Climate change already noticeable for one in five German companies

The effects of climate change have long since arrived in the economy. According to a special analysis by KfW Research, more than one in five companies (21%) in Germany report concrete negative consequences. This corresponds to around 800,000 companies. Large companies and energy-intensive sectors are particularly hard hit.

Large companies particularly hard hit

The analysis is based on the KfW Climate Barometer 2025, for which around 13,300 companies were surveyed. It is striking that the larger the company, the greater the impact.

• 74% of large companies (turnover over 500 million euros) feel negative effects
• 42% of larger SMEs are affected
• The figure for micro-enterprises is 19%

Extreme weather events such as droughts, storms and floods are on the rise worldwide and cause considerable damage, including in Germany.

Dr. Dirk Schumacher, Chief Economist at KfW

According to Dirk Schumacher, this is primarily due to global supply chains. International interdependencies increase vulnerability to extreme weather events worldwide.

Energy-intensive sectors under pressure

Companies with a high proportion of energy in their total costs are particularly hard hit. Around 31% of these companies report negative effects. This is a significant increase compared to the previous year.

Extreme weather events such as droughts or low water levels, for example in 2022 and 2025, led to considerable restrictions:

• Transportation problems due to low river levels
• Production downtime at power plants
• Restrictions in industrial cooling processes

Climate risks continue to increase

The number of large companies affected has risen significantly within a year, from 61% in 2024 to 74% in 2025. KfW Chief Economist Schumacher emphasizes the economic dimension. Climate protection is not only ecologically necessary, but also crucial for long-term prosperity and stable economic structures.

The entire study can be viewed at KfW.de.