Why Protectionism Could Kill the Energy Transition
In this exclusive interview at the HBS Institute for Business in Global Society’s GIST Conference, Mallika Ishwaran, chief economist at Shell, reveals how global industrial policies are shaping the energy transition and why protectionism threatens to derail climate goals.Key takeaways
• Energy transition varies significantly across countries and sectors
• Shell targets net-zero emissions by 2050 and integrated energy leadership by 2035
• Industrial policy should turbocharge innovation, not create trade barriers
• Competition between the U.S., Europe, and China drives green innovation
• Protectionism risks fragmenting markets and slowing technology transfer
• Coordinated policies across education, industry, and climate are essential
• Business-government-civil society collaboration is critical for meeting climate deadlines
Timestamps
0:00 - Bottom-up energy transition approaches globally
0:20 - Shell's energy transition strategy and net-zero targets
0:49 - Transforming business models for profitable low-carbon energy
1:23 - The importance of integrated climate and industrial policy
1:51 - Innovation-focused vs. protectionist industrial policy approaches
2:21 - Risks of trade restrictions and market fragmentation
2:51 - Global competition in green transition policies
3:17 - The danger of losing momentum through protectionism
3:53 - Need for diverse solutions and multi-stakeholder collaboration
4:20 - Why businesses, governments, and civil society must work together
4:38 - Time urgency for coordinated decarbonization action
Filmed at the 2025 GISt conference hosted by Harvard Business School’s Institute for Business in Global Society (BiGS) and the Berkley Economy and Society Initiative (BESI).
Learn about the industrial policy and the GISt project: https://www.hbs.edu/bigs/green-industrial-strategy-conference Receive SMS online on sms24.me
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