In 2023, Greece led the global tax expenditure on all fossil fuels for residential use at 0.49% of GDP, with a 4.42% increase compared to the previous year. In contrast, Moldova saw a significant decrease of 9.66%, reaching 0.35% of GDP. Notably, Canada experienced a substantial rise of 35.43% in its tax expenditure, though it stood at a modest 0.041% of GDP. Belgium, Lithuania, and several other countries showed various declines. The United States and Spain remained stable at low percentages, while Luxembourg witnessed a sharp decrease of 19.73%.
Future trends to watch include potential policy changes aimed at reducing reliance on fossil fuels, which might decrease tax expenditures. The shift towards renewable energy sources in some countries could further influence these expenditures. Additionally, geopolitical factors and economic conditions will play crucial roles in these trends.
Top countries in Tax Expenditure on All Fossil Fuels for Residential by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Greece | 0.49 | 2023 | +5.56% | +4.42% | View data |
| 2 | 2 Moldova | 0.35 | 2023 | -11.28% | -9.66% | View data |
| 3 | 3 Belgium | 0.3 | 2023 | 0% | -1.28% | View data |
| 4 | 4 Lithuania | 0.13 | 2023 | -6.67% | -4.67% | View data |
| 5 | 5 Canada | 0.041 | 2023 | +20.59% | +35.43% | View data |
| 6 | 6 Ireland | 0.037 | 2023 | -5.13% | -3.41% | View data |
| 7 | 7 Slovakia | 0.023 | 2023 | 0% | -1.65% | View data |
| 8 | 8 South Africa | 0.008 | 2023 | 0% | -6.17% | View data |
| 9 | 9 United States | 0.007 | 2023 | 0% | -2.64% | View data |
| 10 | 10 Ukraine | 0.002 | 2023 | 0% | 0% | View data |
