The 2024 global tax expenditure on fossil fuels for residential usage shows the United Kingdom leading with $4 billion, followed by China at $1.84 billion, and the United States at $1.87 billion. Over 2023, China had a notable increase of 20.74%, while countries like Brazil, South Africa, and South Korea saw declines over 6%. Variations over the last five years reveal significant fluctuations, particularly in China and more moderate adjustments in Western countries.
Future trends to watch include China's potential continued growth in tax expenditure, driven by increased residential energy demands. Additionally, countries heavily investing in renewables may decrease fossil fuel reliance, impacting tax expenditures globally.
Top countries in Tax Expenditure on All Fossil Fuels for Residential by Country
| # | 10 Countries | Million US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United Kingdom | 4,000 | 2023 | -3.75% | -3.65% | View data |
| 2 | 2 United States | 1,870 | 2023 | +0.72% | +2.67% | View data |
| 3 | 3 China | 1,840 | 2023 | +22.78% | +20.74% | View data |
| 4 | 4 Belgium | 1,550 | 2023 | -0.36% | -2.26% | View data |
| 5 | 5 Greece | 886.68 | 2023 | +3.64% | +0.97% | View data |
| 6 | 6 Canada | 222.89 | 2023 | +1.62% | +6.4% | View data |
| 7 | 7 Ireland | 195.37 | 2023 | +2.37% | +2.99% | View data |
| 8 | 8 Hungary | 79.88 | 2023 | +1.96% | -3.36% | View data |
| 9 | 9 Lithuania | 79.57 | 2023 | -1.82% | -1.49% | View data |
| 10 | 10 Czech Republic | 64.14 | 2023 | -0.36% | -0.044% | View data |
