The study examines the likely impact on the activity of Greek industries that are exposed to the risk of carbon leakage as well as the implications for the Greek economy arising from the forthcoming revisions in the European Union Emission Trading System (EU-ETS) and the introduction of the Carbon Border Adjustment Mechanism in the EU (EU-CBAM). The study first reviews the amendments in the EU climate policy as they result from the proposals of the “Fit for 55” policy package, with an emphasis on the changes in the carbon leakage protection framework and the introduction of the EU-CBAM. It then proceeds to examine the importance of the sectors that are exposed to the risk of carbon leakage for the Greek economy, analyzing also their exposure to international trade and their direct and indirect emissions cost. The impact of the proposed changes to climate policy is then assessed, based on alternative scenarios that describe possible changes in the parameters and conceived changes in the EU’s carbon leakage protection framework in the future. Finally, the study provides some recommendations for improvements in the proposed carbon leakage protection framework with the aim to safeguard the competitiveness of Greek industry and to facilitate the implementation of the necessary adjustments.