Climate change induces governments worldwide to establish emission regulations with the EU taking the pioneering role through the introduction of the EU ETS. These climate policies cause higher emission costs for energy intensive companies and can therefore lead to serious jumps in their production costs. Together with the fluctuating and by trend rising fossil fuel prices, these are two major risk factors for (energy intensive) companies. Thus, companies should think about investments in green technologies as an important strategic decision to remain profitable in the long term. This Bachelor thesis suggests that a real options analysis (ROA) is the best approach to think about investments in green technologies. Thus, selected academic literature based on a ROA approach is analysed to identify the best technology choice strategy. In the end, practical evidence to these findings is provided through two case studies – one about HeidelbergCement, representing the demand side, and one about Amyris, as example for the supply side of green technologies.