosch2023; G een2023).
CMEs' ocus on “jus ansi ion” policies highligh s hei com-
mi men o dis ibu ing he bene i s and bu dens o g een an-
si ions equi ably ac oss socie y, aligning wi h hei his o ically
collabo a i e policy app oaches (Magnin2018). Howe e , high
coo dina ion can also slow clima e ansi ion due o pa h depen-
dencies—in pa icula , many CME coun ies emain s ongly
ca - dependen poli ical economies, bo h in e ms o domes ic
consump ion bu also expo - o ien ed p oduc ion (Meckling and
Nahm2019; Ma ioli e al.2020).
Libe al ma ke economies (LMEs), including he Uni ed S a es
and he Uni ed Kingdom, end o p io i ize ma ke - d i en ap-
p oaches and ha e a mo e limi ed ole o he s a e in clima e pol-
icy. LMEs ha e plu alis ic poli ical s uc u es and a o elec o al
compe i ion; he e o e, hey s uggle o sus ain ambi ious policies
due o heigh ened poli ical isk and opposi ion om incumben
indus ies (Finnegan 2022). Clima e policies ely on ma ke -
based incen i es, such as ax c edi s o enewable ene gy a he
han s ingen egula ions, e lec ing he compe i i e na u e o
hei economies and he limi ed ole o labo unions in shap-
ing en i onmen al policies (Ca ley and Konisky2020). Ma ke -
based mechanisms, such as emissions ading, align wi h LME
ins i u ions by p o iding lexibili y o co po a ions while a oid-
ing di ec egula o y con ols, allowing i ms o manage compli-
ance in a manne compa ible wi h hei p o i goals. LMEs o en
adop piecemeal and inconsis en policies ha a e ulne able o
shi s in poli ical powe (Mildenbe ge 2021), con as ing wi h
he s a e- coo dina ed amewo ks seen in CMEs (Magnin2018).
Ac oss ad anced economies, G een New Deals (GNDs) ha e
eme ged as a esponse o clima e change: clima e policies aimed
a deca boniza ion and social equi y based a ound la ge- scale
in es men s in g een in as uc u e and g een jobs (G een2023).
While GNDs a y signi ican ly ac oss coun ies and a e shaped
by di e en ins i u ions, he pa e ns do no always i nea ly
in o he LME e sus CME dicho omy. The Uni ed S a es GND
cen e ed a ound he US In la ion Reduc ion Ac (IRA), ep e-
sen ing a majo u n owa d g een indus ial policy. This pol-
icy uses public in es men o eshape ene gy ma ke s aims o
combine apid deca boniza ion wi h economic and social jus-
ice (G een and Healy 2022), and hus challenges he idea ha
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