The article examines global energy subsidies to understand how they impact society and the environment. Estimates suggest these subsidies may cost trillions yearly, leading to government deficits, waste, and environmental harm. By using tools like improved measurement, subsidy removal, and impact studies, subsidies can be reshaped to be more socially and environmentally responsible. Learning from past successes is vital, as is considering the winners and losers in subsidy reform. The researchers propose a future research agenda to further explore these issues.