In 2023, China's total support for fossil fuels stood at approximately 27.67 billion USD (constant 2020). The forecast from 2024 to 2028 shows a gradual decline in support, decreasing by about 0.4% year-on-year. This reduction suggests a government intent to minimize its reliance on fossil fuels, moving towards clean energy solutions. Notably, the compound annual growth rate (CAGR) over this period is negative, attesting to a steady decrease in financial support.
Future trends to watch for include policy shifts towards renewable energy enhancements, reductions in fossil fuel subsidies, and investment in technological advancements aimed at decarbonization. Monitoring governmental and international climate commitments will also provide insights into potential accelerations in these trends.
