The analysis of global support for fossil fuels as a percentage of GDP shows Argentina leading, while Luxembourg provides minimal support. Over the last two years, Argentina's support increased by nearly 4%, while Moldova, India, and Brazil experienced significant declines. Chile showed an impressive rise, contrasting with notable reductions across Eastern European countries. Despite fluctuations, key emerging economies like China and India reduced their fossil fuel support significantly.
Future trends to watch include increased regulatory pressures to reduce fossil fuel dependency and enhance sustainability. Growing focus on net-zero commitments might fuel a decline in government support for fossil fuels, with developed nations leading this transition.
Top countries in Total Support on All Fossil Fuels for Consumers by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Argentina | 1.36 | 2023 | +3.5% | +3.91% | View data |
| 2 | 2 Greece | 0.74 | 2023 | -4.16% | -1.94% | View data |
| 3 | 3 Belgium | 0.67 | 2023 | +1.66% | +1.62% | View data |
| 4 | 4 Finland | 0.61 | 2023 | +0.49% | +0.5% | View data |
| 5 | 5 Italy | 0.55 | 2023 | +0.91% | +1.32% | View data |
| 6 | 6 Chile | 0.55 | 2023 | +7.07% | +5.05% | View data |
| 7 | 7 Lithuania | 0.46 | 2023 | -1.9% | -2.33% | View data |
| 8 | 8 Latvia | 0.44 | 2023 | -4.18% | -4.26% | View data |
| 9 | 9 Australia | 0.42 | 2023 | +2.46% | +2.98% | View data |
| 10 | 10 Moldova | 0.41 | 2023 | -11.26% | -9.33% | View data |
