What solutions are you proposing exactly to reverse climate change? The trillions in investment so far in clean energy have yielded minimal results. What specifically are you recommending?
[0] IMF, How Large Are Global Energy Subsidies, 2015, http://www.imf.org/external/pubs/cat/longres.aspx?sk=42940.0
So just to be clear: The $5.3 trillion is arrived at by counting untaxed environmental harm as a subsidy. Which I think it is interesting to consider the damage, but I don't think that is what people are going to think when they think energy subsidy.
But I do think post-tax subsidies is a fair metric, for example, in places where there's state health care, my tax is being spent to care for people whose health has been affected by fossil fuels. So it seems like state subsidised to me.
But really technology is going to drive this change, as long as the entrenched interests don't prevent the use of renewables that are cheaper than fossil fuels.
Already ideally sited solar and wind are cheaper than coal, and learning curves are pushing that down all the time.
Storage is also getting incredibly cheap, with lithium ion batteries it's around $0.08/kWh right now at the wholesale level.
What we're really going to need is efficient carbon capture schemes though, because the feet-draggers have cost us an extremely valuable 15 years. If we can do capture at something less than $500/ton then I'm starting to feel a bit optimistic that we can head off the worst of it.
But every. Single. Ton. That we emit right now is going to cost out children several times that amount. Improving efficiency of use and increasing the scale and efficiency of the renewable energy manufacturing is a massively important economic development for the US and the world.
Your pricing information on renewables is out of date, and quickly becoming more out of date.
The renewable industry is changing fast, traditional energy industry changes slow. Those dinosaurs won't know what's hit them until it's too late.
The reality is that we must put an human mandated limit on the amount of carbon fuels to burn.
Think of it another way: If burning carbon fuels causes major instability in the climate, then the fate of the human race should not be determined by the amount of carbon in the ground. It should be determined by humans being determined.
Of course if we were to price in the negative externalities, I think that renewables would already be cheaper. But this is one case where ideology has prevented us from setting up an efficient market for energy.
https://www3.epa.gov/captrade/documents/ctresults.pdf
"A 2003 Office of Management and Budget (OMB) study found that the Acid Rain Program accounted for the largest quantified human health benefits of any major federal regulatory program implemented in the last 10 years, with benefits exceeding costs by more than 40:1."