Since the 1990s, the Washington Consensus dominated economic agendas globally, steering away from industrial policies. However, a resurgence of industrial policy with a green focus is now evident. Countries like the United States, European Union, and Australia are investing significantly in green industrial policies to combat climate change and boost domestic industries. Australia, for instance, is debating 'Future Made in Australia', aiming to leverage public funding to support industries in the low-carbon energy transition, including green hydrogen and solar panel manufacturing. This shift has drawn concerns, notably from the Productivity Commission, regarding the challenges of effectively supporting industries. Despite this, the trend towards green industrial policies is growing worldwide, with developed countries increasingly adopting such strategies. The debate over 'picking winners' persists, emphasizing the importance of collaboration between governments, industries, and communities to identify strengths and foster innovation. While challenges exist, opportunities for building new capabilities and industries through research and innovation are highlighted. Importantly, the transition to green industrial policies does not entail protectionism but rather emphasizes interdependence with trading partners. Ultimately, the success of green industrial policies hinges on effective government intervention, investment in research, and navigating the complexities of international trade.