The analysis of global tax expenditure on fossil fuels for residential purposes reveals varying trends. The United Kingdom, the highest spender, showed a decline of 3.65% in 2023, while the United States and China, among the top spenders, experienced increases of 2.67% and 20.74%, respectively. Smaller economies like Moldova and Brazil saw declines of 4.38% and 6.02%. Canada and Argentina, by contrast, witnessed increases of 6.4% and 8.13%. Overall, a mixed pattern is evident, with growth in some large economies and declines in others.
Future Trends to Watch:
- Policies promoting carbon neutrality may drive down residential fossil fuel expenditure.
- Emerging technologies and renewables could further influence expenditure.
- Economic shifts in major economies may lead to unexpected changes in tax expenditure patterns.
Top countries in Tax Expenditure on All Fossil Fuels for Residential Share by Country (Million US Dollars)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United Kingdom | 34.05 | 2023 | -3.75% | -3.65% | View data |
| 2 | 2 United States | 15.92 | 2023 | +0.72% | +2.67% | View data |
| 3 | 3 China | 15.63 | 2023 | +22.78% | +20.74% | View data |
| 4 | 4 Belgium | 13.21 | 2023 | -0.36% | -2.26% | View data |
| 5 | 5 Greece | 7.55 | 2023 | +3.64% | +0.97% | View data |
| 6 | 6 Canada | 1.9 | 2023 | +1.62% | +6.4% | View data |
| 7 | 7 Ireland | 1.66 | 2023 | +2.37% | +2.99% | View data |
| 8 | 8 Hungary | 0.68 | 2023 | +1.96% | -3.36% | View data |
| 9 | 9 Lithuania | 0.68 | 2023 | -1.82% | -1.49% | View data |
| 10 | 10 Czech Republic | 0.55 | 2023 | -0.36% | -0.044% | View data |
