One significant dimension of the Next Generation EU program (NGEU) is its role in the broader context of the transition toward a low-carbon and environmentally sustainable economy and, specifically, in the global competition among major jurisdictions to become leaders in the key green industrial sectors. In this contribution we analyze this dimension from three interrelated angles: first, we show that, as a COVID19 stimulus package, NGEU was, from the start, “greener” than the norm, to the extent that it was structured and has effectively been used to channel substantial funds towards green spending; second, we examine the impact of the Russian invasion of Ukraine and the energy crisis it triggered, particularly in the EU, for the green orientation of NGEU as a strategy for energy security; third, we situate NGEU as a green industrial competition instrument in the “global race to the (green) top,” namely the increasingly intense competition among major jurisdictions to become industrial leaders in the low carbon and environmentally sustainable economy.