Bas os Ne es, Jose Ped o; Semmle , Willi
A icle
Financing he g een ans o ma ion wi h a ca bon-based
weal h ax o clima e p o ec ion: A p oposal
Vie eljah eshe e zu A bei s- und Wi scha s o schung (VAW)
P o ided in Coope a ion wi h:
Ins i u A bei und Wi scha (IAW), Uni e si ä B emen / A bei nehme kamme B emen
Sugges ed Ci a ion: Bas os Ne es, Jose Ped o; Semmle , Willi (2024) : Financing he g een
ans o ma ion wi h a ca bon-based weal h ax o clima e p o ec ion: A p oposal, Vie eljah eshe e
zu A bei s- und Wi scha s o schung (VAW), ISSN 2942-1470, Duncke & Humblo , Be lin, Vol. 1,
Iss. 4, pp. 443-456,
h ps://doi.o g/10.3790/ aw.2024.1454902
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/317895
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Duncke & Humblo · Be lin
Financing he G een T ans o ma ion wi h a
Ca bon-based Weal h Tax o Clima e P o ec ion–
A P oposal*
By Jose Ped o Bas os Ne es** and Willi Semmle ***
Summa y
Weal h dis ibu ion and clima e isks a e wo g ea challenges o ou ime. This pape
p oposes a new ype o ax o co ec he dispa i y o weal h dis ibu ion and help o i-
nance (and accele a e) he g een ansi ion. Ou p oposal is a Ca bon-based Weal h Tax
(CWT) ha should be le ied on ca bon-based (b own) weal h a he han ca bon-in en-
si e goods as he usual ca bon ax would sugges which is o en shown o be eg essi e.
While he CWT e-co ec s weal h dis ibu ion i aises e enue ha could be used o
subsidize he c ea ion o g een asse s– by changing dynamic po olio decisions and ig-
* This webina explains he p oposal h ps://www.you ube.com/wa ch? =IVzFAML
Vzk. The mo e echnically o ien ed esea ch pape on he Ca bon-based Weal h Tax is
a ailable a SSRN: h ps://pape s.ss n.com/sol3/pape s.c m?abs ac _id=4114243. Ea lie
e sions o his pape ha e been p esen ed a he Hen y Geo ge School o Social Science,
June 2022 and he 26 h Fo um o Mac oeconomics and Mac oeconomic Policies (FMM)
Con e ence, Be lin, Ge many, in Oc obe 2022. This wo k has bene i ed om insigh ul
commen s om Ka he ine P a , Da id Gamage, and Shi-Ling Hsu made a he Tax Pol-
icy Colloquium o he Loyola Law School. We would like o exp ess ou special hanks o
Joao Paulo B aga o helping us wi h he ha monic es ima ions. The pape was ecen ly
also p esen ed a La Sapienza Uni e si y, and a an EU Con e ence wi h pa icipan s om
he EU Commission. Some o he esea ch epo ed he e is based on he book by Un a
Nyambuu and Willi Semmle : Sus ainable Mac oeconomics. Clima e Risks and Ene gy
T ansi ions, Sp inge Publishing House, 2023. We wan o hank o p oduc i e discussions
Thomas Fische mann, Reine Ho mann, Joao B aga, Jue gen Za le , We ne Roege ,
Claudia Kem e , Giacomo Co neo, Hans-Helmu Ko z, Michael Kuhn, Ib ahim Tah i,
S e an Mi nik, Timo Te aes i a, and Do o hea Schae e and colleagues a he IIASA,
heNew School o Social Resea ch and he Uni e si y o Biele eld. We a e also g a e ul
o he ex ensi e commen s by To ben Kla l and an anonymous e e ee, bo h aising some
impo an issues ela ed o he model-guided as well as implemen a ion challenges o ou
p oposal. Mo e ex ensi e explana ions o he echnical backg ound o his a icle, in pa -
icula on he dynamic po olio heo y, can be ound in Semmle e al. (2024b).
** Jose Ped o Bas os Ne es, B azilian Minis y o Finance, E-Mail: jose.ne es@ azen-
da.go .b (The iews exp essed in his a icle a e hose o he au ho and do no neces-
sa ily e lec he iews o policies o B azilian Minis y o Finance.)
