In 2023, Mexico led in tax expenditure on natural gas for fossil fuel production as a percentage of GDP, surpassing other countries with notable growth of over 138%. Denmark and the United Kingdom also showed significant increases, suggesting enhanced governmental support or reliance on natural gas. Conversely, Colombia, Canada, and especially Indonesia showed reductions, hinting at policy shifts towards reduced fossil fuel dependence. Brazil and Israel further experienced minor declines, whereas Japan and other European nations like Russia and Norway saw moderate increases. Over the five-year period, notable changes indicate a varied global approach towards fossil fuel-related expenditures.
Future trends to watch include potential shifts in policy as countries aim to meet global environmental targets, potentially affecting tax subsidies. Technological advancements in renewable energy and geopolitical shifts may also influence these expenditures as countries negotiate energy independence and environmental responsibilities.
Top countries in Tax Expenditure on Natural Gas for Fossil Fuel Production by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Mexico | 0.31 | 2023 | +29.11% | +138.09% | View data |
| 2 | 2 United Kingdom | 0.1 | 2023 | +2.94% | +17.95% | View data |
| 3 | 3 Denmark | 0.078 | 2023 | +20% | +35.62% | View data |
| 4 | 4 Colombia | 0.045 | 2023 | +2.27% | -2.09% | View data |
| 5 | 5 Canada | 0.029 | 2023 | 0% | -3.69% | View data |
| 6 | 6 Ireland | 0.029 | 2023 | +20.83% | +0.7% | View data |
| 7 | 7 Brazil | 0.014 | 2023 | -6.67% | -5.92% | View data |
| 8 | 8 Japan | 0.008 | 2023 | +14.29% | +5.92% | View data |
| 9 | 9 Russia | 0.007 | 2023 | +16.67% | +11.84% | View data |
| 10 | 10 Norway | 0.003 | 2023 | +50% | +8.45% | View data |
