„Fit for 55“

: Das CO2-Grenzausgleichssystem als Klimaschutzmaßnahme

Abstract

This bachelor thesis deals with the economic effects of the Carbon Border Adjustment Mechanism (CBAM) on companies in energy-intensive industries, using the steel industry as an example. The work is embedded in the climate policy framework of the European “Fit for 55” package, which aims to make the EU climate-neutral by 2050. A central instrument of this package of measures is the CBAM, which is intended to prevent the relocation of CO₂ emissions to third countries with less stringent environmental regulations and create fair competitive conditions for European companies. Motivated by the realization that the energy-intensive industry in particular - such as the steel industry - is strongly affected by CBAM both in regulatory and economic terms, this paper examines the concrete cost burdens and the possible strategic reactions of companies in the course of the introduction of CBAM. The focus is on the question of what financial effects arise for a typical industrial company and how these costs can be influenced and reduced through adjustments in procurement or production. To answer the research question, a qualitative case study with a supplementary cost-benefit analysis was carried out. An Austrian steel group with high CO₂ emissions and global procurement structures was used as a case study. Three scenarios were analysed on the basis of publicly available documents - in particular annual and sustainability reports as well as press releases: a baseline scenario without adaptation, a gradual change in the raw material mix and a technological transformation by means of direct reduction. The results show that the introduction of CBAM in the base scenario would lead to additional costs of around €1.4 billion over a period of nine years (2026-2034) (present value approx. €893 million). Even a moderate reduction in imports leads to savings of more than €500 million on a present value basis. The far-reaching technological changeover to hydrogen-based steel production requires an investment of €1.5 billion, but is fully amortized within ten years through savings in certificate costs alone. Based on these findings, the study derives specific recommendations for action: Companies should develop alternative sources of supply at an early stage, integrate lower-emission raw materials into the production process and potentially invest in transformative technologies. At the same time, organizational preparations are required to meet the CBAM reporting obligations. The work makes it clear that CBAM is not only a regulatory challenge, but also offers a strategic lever for sustainable transformation and long-term competitive advantages.

Date of Award	2025
Original language	German (Austria)
Supervisor	Sarah Beatrice Kapplmüller (Supervisor)