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We show that: (i) when inputs are sufficiently substitutable, sustainable growth can be achieved with temporary taxes\/subsidies that redirect innovation toward clean inputs; (ii) optimal policy involves both \u201ccarbon taxes\u201d and research subsidies, avoiding excessive use of carbon taxes; (iii) delay in intervention is costly, as it later necessitates a longer transition phase with slow growth; and (iv) use of an exhaustible resource in dirty input production helps the switch to clean innovation under laissez-faire. 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