In 2023, Mexico led global tax expenditures on fossil fuels for producers at $32.79 million, marking a staggering 241.62% year-on-year increase. Russia followed at $30.03 million, despite a 2.71% decline. The UK and US also saw notable increases of 14.67% and 14.57%, respectively. Conversely, Germany and Canada faced significant declines, at -10.07% and -11.66%.
Key five-year CAGR highlights a varied landscape, with some countries showing robust growth and others declining. For 2024 and beyond, watch the policy shifts towards renewable energy, that could drastically alter fossil fuel tax expenditures globally.
Top countries in Tax Expenditure on All Fossil Fuels for Producers Share by Country (Million US Dollars)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Mexico | 32.79 | 2023 | +28.48% | +241.62% | View data |
| 2 | 2 Russia | 30.03 | 2023 | +14.42% | -2.71% | View data |
| 3 | 3 United Kingdom | 12.42 | 2023 | +5.73% | +14.67% | View data |
| 4 | 4 United States | 6.35 | 2023 | +1.73% | +14.57% | View data |
| 5 | 5 Australia | 5.32 | 2023 | +4.7% | +2.59% | View data |
| 6 | 6 Germany | 2.51 | 2023 | -10.93% | -10.07% | View data |
| 7 | 7 Denmark | 1.55 | 2023 | +20.6% | +37.34% | View data |
| 8 | 8 Canada | 1.22 | 2023 | -11.91% | -11.66% | View data |
| 9 | 9 France | 0.91 | 2023 | +10.55% | +2.24% | View data |
| 10 | 10 Japan | 0.82 | 2023 | +2.49% | +3.81% | View data |
