The consumption of fossil fuels in Canada has shown a downward trend over the past decade. In 2023, the consumption stood at 73.09 units of total energy. Year-on-year variation has usually been minimal, oscillating around -0.11% over the last few years. When looking at the compound annual growth rate (CAGR) for the last five years, the average variation per year was -0.09%, indicating a consistent but slow decline in fossil fuel energy consumption.
Future trends to watch for:
• Increasing adoption of renewable energy sources
• Government policies aiming for carbon neutrality and emission reductions
• Technological advancements in energy efficiency and energy storage solutions
• Global economic factors influencing energy demand
