In 2023, total support for all fossil fuels in Canada stood at $2.06 billion. Forecasts indicate a consistent decrease in subsequent years, reaching $1.64 billion by 2028. Year-on-year comparisons from 2024 to 2028 show notable declines: 4.6% in 2025, 4.3% in 2026, 4.4% in 2027, and 4.7% in 2028, averaging a compound annual growth rate (CAGR) of -4.4% over the period.
Future trends to watch include increasing government and public pressure to reduce reliance on fossil fuels, potentially accelerating the decline in fossil fuel support. Additionally, technological advancements in renewable energy may significantly influence this trend.
