The KfW/ZEW CO2 Barometer - developed as part of a cooperative project of KfW Bankengruppe and ZEW - has been analysing the situation of German companies regulated under the European Union Emissions Trading System (EU ETS) on an annual basis since 2009. The study's objective is to closely monitor firm behaviour in carbon markets in order to regularly provide detailed information to policy-makers, businesses, and the research community. For that purpose, all German firms regulated under the EU ETS are invited to participate in the survey. On average, approximately 130 companies have responded to the questionnaire per year. The results are reported in an annual publication, the KfW/ZEW CO2 Barometer. In 2013, KfW Bankengruppe and ZEW have developed a complementary survey, monitoring the manufacturing industry. This study aims to shed light on recent developments in the German manufacturing industry driven by European climate and energy regulations as well as the German energy transition in particular.


The publication "KfW/ ZEW CO2 Panel" was released in September 2016 for the last time.

KfW/ZEW CO2 Panel 2016 - Carbon Edition


Main Results of the Survey:

  • While the Paris Agreement has the potential to be a major breakthrough in global climate negotiations, a majority of German companies participating in the EU ETS do not expect that it will be effective in reducing global emissions, not even in the long run.
  • In the current trading period the EU ETS has generated only weak incentives for firms to implement carbon abatement measures.
  • The trading scheme should be further strengthened to ensure the effectiveness and efficiency of climate action in Europe.

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