As of 2024, Mexico led global tax expenditure on fossil fuel production with a notable value of 16.24 billion USD, reflecting significant fiscal support in the sector. Conversely, Russia and India were substantial contributors but remained behind Mexico. Over the last year, Mexico exhibited a dramatic year-on-year increase of 163.56%, whereas Russia experienced a slight decline of 1.17%. Meanwhile, Denmark's substantial expenditure rise evidenced a 36.21% increment. In contrast, major markets like Brazil and China saw noteworthy declines in expenditures, at 16.55% and 11.89%, respectively. The five-year compound annual growth rate demonstrates shifting expenditure priorities across countries.
Future trends to monitor include regulatory shifts and environmental commitments affecting fossil fuel support. Specifically, nations could reallocate fiscal resources in response to global sustainability goals and energy transitions, potentially reducing fossil fuel-related expenditures. Watch for policies encouraging renewable energy development, indicating shifts in tax expenditure distributions.
Top countries in Tax Expenditure on All Fossil Fuels for Fossil Fuel Production by Country
| # | 10 Countries | Million US Dollars, Constant = 2020 | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Mexico | 16,240 | 2023 | +28.93% | +163.56% | View data |
| 2 | 2 Russia | 14,170 | 2023 | +14.14% | -1.17% | View data |
| 3 | 3 India | 8,920 | 2023 | +6.89% | +6.59% | View data |
| 4 | 4 United Kingdom | 6,780 | 2023 | +7.83% | +14.12% | View data |
| 5 | 5 Brazil | 910.28 | 2023 | -24.64% | -16.55% | View data |
| 6 | 6 Poland | 856.2 | 2023 | +16.78% | -8.03% | View data |
| 7 | 7 Canada | 774.69 | 2023 | -3.81% | -6.42% | View data |
| 8 | 8 Denmark | 718.58 | 2023 | +19.57% | +36.21% | View data |
| 9 | 9 Japan | 400.17 | 2023 | +0.88% | +3.05% | View data |
| 10 | 10 China | 280.92 | 2023 | -32.99% | -11.89% | View data |
