Assuming by efficient subsidization you're actually targeting the application of renewables or clean technology into the oil and gas sector, yes, it would distinctly slow that, whether that be hydrogen, electrification, CCUS and others.
There are certainly debates over the specifics of those, where they apply and where they don't, but to think that without government supports companies would undertake that simply on their own, investors are probably unwilling to do that, and investors largely sit outside the country.
The key here is that I think we're talking about hundreds of millions or hundreds of billions of dollars when really you need international investment in the trillions of dollars to move through the changing energy use, the energy transition. The reality is that you're going to have to ensure that governments can do their part, but you do need international investment to come into all of these sectors, including my own.