This study has calculated the additional profits that sectors and companies have made in the EU ETS between 2008 to 2019 for the 15 most CO2-intensive sectors plus aviation in 19 EU countries. The study investigates three types of profits:
In total, the additional profits for the fifteen sectors in the nineteen countries ranged between € 30 to over € 50 billion in the period 2008-2019. In absolute terms, additional profits were the highest in the iron and steel sector (€ 11.9 to € 16.1 billion) followed by the cement (€ 7.1 to € 10.3 billion) and refineries (€ 5.9-11.3 billion).
The study recommends policy makers to consider alternative means of protection to carbon leakage to ensure European industries decarbonise while remaining competitive on a global playing field.