29 days ago, the Trump Administration removed sanctions on Russian oil for 30 days. Hopefully, they don't extend that relief tonight. www.banking.senate.gov/newsroom/min...

BREAKING: $4 is back. The national average has just reached $4/gal according to GasBuddy, the highest since August 8, 2022. The rise is now the largest monthly increase GasBuddy has ever recorded: $1.059/gal for gasoline, $1.701/gal for diesel.

J posted on @bruegel.org: "We find that countries with greater trade exposure to CBAM are significantly more likely to adopt carbon pricing policies following the European Commission’s announcement of the carbon border measure in 2019." Can't wait to see the paper! www.bruegel.org/newsletter/w...

I am a big fan of most of what @robin-j-brooks.bsky.social says about Russian oil but disagree strongly w this Substack.

As usual, very well said by @crampell.bsky.social.

#CBAM: 'Carbon pricing at Europe's borders is a good idea, but it has clear limits', by Christian Gollier, Axel Ockenfels & @cwolfram.bsky.social | Le Monde www.lemonde.fr/en/opinion/a...

Statements like this from Trump will make the oil market reaction *worse* No one who has any idea how the oil market works is buying it—all this does is make it seem like Trump believes it, which means the base case length of this disruption is growing ever-longer. Tick. Tock.

📊 Chart of the week: EU nitrogen fertiliser prices Exempting fertilisers from CBAM would achieve little while risking climate progress, argue @kclausing.bsky.social, Ignacio García Bercero, @mpereboom.bsky.social & @cwolfram.bsky.social 🔗Read the First Glance: buff.ly/HdgPdrT #EconSky

New piece out @bruegel.org with Ignacio García Bercero, @mpereboom.bsky.social, and @cwolfram.bsky.social. In which we describe why exempting fertilizer from the EU's CBAM will do little to nothing for farmers, while weakening an important climate policy tool. www.bruegel.org/first-glance...

I'm pleased to share my recent column in Project Syndicate. ⚙️ I argue that we can think of Europe’s climate leadership as a policy flywheel. Europe Must Not Abandon Its Climate Ambitions by Catherine Wolfram @projectsyndicate.bsky.social prosyn.org/KliboFD

(1/2) Such a pleasure discussing the importance of the EU CBAM for climate policy with Arvid Viaene. Listen to his podcast to hear more about our work on the Global Effects of CBAM, with @allanhsiao.bsky.social @cwolfram.bsky.social and @jmcolmer.bsky.social. www.buzzsprout.com/2412056/epis...

The DROP Act is introduced in the House with a heavy-hitting set of co-sponsors. mccaul.house.gov/media-center...

Good news re #CBAM in the EU-India trade deal: It's intact, and, even better, the EU committed not to give other countries a break. They also committed to support decarbonization in India to the tune of 500 million euros. www.reuters.com/sustainabili...

Yes, EU CBAM pushing Indian steel producers toward greener production processes. I only wish people would stop referring to #CBAM as a tariff. Tariffs treat foreign and domestic producers differently, while a CBAM levels the playing field. More like a VAT. www.canarymedia.com/articles/gre...

Anyone in #Canada selling swag off @mark-carney.bsky.social speech yet? A "Take Down the Sign" hat? Or too American? @blakeshaffer.bsky.social

Keeping an eye on this and hoping the EU holds firm on #CBAM. My read is that there's some chance of a fertilizer exemption but that's just the kernel of an idea right now. www.spglobal.com/energy/en/ne...

Graham sanctions bill may be moving forward. Ideally, Graham would work with McCormick and adopt parts of the DROP Act. www.politico.com/live-updates...

Here’s an interesting fact about the Venezuelan oil and gas sector: it’s ridiculously, off-the-charts dirty when it comes to methane emissions. In some earlier work, we had to change the scale to show Venezuela’s methane emissions per unit of energy produced.

I'd say the article answers the headline with a "yes", including quotes from @gzachmann.bsky.social at @bruegel.org. www.barrons.com/news/europe-...

Looks like the initial data on NYC congestion pricing say it’s working. 👏 🔌💡 #TalkAboutClimate www.bloomberg.com/news/article...

More news on CBAM expansion plans. www.reuters.com/sustainabili...

Really enjoyed this conversation with @robertstavins.bsky.social!

EU expanding CBAM to cover several goods made with steel and aluminum. giftarticle.ft.com/giftarticle/...

Households face annual costs of roughly $400–$900 from climate change—mainly from disasters, higher insurance, and energy costs—with lower-income families and certain regions hit disproportionately, from @kclausing.bsky.social, Knittel, and @cwolfram.bsky.social www.nber.org/papers/w34525

Faculty member @cwolfram.bsky.social efforts at #COP30 helped lead an international effort to strengthen and coordinate carbon markets reminding the U.S. carbon-pricing is "alive and well" globally.

An @eenews.bsky.social report on the Open Coalition on Compliance Carbon Markets. (People who have heard me talk about these issues recently won't be surprised that I'm the expert in the subtitle!) www.eenews.net/articles/new...

