In 2023, Mexico's support for fossil fuel producers surged by 246.05% year-on-year, marking the most significant increase among analyzed countries, driven likely by policy changes or increased production subsidies. Conversely, Brazil faced a steep 22.28% decrease, indicating a shift away from fossil fuel reliance. Russia dipped slightly by 1.22% despite its large base, maintaining substantial support levels. Notably, Denmark saw a 36.21% rise, suggesting increased investment. Over the last five years, countries like Finland with a 21.17% increase and South Korea with 4.53% demonstrated upward trends in fossil fuel support.
Future trends to monitor include the impact of global decarbonization efforts and shifting energy policies which may lead to reduced fossil fuel subsidies. Geopolitical tensions could further influence support levels, particularly for major producers like Russia and the United States. Economies experiencing boom cycles may increase subsidies to boost domestic production. Moreover, environmental policies in Europe and the rapid technological advancement in renewable energies suggest a pivot away from fossil fuel subsidies in the longer term.
Top countries in Total Support on All Fossil Fuels for Producers by Country
| # | 10 Countries | Million US Dollars, Constant = 2020 | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Mexico | 16,270 | 2023 | +28.93% | +246.05% | View data |
| 2 | 2 Russia | 14,140 | 2023 | +14.1% | -1.22% | View data |
| 3 | 3 United Kingdom | 6,240 | 2023 | +7.42% | +14.67% | View data |
| 4 | 4 China | 3,850 | 2023 | +0.41% | +1.46% | View data |
| 5 | 5 Germany | 2,930 | 2023 | -6.14% | -4.45% | View data |
| 6 | 6 Australia | 2,640 | 2023 | +5.35% | +4.28% | View data |
| 7 | 7 United States | 2,120 | 2023 | -12.68% | +5.74% | View data |
| 8 | 8 Japan | 1,190 | 2023 | +3.32% | +6.9% | View data |
| 9 | 9 Argentina | 970.06 | 2023 | -19.71% | -16.36% | View data |
| 10 | 10 Azerbaijan | 793.64 | 2023 | +35.5% | +8.72% | View data |
