This study calculates the additional profits of EU ETS sectors and companies from 2008 to 2019 for the 15 most CO2-intensive sectors plus aviation in 19 EU countries. Three types of profit are investigated:
In total, the additional profits for the 15 sectors in the 19 countries were between € 30 billion and over € 50 billion in the period 2008-2019. In absolute terms, additional profits were highest in the iron and steel sector (€ 11.9-16.1 billion), followed by the cement industry (€ 7.1-10.3 billion) and refineries (€ 5.9-11.3 billion).
The study recommends that policymakers consider alternative means of preventing carbon leakage to ensure European industries decarbonise while remaining competitive on a global playing field.