I think you miss the burden of the argument here @peterma. The point is that “Tax and subsidise” is WAY too expensive and completely cost ineffective.
Whereas innovate (and Fund the innovation modestly) is Going to be just as quick, effective and Way more cost effective - allowing the world to get along with resolvng the REAL problems in parallel.
I would suggest as well, that the process is now so far underway that the world (Sorry - Not “the world” - just the leftist anti-capitalist parts of it ) seems to have decided to abandon effective fuels and turn to etherial Carbon Free methods of Generation of Electricity.
That being the case one wonders why we still need whole flocks of “Scientists” and Political committees subsidised to continue telling us how dreadful we are ? - Surely if we have decided to go down this path - we don’t need any of them any more ?
It should perhaps be noted as well that the Old Communist Blocks China and Russia are having none of it - I expect they find the whole thing hugely amusing !