In 2023, countries exhibited varying trends in tax expenditure on fossil fuels. Mexico showed a dramatic surge of 246.05%, while Russia experienced a slight decline of 1.17%. The UK and Denmark recorded significant increases of 14.67% and 36.21%, respectively. Germany and Canada decreased by 8.03% and 6.55%. Brazil saw a substantial drop of 22.47%, while China decreased by 11.89%. Other notable trends include steady or marginally changing values in France, Japan, Italy, Norway, and Ukraine, whereas Greece, Estonia, and Lithuania experienced declines or minimal change.
Future trends to watch for include how countries balance fossil fuel subsidies with sustainability goals, heightened by geopolitical tensions and climate commitments. There's potential for policy shifts towards renewable energy incentives, impacting tax expenditures on fossil fuels. Monitoring economic and environmental policy changes globally will be crucial.
Top countries in Tax Expenditure 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 | 14,170 | 2023 | +14.14% | -1.17% | View data |
| 3 | 3 United Kingdom | 6,240 | 2023 | +7.42% | +14.67% | View data |
| 4 | 4 Germany | 1,360 | 2023 | -8.98% | -8.03% | View data |
| 5 | 5 Canada | 780.18 | 2023 | -4.04% | -6.55% | View data |
| 6 | 6 Denmark | 718.58 | 2023 | +19.56% | +36.21% | View data |
| 7 | 7 Brazil | 594.12 | 2023 | -34.02% | -22.47% | View data |
| 8 | 8 France | 468.61 | 2023 | +11.68% | +3.3% | View data |
| 9 | 9 Japan | 400.17 | 2023 | +0.88% | +3.05% | View data |
| 10 | 10 China | 280.92 | 2023 | -32.99% | -11.89% | View data |
