The concept of “green transition” has gained significant traction in recent years, particularly since 2020. However, the underlying focus on the need to address climate change can be dated back to international agreements made in the 1990s such as the United Nations Framework Convention on Climate Change (United Nations, 1992) and the Kyoto Protocol (United Nations, 1997). In these early agreements, the main focus was on the development and diffusion of cleaner and more energy efficient technologies as well as setting quantitative targets for emissions reductions. The Kyoto Protocol also emphasised the need for reducing market imperfections and counterproductive incentive structures.