Renewable energy’s success is sometimes besmirched by the impact of subsidies. Fossil fuels also get subsidies, and they have increased to the point that even the IMF is worried about the impact. Total fossil fuel subsidies are estimated to be $5T, five trillion dollars, money which the IMF points out is increasing pollution while increasing wealth inequality.
IMF projects that eliminating post-tax subsidies for the most-polluting energy fuels, such as coal and gasoline, could raise government revenue by $2.9 trillion, while also slashing premature deaths from pollution-related diseases by more than 50 percent.
Eliminating all energy subsidies may balance the field, but any reform is going to be hindered by the fact that the subsidies that are eventually going to the wealthy, eventually are funneled back to politicians for their campaigns.