In 2024, South Africa tops the list of countries providing the most significant support for fossil fuels relative to GDP at 1.47%, followed by Mexico and Greece. Year-on-year analysis shows substantial increases in support for Canada and Mexico, surpassing 150% growth. Conversely, Colombia and Slovenia see the largest declines, while Argentina and South Korea experience minor decreases. Over five years, the compound annual growth rate identifies Mexico and Canada as key growth areas. In contrast, Slovenia and Russia reflect continuous withdrawal in support.
Future trends to watch include potential regulatory shifts driving a move away from fossil fuel subsidies globally. Countries like India and Indonesia, showing recent increases, may re-evaluate their policies under environmental pressures. New technologies and international agreements could further dictate these changes.
Top countries in Total Support on All Fossil Fuels for General Services by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 South Africa | 1.47 | 2023 | +27.2% | +67.42% | View data |
| 2 | 2 Mexico | 0.83 | 2023 | +28.88% | +153.04% | View data |
| 3 | 3 Greece | 0.35 | 2023 | +3.89% | +3.02% | View data |
| 4 | 4 Canada | 0.31 | 2023 | +32.48% | +214.97% | View data |
| 5 | 5 Colombia | 0.062 | 2023 | -3.13% | -2.95% | View data |
| 6 | 6 Argentina | 0.055 | 2023 | +17.02% | -0.36% | View data |
| 7 | 7 Japan | 0.034 | 2023 | -2.86% | +3.96% | View data |
| 8 | 8 Norway | 0.02 | 2023 | 0% | +3.3% | View data |
| 9 | 9 Hungary | 0.016 | 2023 | -15.79% | -9.25% | View data |
| 10 | 10 India | 0.011 | 2023 | 0% | +12.89% | View data |
