This chapter reviews the arguments made by green growth advocates in support of the view that climate change mitigation can provide the basis for a new wave of growth. The review shows that most of these arguments do not hold up to scrutiny. Investment in clean energy technologies may generate new jobs, and can help sponsor new domestic industries. But green energy does not, to date, offer novel material—as opposed to environmental—advantages above the brown energy it replaces. As such, the economic argument for green energy as a transformative engine of growth falls short. Consequently, most green growth success stories depend on external factors, such as Keynesian stimulus during recessions or export-led growth in green technology, to generate economic surplus. These shortcomings suggest serious economic and political risks for green growth, absent serious efforts to discover the economic advantages of low-emissions technology.