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Highlights • Many governments are pursuing increasingly active industrial strategies. • The Paris Agreement requires urgent action on low carbon transformations. • Low Carbon Industrial Strategies can combine socio-economic and environmental goals. • Neo-Schumpeterian theories inform states' support for mission-oriented innovation. • Ecological Economics highlights need for low carbon and circular economy. Abstract The recent re-emergence of industrial policy as a legitimate pursuit of governments in Europe and the US has the potential to open up a new realm of policy action for climate change mitigation. This would aim to align efforts to secure national industrial opportunities with the development of low carbon industrial systems, so as to generate both socio-economic and environmental benefits. The paper discusses the role of low carbon industrial strategy in seeking to do this, thereby accelerating transitions to a low carbon economy. It sets out the elements of a more systemic low carbon industrial strategy, including providing a mission-oriented and learning-based approach, drawing on and combining insights from neo-Schumpeterian and ecological economics perspectives. [ABSTRACT FROM AUTHOR]