The forecast for tax expenditure on all fossil fuels for fossil fuel production in Canada shows a gradual decline from 0.056% of GDP in 2024 to 0.053% by 2028. This represents an average annual decrease of approximately 0.75% over the five-year forecast period. Since this data begins in 2024, year-on-year variations indicate a steady decrease, marking a trend towards reduced fiscal support for fossil fuel production.
Future trends to watch for include potential policy changes aimed at further decreasing fossil fuel subsidies amid global shifts towards sustainable energy. Monitoring global energy markets and Canadian environmental policies will provide insights into these developments.