*** Willi Semmle , The New School o Social Resea ch, NY, and IIASA, Laxenbu g,
Aus ia, E-Mail: Semmle [email protected]
Vie eljah eshe e zu A bei s- und Wi scha s o schung 1 (2024) 4: 443 – 456
h ps://doi.o g/10.3790/ aw.2024.1454902
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444 Jose Ped o Bas os Ne es and Willi Semmle
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 1 (2024) 4
ge ing a ealloca ion o asse s om b own o g een ones. To demons a e hose e ec s
s ylized g een and b own asse e u ns using US da a a e calib a ed as low- equency e-
u ns on US asse s be ween 2010 and 2021. We ind ha such a ax and subsidy scheme as
designed by a CWT may no ad e sely a ec weal h e olu ion. The CWT is a easible,
e ec i e, and ai e ins umen o educing ca bon emissions, keeps weal h accumula-
ion going, and suppo s a ai ansi ion and con ol o so e eign deb dynamics.
Zusammen assung
Ve mögens e eilung und Klima isiken sind zwei g oße He aus o de ungen unse e
Zei . In diesem Papie wi d eine neue A on S eue o geschlagen, um die Ungleichhei
de Ve mögens e eilung zu ko igie en und den g ünen Wandel zu inanzie en (und zu
beschleunigen). Unse Vo schlag is eine kohlens o basie e Ve mögenss eue (CWT),
die au kohlens o basie es (b aunes) Ve mögen e hoben we den soll e und nich o an-
ging au kohlens o in ensi e Gü e , wie dies die übliche Kohlens o s eue naheleg , die
sich o als eg essi e weis . Wäh end die CWT die Ve mögens e eilung ko igie , ge-
ne ie sie Einnahmen, die zu Sub en ionie ung de Scha ung g üne Ve mögenswe e
e wende we den könn en– indem dynamische Po olioen scheidungen geände und
eine Um e eilung on Ve mögenswe en on b aunen zu g ünen Ve mögenswe en aus-
gelös wi d. Um diese Auswi kungen zu demons ie en, we den s ilisie e Rendi en g ü-
ne und b aune Ve mögenswe e anhand on US-Da en als nied ig equen e Rendi en
au US-Ve mögenswe e zwischen 2010 und 2021 kalib ie . Wi kommen zu dem
Schluss, dass ein solches S eue - und Sub en ionssys em, wie es on eine CWT konzi-
pie wi d, die Ve mögensen wicklung mögliche weise nich nega i beein luss . Die
CWT is ein p ak ikables, e ek i es und ge ech e es Ins umen zu Reduzie ung de
Kohlendioxid-Emissionen. Sie häl die Ve mögensbildung au ech und un e s ü z einen
ge ech en Übe gang und eine ai e Kon olle de S aa s e schuldungsdynamik.
JEL classi ica ion: G11, H23, Q58
Keywo ds: clima e change, axa ion
1. In oduc ion
In a ecen a icle, Thomas Fische mann1 poin ed ou ha un il now, he de-
ba es on a ax on weal h o on he supe - ich was jus i ied om he pe spec i e
o he ecogni ion o he inc easing weal h dispa i y2 in many coun ies. In ac ,
i can be shown ha he Gini Coe icien o weal h dis ibu ion in mos o he
ad anced coun ies a e wo se han o income dis ibu ion. Indeed, he e is
plen y o academic heo e ical and empi ical wo k on his, ea ly and p ominen -
1 See he Ge man weekly newspape DIE ZEIT, No38, Sep embe 5, 2024. The Eng-
lish e sion can be ound he e: h ps://www.economicpolicy esea ch.o g/insigh s-
blog/a-ca bon-based-weal h- ax- o -clima e-p o ec ion-a-p oposal. See also he in e -
iew wi h Es he Du lo in DIE ZEIT Online, No embe 16, 2024.
2 See Pa ke and Semmle (2024).
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Financing he G een T ans o ma ion 445
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 1 (2024) 4
ly pu o wa d by Thomas Pike y and his co-au ho s. Bu ecen ly he deba e
u ned o he issue o whe he some weal h o a small g oup o he supe - ich
could be used o suppo he ansi ion o a low-ca bon economy.3
On he o he hand, much academic wo k has shown ha a ca bon emission
ax on economic ac i i ies o p oduc s (called ca bon p icing), is a ax ha
needs o be e y high o be e ec i e bu has qui e ad e se dis ibu ional conse-
quences. The e is usually a s ong pass- h ough o a ca bon emission ax o he
buye s, o example, o he downs eam p oduce s and household consume s.
