Rev. Brian J. Shanley, O.P. President | St. John's University website

The Henry George Lecture Series at St. John’s University addressed the economic implications of climate change and explored policy responses, with a particular focus on the potential of a carbon wealth tax (CWT). The event, held on October 30 by The Peter J. Tobin College of Business, featured Willi Semmler, Ph.D., Arnhold Professor Emeritus from The New School for Social Research.

Dr. Semmler’s presentation centered on proposals from his recent book coauthored with Unurjargal Nyambuu, in which he argues that taxing income derived from carbon-intensive assets owned by wealthy individuals and corporations could help reduce both wealth inequality and environmental risk. Unlike conventional carbon taxes—which are typically imposed on emissions generated by goods and services—his model targets capital holders rather than consumers.

According to Dr. Semmler, traditional carbon taxes can place a disproportionate burden on lower-income households because they often pay more for necessities affected by these taxes. By shifting the tax burden to asset owners, he contends the approach is fairer and more effective in promoting decarbonization.

“We have proposed not a tax on wealth in general, but a tax on some carbon-intensive wealth,” Dr. Semmler said during his keynote address. “If you tax carbon-intensive goods, it all gets passed on to the final consumer in a bad distributional impact. Therefore, you should tax the wealth.”

Dr. Semmler also discussed how this kind of policy could encourage investors to redirect their portfolios away from companies reliant on fossil fuels toward businesses focused on renewable energy sources like wind and solar power.

“There are huge financial portfolios from university endowments, sovereign wealth performance, or pension performance, so that if they do this properly with the tax and subsidies, you would have much more capital available for green and renewable energy,” he explained.

The lecture was attended by over 100 people both in person at St. John’s Queens campus and online via livestream. Maciek Nowak, Ph.D., Dean of Tobin College of Business, opened the event by highlighting the prominence of the Henry George Lecture Series since its establishment in the 1980s.

Following Dr. Semmler’s remarks, students participated actively in discussions about climate change’s impact on future prosperity and social equity efforts through economic policy tools such as CWTs.

“These are issues we deal with every day,” said Simran Grewam, an interdisciplinary business senior at St. John’s University. “It is our world to save, and we need to protect it for the generations that come after us.”

Juliet A. Smith—a junior majoring in economics—raised concerns about implementing such policies quickly enough to aid developing countries already experiencing severe climate events like wildfires or hurricanes.

The Henry George Chair in Economics at St. John’s University was created through funding from what is now called the Progress and Poverty Institute (formerly Robert Schalkenbach Foundation) to promote research aligned with Mr. George's principles; Aleksandr V. Gevorkyan has held this chair since 2019.

Introducing Dr. Semmler at the event, Dr. Gevorkyan said: “Professor Semmler’s work on financial economics and over the past 10 years on the economics of climate change in particular is an example of professionalism… Not only is he a leading scholar but he also works with his students and promotes their scholarship.”

Since its inception in 1981, St John's University's Henry George Lecture Series has hosted distinguished economists—including several Nobel laureates—to discuss current issues shaping economic theory.