The forecast for total support on petroleum for fossil fuel production in Canada from 2024 to 2028 shows a significant downward trend. Starting at 317.59 million USD in 2024, the value decreases steadily to 151.88 million USD by 2028. This represents decreasing year-on-year changes from -13.32% in 2025 to -21.00% in 2028, highlighting a robust decline over the forecasted period. The compound annual growth rate (CAGR) over these five years reflects a notable average annual reduction.
Future trends to watch for include:
- Government policy shifts towards renewable energy investments, which may accelerate the decline in support for fossil fuels.
- Volatility in global oil prices potentially impacting investment levels in Canada's petroleum sector.
- Technological advancements in fossil fuel sectors or alternative energy sources that could influence support allocation.
- Public and environmental pressure that may drive regulatory changes affecting future investments.