This is essen ially a consump ion ax. Also, households wi h a high p opo ion
o ene gy expenses in hei budge a e impac ed mos se e ely. Households wi h
e y high income a e likely o cause much mo e CO2 emissions whe eas low-
e -income households pay a g ea e pe cen age o hei income as ca bon emis-
sion ax.4
Those p ice inc eases, due o ca bon p oduc axes, di ec ly a ec he dispos-
able eal income o low and middle-income households. In ecen s udies, e -
o s ocused on di ec ed echnical change, such as in en ion and inno a ion in
enewable ene gy echnology, seemed o be mo e e ec i e, and ace less popula
un es agains ecen ly, see Chen and Semmle (2024a). A p ice inc ease is el
by e e ybody, echnology change is e y sec o -speci ic and c ea es less gene al
popula un es . No dic coun ies such as Finland, No way, Sweden, and Den-
ma k seem o be mo e success ul wi h he la e s a egy, a echnology-o ien ed
s a egy on deca boniza ion, see Chen and Semmle (2024a). We hus migh
wan o suppo a ca bon-based weal h ax (CWT) as mo e sui able way o a
ai ansi ion o a low-ca bon economy.
2. P e ious P oposals o Add ess Weal h Inequali y
T adi ionally, he e ha e been made s ong a gumen s agains a capi al o
weal h ax.5 As o ha poin , he e is now a widesp ead public discussion on he
3 An Ox am epo om Oc obe 28, 2024, w i es: The op 1 pe cen weal hies e-
sponsible o he same amoun o ca bon emissions as bo om 66 pe cen ; see h ps://
www.c news.ca/clima e-and-en i onmen / op-1-pe -cen -weal hies - esponsible- o -
same-amoun -o -ca bon-emissions-as-bo om-66-pe -cen -1.6652001#:˜: ex =Acco d-
ing%20 o%20 he%20Ox am%20 epo %2C%20a%20 ax%20o ,ene gy%20and%20a%20
ansi . Ye no all weal hy pe sons need o be axed, as Zucman (2024) and Du lo (In e -
iew wi h Viola Kiel, No embe 16, 2024, DIE ZEIT Online) sugges . In ou p oposal, we
wan o disincen i ize he ich pe sons accumula ing b own asse s and ins ead incen i -
ize hem o accumula e g een asse s.
4 See Kaenzig (2022).
5 T adi ionally he economic li e a u e has main ained ha op imali y condi ions im-
ply a ze o a e o capi al ax, o he wise employmen would be hu . Howe e , he e ha e
been ecen challenges o his esul . The canonical models o Chamley (1986) and Judd
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446 Jose Ped o Bas os Ne es and Willi Semmle
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 1 (2024) 4
ise o weal h dispa i ies a ound he globe.6 P oposals o co ec ion o he is-
ing weal h inequali y a e looming. I is well known ha o e some decades he
weal h sha e o he op 5 pe cen o weal h owne s, o example, is ising as e
han he sha e o he es o weal h owne s, he o me owning nowadays abou
60 % o mo e o o al weal h.
T adi ionally he e we e in Eu ope some policy measu es agains ha – bu
wi h li le success. T adi ionally Eu opean coun ies such as No way, Spain,
F ance, and I aly ha e a weal h ax on ei he pe sonal weal h o on ce ain ypes
o asse s, such as eal es a e. Spain has a 3 % weal h ax and F ance has a mix u e
o pe sonal weal h ax and ax on speci ic asse s, oughly 1 and a hal o 2 %, he
o me is an indi idual weal h ax, he la e a solida i y ax ( ecen ly), and a eal
es a e ax. In he US he plan by Elizabe h Wa en was a weal h ax o 2 % o
weal h o e and abo e $50 million.
