The 2023 data reflects varied trends in global fossil fuel tax expenditure. Russia and Italy are experiencing declines, with Russia's tax expenditure decreasing by 2.16% and Italy by 2.48% year-on-year. In contrast, India shows robust growth at 8.21%, and China follows with a 4.87% increase. Economic factors have led to a sharp decline in Germany's expenditure by 7%. Meanwhile, Portugal and Japan have mildly increased their expenditures, at 4.61% and 3.81% respectively. Notably, countries like Canada and Spain observe significant reductions, at 8.08% and 8.8% year-on-year. Ukraine’s expenditure has notably increased by 9.7%.
For future trends, countries might adjust their tax expenditures due to evolving climate policies and energy transitions. Watch for potential increases in sustainable energy investments, possibly diminishing fossil fuel tax expenditure. Additionally, geopolitical developments and economic recovery efforts will influence fiscal policies concerning fossil fuels.
Top countries in Tax Expenditure on All Fossil Fuels for All Beneficiaries or Sectors Share by Country (Million US Dollars)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Russia | 13.3 | 2023 | +14.68% | -2.16% | View data |
| 2 | 2 United Kingdom | 12.05 | 2023 | +3.12% | +0.42% | View data |
| 3 | 3 France | 8.82 | 2023 | +4.66% | +2.06% | View data |
| 4 | 4 India | 8.41 | 2023 | +6.6% | +8.21% | View data |
| 5 | 5 China | 7.14 | 2023 | +4.6% | +4.87% | View data |
| 6 | 6 Italy | 7.11 | 2023 | -0.6% | -2.48% | View data |
| 7 | 7 Australia | 6.01 | 2023 | +3.59% | +1.17% | View data |
| 8 | 8 United States | 4.73 | 2023 | -5.74% | +0.62% | View data |
| 9 | 9 Germany | 4.71 | 2023 | -6.15% | -7% | View data |
| 10 | 10 Belgium | 2.98 | 2023 | +1.85% | +1.32% | View data |
