<p>The European Green Deal (EGD) promises a transition to a carbon-free economy and to a more just industrial production. Far from aiming only at a slogan, the objective includes a wide variety of policy-restructuring measures: from extraction to energy production, from a shift to green finance to global governance. However, is the new EU Green model really introducing a shift in the production paradigm? Besides issues related to a sustainable transition towards a green economy, the question is whether the green policy of the EU is proposing a new model for economic organization or if it is supporting yet another version of capitalism characterized by expansive and cannibalizing dynamics of uncontrolled growth. If the latter is the case, a green economy cannot be expected to provide a solution to standard capitalist crises nor to recent environmental emergencies. If, instead, the former is the case, a more radical rethinking of the transformative relations between labor and nature is to be expected. Depending on which of the two options is at stake, a different transformation of EU policy must follow. If a ‘green turn’ is intended as a tool to overcome a production crisis and global market competition, EU institutions will inevitably be in control of this economic transition by assuming features of state capitalist models. If instead the green economy is intended to open a new production era, the current capitalist phase appears more simply as a post-capitalist <i>coda</i>.</p>