This chapter compares companies within the electric power, oil, pulp and paper, cement, and steel industries to shed light on whether, how and why they have responded to the world’s first international emissions trading system. The main conclusion is that all companies and sectors have, to varying degrees, shifted their short- and long-term climate strategies in a more ‘innovative’ direction since the introduction (or anticipation) of the EU ETS. The most significant changes can be observed in the electric power industry. Interesting changes have also taken place in the energy-intensive industries, but these changes have been less substantial and less widespread. Moreover, we note that inter-company collaboration on low-carbon solutions has increased.