Le us say an asse e u n ( isk ee a e plus equi y p emium) nowadays
amoun s oughly o 8 %, as Shille has es ima ed his o ically. The emaining e-
u n would be in he case o Spain oughly 5 %, in F ance oughly 5 o 6 % and
in he US 6 %. The be o e- ax e u n a e oughly used as an a e age wi h espec
o he expec ed e u ns and deduc ions. Fo he e y weal hy he e is a posi i e
eedback loop– he highe he weal h, he g ea e he e u ns and he g ow h
a es o weal h, due o in o ma ion ad an ages, be e colla e als o bo owing,
highe sa ing a es, and g ea e esea ch and managemen s a o gene a ing
e u ns.7 The e o e he ac ually ecei ed e u ns can be qui e abo e 8 % and he
ac ual ax paymen s a e usually much less han 2 %, and close o ze o; see Zuc-
man, In e iew, (2024) and Zucman (2024). A i s sigh , a pe cen age o ax on
he e u ns o weal h owne s appea s as some loss o e u ns. Bu as will be
shown o al weal h e olu ion migh no be a ec ed much. As we can demon-
s a e, in a dynamic po olio model, he e migh no e en be a loss o asse ac-
cumula ion in cases whe e we impose a CWT. As we will show below, he educ-
ion o b own asse e u ns could be compensa ed by an inc ease in g een asse s
(1985) showed ha he s eady-s a e op imal capi al axa ion is ze o when he long- un
capi al supply is in ini ely elas ic. Recen de elopmen s ha e cas doub s on such esul s.
Saez and S an che a (2018) show how inco po a ing weal h in o he u ili y unc ion p o-
duces he e ogenei y in weal h (un ela ed o he e ogenei y in labo ea nings), in alida ing
he ze o-capi al ax esul . S aub and We ning (2020) p o ed ha in e empo al elas i-
ci y below one is al eady su icien o p oduce a posi i e capi al ax. Gu enen e al.
(2019), in u n, demons a ed ha agen s can ex ac di e en e u ns om he asse
ma ke . This he e ogenei y is enough o yield a a ionale o weal h axa ion since, in ha
iew, i penalizes he idleness o asse holde s. A e e ee has sugges ed one migh hink o
he canonical models o Chamley (1986) and Judd (1985), by e e ing o capi al wi h
ze o ax a e, as he limi case when he e a e no nega i e ex e nali ies, hus wi h g een
capi al only.
6 See, h ps://wid.wo ld/.
7 See Chappe and Semmle (2018).
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Financing he G een T ans o ma ion 447
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 1 (2024) 4
and he weal h e olu ion migh no decline as e , in ac , i may e en imp o e
wi h a CWT.8
3. Recen Mo i a ions and Ini ia i es
The ecen discussion wen a s ep u he connec ing he weal h e u ns o
clima e change: “Tax he 3,000 iches people in he wo ld!” demanded Nobel
P ize-winning economis Es he Du lo a he IMF Sp ing Mee ing in Washing-
on. Su p isingly, she ecei ed en husias ic suppo om a p edominan ly i-
nance-minis e audience om a ound he globe. Du lo, along wi h o he in lu-
en ial economis s like Gab iel Zucman and Thomas Pike y, ad oca e he
abo e-men ioned p oposal.9 They p opose a minimum ax on he asse s o he
wo ld’s iches people– say, 2 %. The e enue, which could amoun o an ex a
$250 billion pe yea could be ans e ed o poo e coun ies o comba he e -
ec s o clima e isks and inance an ene gy ansi ion. I also could be used as
colla e al o clima e- ela ed bo owing o de- isking o loans o low-income
coun ies.
B azil’s Finance Minis y is also e y ac i e in d awing p oposals and ad oca -
ing such axes, epea edly aising he issue in in e na ional mee ings. B azil was
hos ing he G20 mee ing in Rio de Janei o10 on No embe 18 – 19 and will also
hos he Wo ld Clima e Con e ence in Belém in 2025, whe e his discussion on
axing he supe - ich migh con inue.11 A p e ious G20 mee ings, minis e s
om di e se coun ies like F ance, Spain, and Sou h A ica had oiced hei
suppo al eady o axes on he supe - ich. E en Ge many’s De elopmen Min-
is e , S enja Schulze, has also signed a decla a ion in a o o such measu es.
Taxes on he supe -weal hy would indeed be ex emely ai (and clima e-
iendly): as he iches one pe cen o humani y cu en ly emi s as many g een-
house gasses as he poo es wo- hi ds o he global popula ion. The poo , how-
e e , a e he i s o su e he consequences o clima e change. I such a ax we e
imposed, se e al p ac ical ques ions would a ise: who would gua an ee ha he
money collec ed would uly be used o comba clima e change? And how could
8 Th ough a CWT we would dis-incen i ize he ich accumula ing b own asse s and
ins ead incen i ise hem accumul ing g een asse s.
