Following the 2019 European Parliament elections, Brussels was focused on climate action. Sustainability and transformation were the dominant themes. Von der Leyen’s response: The Green Deal. Five years later, everything seems different. Concerns about security, migration and deindustrialization are at the forefront. From a corporate perspective, however, the answer remains the same: The Green Deal must be continued and complemented by a green industrial deal. Otherwise, Europe’s industry risks falling behind.