Trying to reduce a negative by pumping resources into a positive rarely works out as expected and often has surprisingly distortionary effects. (see ethanol and corn production in the USA)

I’m personally of the opinion we should be doing far more tying together of revenue neutral taxes and subsidies within an industry. When you want to reduce a negative externality you tax that and then redistribute the proceeds equitably back across relevant actors. When you want to increase a positive externality, you equally tax actors and then distribute it asymmetrically according to the behavior you want to encourage. Or combine the two approaches to address both negative and positive externalities in one go.

These approaches allow you to be more targeted, while minimizing overall market distortions.