9 Fo a epo on his p oposal, see h ps://www.np .o g/2024/08/06/nx-s1-5064662/
global-weal h- ax-g20-po e y-clima e-change.
10 P esiden Lula s a ed in ha G20 mee ing: “Taxa ion o 2 % on he o al asse s o
supe ich indi iduals could gene a e unds o abou $250 billion pe yea o be in es ed
in acing up o social and en i onmen al challenges all o e he wo ld.”
11 In B azil, poli ical packages a e o en designed o ensu e ha he ich do no op-
pose hem. Fo example, P esiden Lula da Sil a’s amous an i-hunge p og ams, which
li ed millions ou o po e y, would no ha e been possible wi hou he aci accep ance
o indus ialis s, la ge landowne s, and mine ope a o s.
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448 Jose Ped o Bas os Ne es and Willi Semmle
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 1 (2024) 4
we p e en he age-old p oblem o he weal hy mo ing hei capi al o coun ies
wi hou such axes? The p ope answe is “ ax ha moniza ion”– ha is, coo di-
na ed axa ion ac oss he main coun ies whe e he ich eside.
Wi hou such minimum ha moniza ion, Zucman’s p oposal p obably won’
wo k. Howe e , in ou o iginal pape (see Bas os and Semmle , 2022) we a e in-
oducing a modi ied app oach. We d aw on adi ional public inance p inci-
ples and some poli ical adi ions, well ali e also in B azil. The public inance
p inciple since Wicksell and Lindahl is he p opo ionali y p inciple: Those who
enjoy mo e public goods should pay highe axes, which can be e e sed: hose
who p oduce mo e public “bads” ( o example des uc ion o he en i onmen
and elease o g ea e CO2 emission) should also pay mo e.
4. A New P oposal– A Ca bon-Based Weal h Tax
Ou new p oposal is d i en by se e al mo i a ions. A ax and subsidy scheme
ha co ec s he de e io a ion o weal h dis ibu ion, is a easible, e ec i e, and
ai e ins umen in speeding up he ansi ion o a g eene economy, and is
helping o gene a e e enue o he public budge and con ol so e eign deb dy-
namics.12 Technically, ou p oposal o a weal h ax o ou CWT would no a -
ge he s ock o asse s, bu he income de i ed om hem, which we ind less
p oblema ic. In his case, axing income om ca bon-based asse s would ha e a
simila e ec o axing he asse s hemsel es bu would be easie o implemen .
A weal h ax o en p esen s many loopholes, whe eas a ax on income om
weal h and capi al gains is ypically easie and equi es less in o ma ion. How-
e e , he bigges challenge lies elsewhe e: How do you di e en ia e be ween
“b own” and “g een” capi al? A i s glance, his seems like an insu moun able
p oblem.13 Howe e ecen ad ances ha e been made by economis s in de e -
mining how much CO2 is emi ed by di e en indus ies and companies.
In he U.S., unde he Biden adminis a ion, he Secu i ies and Exchange Com-
mission (SEC), and in he EU, he Eu opean Commission, we e wo king on dis-
12 A undamen al a ionale o a CWT can indeed de i ed om he public inance li -
e a u e. The p opo ionali y p inciple in axa ion, e i ed by he wo k o Richa d Mus-
g a e (Musg a e 1973), main ains ha hose who enjoy a highe p opo ion o public
goods need o pay highe axes. Viewed in e e se, his means ha hose who c ea e a
highe p opo ion o “public bads”– meaning nega i e ex e nali ies– need o pay a high-
e ax. B own capi al locks he economy in o an unsus ainable pa h. In ha sense, i can
be hough o as a public bad. The idea o “public bads” is also ela ed o he join p o-
duc ion sys em whe e he e a e non-ze o disposal cos s (Hin ichsen & K ause 1981). In
his case, he unwan ed p oduc s– in ou case, ca bon emissions– en ail a cos ha is
no acknowledged in he p ice sys em, making a s ong case o axa ion.
13 No e ha coal ex ac ion wi h cap u e and seques a ion (CCS) whe e hen he
CO2 is elimina ed could coun also as “clean” asse , as a e e ee has poin ed ou .
