In 2023, direct transfer on all fossil fuels for general services in Canada stood at 5.10 billion USD. The forecast indicates a steady increase from 6.26 billion USD in 2024 to 11.02 billion USD in 2028. Year-on-year growth is expected to accelerate, starting at 19.3% between 2024 and 2025, reaching a peak growth rate of approximately 21.05% between 2027 and 2028. The compound annual growth rate (CAGR) over the forecasted period is projected at 17.84%, reflecting a robust upward trend over five years.
Future trends to watch for include potential regulatory developments, technological advancements in renewable energy, and shifts in public policy favoring reduced reliance on fossil fuels, impacting allocation and growth projections for fossil fuel transfers in the upcoming years.
