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 Green 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.