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Financing he G een T ans o ma ion 449
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 1 (2024) 4
closu e equi emen s ha will compel companies o epo hei CO2 emis-
sions– suppo ed by he In e na ional Ene gy Agency (IEA) and he OECD.
This idea is based on academic esea ch. Pa ick Bol on o Columbia Business
School a gues ha la ge co po a ions, and also ESG i ms (En i onmen al, So-
cial, and Go e nance), should disclose hei espec i e CO2 emissions. Acco d-
ing o his indings, his da a is ela i ely easy o ob ain.
In ou p oposal o ax asse lows, i he income om he b own asse s is
oughly 30 % o he income om asse s his can subsidize he g een asse s. The
ne e u n om weal h, would o cou se all in di e en coun ies: he emain-
ing e u n in he case o Spain, F ance, and he US would be oughly 5 % (i we
assume a no mal asse e u n o 8 %). Howe e , he e u n o he g een asse s a
app oxima ely 8 % would be highe han hose 5 %, composed o isky and isk-
ee a es. In an op imis ic e sion, hese could be oughly 10 o 11 % i subsi-
dized. The g een asse s would be p e e ed in po olio decisions, gene a ing
o e ime a highe p opo ion o g een asse s in dynamic po olios and inan-
cially suppo ing he deca boniza ion e o s.14
Though bo h he e u ns o g een and b own asse s a e luc ua ing o e ime,
he b own asse s luc ua e much mo e. This is shown in Figu e1 which is aken
om Bas os and Semmle (2022). In ha wo king pape we epo ha monic
es ima ions o e u ns on g een and b own asse s using he Fas Fou ie T ans-
o m (FFT) o he ime se ies (see also Chia ella e al. 2016). This way we can
cap u e low- equency mo emen s on he e u ns, elimina ing sho - e m noises
ha a e usually dis ega ded in low- equency po olio decisions. Wha is used
he e is a sum o sine-cosine coe icien s and he Sum o Squa ed E o s ob ained
om he ha monic es ima ions.
14 A ac ion o he ax e enue ecei ed is like o be alloca ed o low income coun-
ies as he Zucman-p oposal sugges s.
OPEN ACCESS | Licensed unde CC BY 4.0 | h ps://c ea i ecommons.o g/abou /cclicenses/
DOI h ps://doi.o g/10.3790/ aw.2024.1454902 | Gene a ed on 2025-05-19 12:46:59
450 Jose Ped o Bas os Ne es and Willi Semmle
Vie eljah eshe e zu A bei s- und Wi scha s o schung, 1 (2024) 4
Figu e 1: Ha monic es ima ions o g een and b own asse e u ns
Quelle: Bas os and Semmle (2022).
Figu e1 plo s bo h es ima ions o he low- equency beha io o g een and
b own asse s. As can be obse ed and consis en wi h o he indings, b own as-
se s a e mo e ola ile. On he o he hand, g een asse e u ns a e mo e esilien
o economic swings.
In Bas os and Semmle (2022) he dynamic po olio op imiza ion p oblem15
is sol ed nume ically using he Nonlinea Model P edic i e Con ol (NMPC)
algo i hms discussed in G uene e al. (2015) and he esul s a e depic ed in Fig-
15 No e ha we a e using he e a dynamic po olio model o a Me on ype and no
he s a ic po olio heo y o Ma kowi z. Also no e his is no a ep esen a i e agen mod-
el as in g ow h heo y is used and ha builds on in ini e decision ho izons. We wo k wi h
ini e decision ho izons and s ylize a p o o ypical model o la ge inancial in es men
i ms ha ealloca e asse s when ela i e e u ns and ola ili y change and ha ake in o
accoun in low and ou low o capi al, see Chia ella e al. (2026). Though ypically posi-
i e and nega i e ( o example CO2 emission) ex e nali ies a e no aken in o accoun in
he s anda d Me on model, we ha e in a mo e de ailed model also aken accoun o he
ex e nali ies, see Semmle e al. (2024b). O cou se he ax e enue om a CWT would
slowly dissipa e as he mix o ene gy sou ces mo es mo e owa d g een ene gy, as one e-
iewe has obse ed.
Es ima ed e u ns on Asse s
Pe iods
B own Asse s G een Asse s
010203040
-0.2
-0.1
0.0
0.1
0.2
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DOI h ps://doi.o g/10.3790/ aw.2024.1454902 | Gene a ed on 2025-05-19 12:46:59
