Bangladesh, Aug. 14 -- The global transition to a low-carbon economy is often portrayed as humanity's most ambitious collective undertaking. Governments have pledged to reduce greenhouse gas emissions, businesses are investing billions in renewable energy, and consumers are increasingly embracing sustainable technologies. Yet beneath this optimistic narrative lies a fundamental question that receives far less attention: Who will actually build the industries of the green economy? Will the transition merely reinforce the technological dominance of a handful of advanced economies, or can it become an opportunity for broader industrial development and innovation across the developing world?

History suggests that technological revolutions r...