In 2023, Mexico had the highest tax expenditure on fossil fuel production, standing at $15.87 billion, a significant increase of 159.68% from the previous year. Other notable expenditures were seen in Russia ($14.55 billion) and India ($8.97 billion), while countries like the United Kingdom and the United States also recorded substantial amounts. Conversely, countries such as Poland, Brazil, and Germany experienced declines in their expenditures at -8.18%, -23.27%, and -11.24% respectively. Over the past five years, average growth trends varied, with certain countries showing resilience in maintaining or increasing their expenditure levels.
Future trends to watch include a global shift towards sustainable energy sources, which may lead to reduced tax expenditures on fossil fuels. Countries with high current expenditures might consider re-allocating resources towards green energy initiatives, influencing global fossil fuel market dynamics.
Top countries in Tax Expenditure on All Fossil Fuels for Fossil Fuel Production by Country
| # | 10 Countries | Million US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Mexico | 15,870 | 2023 | +28.18% | +159.68% | View data |
| 2 | 2 Russia | 14,550 | 2023 | +14.42% | -2.71% | View data |
| 3 | 3 India | 8,970 | 2023 | +6.92% | +6.51% | View data |
| 4 | 4 United Kingdom | 6,540 | 2023 | +6.15% | +14.09% | View data |
| 5 | 5 United States | 2,320 | 2023 | -8.07% | +8.61% | View data |
| 6 | 6 Poland | 853.21 | 2023 | +16.33% | -8.18% | View data |
| 7 | 7 Brazil | 771.95 | 2023 | -40.32% | -23.27% | View data |
| 8 | 8 Japan | 395.27 | 2023 | +2.49% | +3.81% | View data |
| 9 | 9 Colombia | 142.47 | 2023 | -8.95% | -17.28% | View data |
| 10 | 10 Germany | 52.41 | 2023 | -9.35% | -11.24% | View data |
