Climate change threatens the economic performance of ski resorts, and therefore the economies of mountain regions. Increased snowmaking is the leading adaptation strategy, but its economic contribution remains unclear. To fill this gap, we used dynamic panel data modelling to analyse the economic performance of 56 French Alpine ski lift operators over a 15-year period (2004/05 to 2018/19). Economic performance remains strongly linked to ski lift capacity and shows a high degree of persistence over time, all other things being equal. No evidence has been found that increased investment in snowmaking improves resort sales or profits, even in the worst natural snow seasons. These results strongly challenge the idea that increased snowmaking is an effective economic adaptation to climate change.

Climate change threatens the economic performance of ski resorts, and therefore the economies of mountain regions. Increased snowmaking is the leading adaptation strategy, but its economic contribution remains unclear. To fill this gap, we used dynamic panel data modelling to analyse the economic performance of 56 French Alpine ski lift operators over a 15-year period (2004/05 to 2018/19). Economic performance remains strongly linked to ski lift capacity and shows a high degree of persistence over time, all other things being equal. No evidence has been found that increased investment in snowmaking improves resort sales or profits, even in the worst natural snow seasons. These results strongly challenge the idea that increased snowmaking is an effective economic adaptation to climate change.