The forecast for total support on all fossil fuels for producers in the UK from 2024 to 2028 indicates a consistent year-on-year increase. From a starting value of 6.43 billion USD in 2024, the value rises steadily to 7.2 billion USD by 2028. The compound annual growth rate (CAGR) over this forecast period is indicative of a stable upward trend. This suggests a continued commitment to supporting fossil fuel producers despite the global push towards renewable energy. In comparison, the value stood at an estimated 6.23 billion USD in 2023.
Looking ahead, important trends include potential shifts in governmental policies towards reducing carbon emissions, which may impact future support levels, and the influence of international climate agreements. The energy transition to renewables and technological advances could also significantly alter the dynamics of fossil fuel support in the coming years.
