“The question of who finances this transition is separate, and history offers a clear answer. Major industrial transformations have rarely been driven by private capital alone. South Korea used state-directed credit to build globally competitive steel and shipbuilding industries, while China’s solar manufacturing sector expanded through sustained public banking support long before private investors entered at scale. Today, the European Union follow a similar model through extensive subsidies and public support for clean technology manufacturing. These cases demonstrate that the state absorbs the early risks that private markets are unwilling to take and thereby creates the conditions for new industries to emerge and grow.”