It's not easy. Obviously, different industries have differing abilities in how much they can conserve. So, naturally your penalty/incentive structure has to be

It's not easy. Obviously, different industries have differing abilities in how much they can conserve. So, naturally your penalty/incentive structure has to be customized per industry to make it effective. But that immediately leads to rich industrialists to start lobbying (read bribing) politicians to help their industry more than other industries. It's not clear if the country becomes richer by giving the government this type of regulatory power.