Only once the agenda fails—either because the green transition doesn’t create expected jobs or economic growth, or because subsidised production falls short of hopes—will leaders question whether industry is the cure for humanity’s greatest ills
is therefore often directed at industry, he explains, even though services may be more innovative than typical measures suggest.
The extraction and refining of critical minerals is one area where money could be spent wisely. According to the Energy Transitions Commission, a think-tank, sufficient metals have been located to satisfy green appetites until 2050. Yet expanding supply takes time. And the risks are high: a shift in battery technology to sodium could, for instance, erode demand for lithium. Government investment to increase the supply and refining of metals may help overcome such barriers to investment.
Governments have long protected military manufacturing in order to ensure they have plentiful supplies of weapons when required. But the list of goods for which countries do not want to depend on others has grown in recent years—the final argument for spending on industry.
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