In 2023, total support for fossil fuel production in the UK was at 7.53 billion US dollars. The forecasted data from 2024 to 2028 shows a gradual increase, with an average year-on-year growth of approximately 2.53%. Over the five-year period, the compound annual growth rate (CAGR) stands at roughly 2.87%.
Future trends to watch for include:
- Potential policy changes as the UK transitions towards sustainable energy sources.
- Technological advancements that may reduce the reliance on fossil fuel support.
- Market dynamics, especially global oil and gas prices, affecting future support levels.