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Climate policy is costly for firms: Evidence from the EU Carbon Border Adjustment Mechanism
- Is EU climate policy costly for firms at the current juncture? The academic literature has not come up with consistent empirical evidence so far. New research evaluating the recent decision to introduce the EU Carbon Border Adjustment Mechanism suggests that European carbon pricing has finally started to bite.
- Climate policy has gained a lot of momentum in recent years, with the EU Emissions Trading System serving as a worldwide flagship. However, existing empirical evidence about the effectiveness of carbon pricing remains inconclusive. In particular, it is unclear how strongly carbon pricing hurts regulated firms and whether it induces a tradeoff between financial performance and combating climate change. New empirical Bundesbank research shows that recent changes in EU carbon pricing are having noticeable effects on firms (see Shi, Zhang, Meinerding (2025)). This view is also indirectly supported by the current backlash in EU climate policy. EU legislators are currently implementing a follow-up reform of EU climate policy that is supposed to relieve the financial burden on European firms.
- Climate policy has gained a lot of momentum in recent years, with the EU Emissions Trading System serving as a worldwide flagship. However, existing empirical evidence about the effectiveness of carbon pricing remains inconclusive. In particular, it is unclear how strongly carbon pricing hurts regulated firms and whether it induces a tradeoff between financial performance and combating climate change. New empirical Bundesbank research shows that recent changes in EU carbon pricing are having noticeable effects on firms (see Shi, Zhang, Meinerding (2025)). This view is also indirectly supported by the current backlash in EU climate policy. EU legislators are currently implementing a follow-up reform of EU climate policy that is supposed to relieve the financial burden on European firms.
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