The revival of industrial policy in the last decade, particularly in emerging low-carbon industries, has challenged dominant expectations in the social science literature. Contrary to theories that see industrial interventionism as largely the preserve of centralized states or that attribute distinct models of innovation policy to different types of capitalism, recent experience shows that liberal economies have also resorted to interventionist instruments, while some coordinated economies have made use of market-based mechanisms. This article argues that the diversity of green industrial policy strategies cannot be explained simply by reference to the type of political regime or institutional tradition; rather, these strategies are shaped at the sectoral level and in the face of specific challenges to industrial development. In this regard, a theoretical framework is presented that distinguishes between two dimensions: (1) policy orientation (targeted versus open) and (2) the main actors guiding financial and technological decisions (state-driven versus firm-driven). The choice of policy strategy is shown to be a function of two key variables: the level of technological uncertainty and the position of the domestic industry in global value chains, whether the chain is emerging or mature and whether the domestic industry is new or established. A comparative analysis of the cases of China, the European Union, the United Kingdom, and Iran suggests that the combination of these two variables leads to distinct patterns of industrial intervention. In situations where industries are at the periphery of the value chain and technological uncertainty is high, state-driven interventions or declarative policies without an established technological path are more likely; in contrast, in more mature or established industries, more open and firm-driven instruments are more prevalent.