The influence Of CO2 on the performance of PEM fuel cells was investigated by means of fuel cell experiments and cyclic voltammetry. Depending on the composition and microstructure of the fuel cell anode, the effect varies from small to significant. Adsorbed hydrogen plays a dominant role in the formation of CO-like species via the reverse water-gas shift reaction. Platinum sites which are not utilized in the electrochemical oxidation of hydrogen are thought to catalyze this reverse-shift reaction. Alloying with ruthenium suppresses the reverse-shift reaction.