The need for environmentally sustainable modes of production and a more efficient use of resources i.e. Green Industry, is becoming increasingly evident. This is especially so in the developing world, which has the unique opportunity of avoiding the environmental pitfalls that the developed world has fallen into in the course of its industrial development; it can use past experience to build a Green Industrial infrastructure at the very outset. This paper provides an insight into how an increased focus on Green Industry for sustainable industrial development in developing and transition countries can contribute to the attainment of global Sustainable Development (SD) objectives. The paper seeks to elaborate on the need for and value of approaches that target industry specifically, and to promote a more equitable access to the knowledge, technologies and production processes that are needed in developing and transition countries, in order to achieve SD there and elsewhere.