> but no indication of what that means

The very first thing it means is that a firm has to understand the new law and then determine what changes it requires. And as a firm gets smaller that makes the relative burden higher. Of course this shouldn’t imply you never change anything, but it does mean every incremental new regulation is a ratchet that shifts in favor of large firms. The EU estimates this regulation avoids 23Mt of CO2[0], which is about 0.8% of EU emissions. Not sure that’s the place to focus unless you can make a case that it will have spillover effects into other markets.

[0] https://www.europarl.europa.eu/doceo/document/E-9-2023-00218...