Canada's pipeline deal seems poised to strengthen industrial carbon pricing in Alberta (though "weak" carbon pricing in Canada is ~USD 65/ton on the margin). Go @mark-carney.bsky.social! www.politico.com/news/2025/11...

Really enjoyed this conversation with @jc-econ.bsky.social and Seth Carpenter. Thanks to @wendyedelberg.bsky.social for expert moderation and @brookings.edu for hosting! The event has passed, but you can still watch the video.

Climate inaction is ALREADY a big expense affecting US households' costs. One of the biggest? The impact of climate-related natural disasters on housing costs. New post and research by @kclausing.bsky.social @knittelmit.bsky.social @cwolfram.bsky.social legal-planet.org/2025/11/20/c...

🪴 Bruegel at COP30 Brazil 🗓️ 20 November 2025 17:00-18:00 (CET) Join us at COP30 with @jzettelmeyer.bsky.social, Alissa M. Kleinnijenhuis, @tagliapietra.bsky.social, Ottmar Edenhofer, @cwolfram.bsky.social, @estellecantillon.bsky.social, @simonmundy.ft.com and Juliano Assunção 🔗 buff.ly/kseprVU

Beautifully said by Daouda Sembene, PhD in this @cgdev.org blog post. Im so happy to have Daouda on our Global Climate Policy Project at Harvard and MIT climate coalitions working group! www.cgdev.org/blog/africa-...

Happy to be interviewed by @folha.com over the weekend about Brazil’s Open Coalition on Compliance Carbon Markets. The headline for the interview is (according to Google's translation), “The next step is to convince India, says the creator of a global carbon market.”

Próximo passo é convencer a Índia, diz Catherine Wolfram

The EU and China both endorse the Open Coalition - that's huge.

"EU, China Said to Join Brazil-Led Carbon Market Coalition" So, so thrilled to see this come together! Huge congrats to Cristina Reis (MofF, Brazil) and her team for getting it done and lining up so many of the important countries. Why is this important? A 🧵 www.bloomberg.com/news/article...

So fun to work on this with @brookings.edu.

Nice coverage of Brazil's push "to create a coalition of nations that would charge domestic manufacturers for carbon emissions and tax some imports from countries not in the coalition." And it's formidable leader Cristina Reis! #COP30 subscriber.politicopro.com/article/eene...

Really fun listen. My only minor complaint is that they describe the amassing of the shadow fleet as an "unintended consequence," suggesting that policymakers didn't expect it. I know for a fact that's not the case! Maybe economists should replace "unintended" with "unavoidable" (Greek shippers?)

More pressure on Russia, and on Trump to keep the pressure up. www.bloomberg.com/news/article...

Oil prices in Asian trading are up a bit on these reports, but maybe the market is flush enough to absorb some shut in of Russian oil? oilprice.com/Latest-Energ...

Curious to hear from others who subscribe to Carbon Pulse. I see a fair number of headlines I’d like to click through to, like the one below, but the subscription price is steep! Worth it? #climatesky

This is described as an "exemption" but since the UK and EU plan to align carbon markets so that UK and EU firms will pay the same price that's not quite right. It's instead aligned w the EU intent to credit domestic prices already paid. More a mini coalition! www.theguardian.com/politics/202...

Two points counter the top-line narrative in this piece: 1. Work by @constanzaabuin.bsky.social suggests that exporting more Canadian LNG can lower GHG emissions abroad, at least in the short run 2. The coming "climate competitiveness strategy” could be a #CBAM?!? www.wsj.com/world/americ...

Thanks to @kclausing.bsky.social for the great thread on our BPEA paper with @knittelmit.bsky.social! Bottom line: US households experience climate change primarily through wildfires and storms more than heat.

U.N. General Assembly Updates: China, for First Time, Vows to Reduce Greenhouse Gas Emissions www.nytimes.com/live/2025/09...

"The EU and China have expressed interest in joining the agreement, which may make it one of the most significant outcomes of the November summit..." Let's hope!! www.bloomberg.com/news/article...

NYT piece on Russia's shadow fleet frustratingly treats the build up of the fleet as an inevitable response to the price cap. That's not at all the case. The EU could have prohibited oil tanker sales to Russia, but for (I've heard) the desires of the Greek shippers. www.nytimes.com/2025/09/20/w...

New bipartisan Senate bill targets Russia's shadow fleet used to evade oil price cap. on.ft.com/46whsmY

I'm delighted to announce the release of the Flagship Report of the Global Climate Policy Project at Harvard and MIT Working Group on Climate Coalitions on "Building a Climate Coalition: Aligning Carbon Pricing, Trade, and Development." ceepr.link/3VmgC7g A 🧵 on what we do/find:

Interesting. This would presumably make it harder for the Democrats to pursue @ezrakleinbot.bsky.social's strategy to use gov't funding to extract concessions on domestic issues. www.politico.com/news/magazin...