Guiding the emergence of a new green economy, based on a green industrial system and on green growth for its propagation, is the core challenge of our time. Efforts so far to switch to renewables in power generation have succeeded in partially transforming energy systems. Efforts to capture the process through imposition of carbon taxes or emissions trading schemes have fallen far short: these are policies based on simplistic comparative static economic frameworks involving changing prices but never engaging with the dynamic industrial drivers of change. A systemic perspective, focusing on the supersession of one technoeconomic system, based on fossil fuels, by another system, based on hydrogen, renewables and circular flows, is called for. The argument is developed that a new politics of energy is evolving from one based on fossil fuels to one where our industrial civilization is maturing and sees the manufacture of energy and energy devices as central to its continued survival.