In 2023, support for fossil fuel producers in Canada stood at an estimated $700.73 million (2020 constant USD). From 2024 onwards, projections indicate a consistent decline, with anticipated values of $621.79 million in 2025 and dipping further to $389.77 million by 2028. Between 2024 and 2025, the sector is forecasted to undergo an 11.3% reduction, followed by further annual declines. Over the five-year span from 2024 to 2028, the compound annual growth rate (CAGR) is estimated to be a negative 11.07%, highlighting the overarching downward trend.
Future trends to watch include policy shifts towards renewable energy support, potential global market fluctuations affecting fossil fuel demand, and technological advancements reducing dependence on traditional fossil fuels. This evolving landscape may lead to additional shifts in government support strategies.
