The analysis of global tax expenditure on fossil fuels for residential purposes shows that the United Kingdom leads with $35.49 million, while countries like Portugal and Argentina have significantly lower values. In 2023, notable year-on-year changes include China's rapid 21.24% increase and Portugal's drastic 39.7% decrease. Five-year CAGR trends suggest moderate and stable growth across most countries, with substantial increases noted in the United States and Canada. Lesser variance is observed in several European countries.
In 2024 and beyond, focus on China's escalating tax expenditure, driven by increasing energy demands and transition policies. Watch for potential policy shifts in Europe and North America, potentially impacting fossil fuel subsidies.
Top countries in Tax Expenditure on All Fossil Fuels for Residential Share by Country (Million US Dollars, Constant = 2020)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United Kingdom | 35.49 | 2023 | -2.13% | -2.4% | View data |
| 2 | 2 Italy | 20.28 | 2023 | +4.95% | +6.61% | View data |
| 3 | 3 China | 14.55 | 2023 | +23.04% | +21.24% | View data |
| 4 | 4 United States | 14.43 | 2023 | -0.73% | +1.18% | View data |
| 5 | 5 Belgium | 13.26 | 2023 | +0.29% | -0.88% | View data |
| 6 | 6 Canada | 1.95 | 2023 | +3.17% | +8.39% | View data |
| 7 | 7 Ireland | 1.61 | 2023 | +3.02% | +3.69% | View data |
| 8 | 8 Lithuania | 0.67 | 2023 | -1.68% | -0.55% | View data |
| 9 | 9 Hungary | 0.67 | 2023 | +2.25% | -1.87% | View data |
| 10 | 10 Czech Republic | 0.55 | 2023 | +1.91% | +0.95% | View data |
