In 2023, Canada provided $2.23 billion in total support for fossil fuels. From 2024 to 2028, forecasts indicate a gradual decline: $2.22 billion in 2024, slightly reducing each year to $2.17 billion by 2028. This shows a consistent yearly decrease of approximately 0.45% from 2023 to 2028. Over the five-year period, the compound annual growth rate (CAGR) suggests an average annual decrease of around 0.45%.
Future trends to watch for include potential policy changes aimed at accelerating the transition to renewable energy, which could further decrease fossil fuel support, influencing related sectors and investments in sustainable technologies.
