We propose that national governments could issue bonds whose interest payments are linked to green net national product (gNNP) or, almost equivalently, to inclusive wealth. The main intention of this new financial instrument is to entice investors and the national government to invest in human and natural capital for which the corresponding financial assets currently do not exist. As the concept of wealth expands to include human and natural capital, so should the corresponding assets side in the balance sheet of nations. While the argument for gross national product (GNP)–linked bonds focuses on trimming public debt toward fiscal sustainability, the proposed bonds aim to ensure long-term sustainability. The theoretical link associated with welfare economics is also more plausible. Moreover, it could lead to the virtuous cycle of increased government expenditure directed toward inclusive wealth, expanding tax revenue, increased coupon payment to investors, and increased social well-being.

中文翻译：

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可持续发展的新融资

我们建议各国政府可以发行利息支付与绿色净国民生产总值 (gNNP) 或几乎等效地与包容性财富挂钩的债券。这种新金融工具的主要目的是吸引投资者和国家政府投资于目前不存在相应金融资产的人力和自然资本。随着财富的概念扩展到包括人力资本和自然资本，国家资产负债表中相应的资产方也应如此。虽然国民生产总值 (GNP) 挂钩债券的论点侧重于削减公共债务以实现财政可持续性，但拟议的债券旨在确保长期可持续性。与福利经济学相关的理论联系也更合理。而且，