In 2023, China led in global fossil fuel support with notable allocations, although it experienced a slight decline of 0.77% from the previous year. In contrast, the UK saw a 7.47% increase. Mexico had the highest growth among major economies at 19.89%, while the US saw a significant decrease of 13.62%. Brazil faced the steepest drop at 30.3%, and Armenia experienced the largest percentage decline overall, at 33.29%. The variations indicate a mix of growing and declining support across countries, reflecting changes in energy policies and market conditions.
Looking forward, attention should be focused on countries with increasing support, potentially driven by new energy policies or economic needs. Mexico and the UK appear to be increasing investment in fossil fuels, while others like the US and Brazil might continue reducing support. Policymakers need to balance fossil fuel dependency with sustainable practices, particularly in regions significantly altering their financial distribution to these sectors.
Top countries in Total Support on All Fossil Fuels for All Beneficiaries or Sectors Share by Country (Million US Dollars, Constant = 2020)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 15.8 | 2023 | -0.4% | -0.77% | View data |
| 2 | 2 United Kingdom | 11.57 | 2023 | +6.37% | +7.47% | View data |
| 3 | 3 Russia | 8.48 | 2023 | +13.92% | -0.97% | View data |
| 4 | 4 Italy | 7.36 | 2023 | +4.49% | +3.41% | View data |
| 5 | 5 India | 6.57 | 2023 | +5.07% | -2.45% | View data |
| 6 | 6 France | 6.33 | 2023 | +5.12% | +3.68% | View data |
| 7 | 7 Mexico | 6.07 | 2023 | +8.95% | +19.89% | View data |
| 8 | 8 Germany | 4.55 | 2023 | -4.43% | -4.22% | View data |
| 9 | 9 Argentina | 3.73 | 2023 | +6.25% | -2.68% | View data |
| 10 | 10 South Africa | 2.45 | 2023 | +3.43% | +5.69% | View data |
