Catherine Wolfram

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 an Affordability Problem - Legal Planet This post is authored by UCLA Law’s Kimberly A. Clausing along with guest contributors Christopher R. Knittel and Catherine Wolfram. Many of us have seen large increases in our homeowner’s insurance p...

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-...

The leaders’ endorsement of the Open Coalition, including the EU, China, Canada, Mexico, Zambia and other countries, lays an important foundation, but there’s a lot of work to be done to build the house on top of that foundation. Time to get to work!

Using a building analogy, I would describe myself as a contractor more than a creator. Nordhaus was certainly one of the central architects with his work on climate clubs, I'm just helping to get that vision in place.

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 idealizadora de mercado global de carbono Catherine Wolfram liderou grupo de trabalho de acadêmicos que estruturou funcionamento do mecanismo

Próximo passo é convencer a Índia, diz Catherine Wolfram

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

Harvard-MIT research shapes COP30 initiative on carbon market integration - The Salata Institute Brazil, the EU, and China, among others, have committed to establish an Open Coalition on Compliance Carbon Markets to discuss carbon pricing and trade rules – a framework informed by the Global Clima...

For more info, see:

Harvard press release: salatainstitute.harvard.edu/harvard-mit-...

Brazil's page on the declaration:
www.gov.br/mre/pt-br/ca...

Our blog post: salatainstitute.harvard.edu/a-green-edge...

Why is it important that this is a leaders’ statement?

As my awesome colleague Arathi Rao says, “This declaration marks an important first step. It sends a clear political signal that countries are serious about aligning compliance carbon markets.”

Now the work begins to bring this to life!

It demonstrates how we make progress on climate without the second largest emitter at the table.

Figure showing that a coalition could drive 7x as many emission reductions as the current policy baseline.

💡It recognizes that by collaborating, countries can drive greater ambition.

Figure showing that 82% of heavy industry emissions are already covered by carbon pricing initiatives.

💡It underscores the importance of carbon pricing in tackling climate change and reminds us that many countries outside of the U.S. are adopting it, especially for heavy industries.

E.g., from our recent report:

ceepr.mit.edu/wp-content/u...

EU, China Said to Join Brazil-Led Carbon Market Coalition The European Union and China agreed to join Brazil in a coalition aimed at improving collaboration on carbon markets — one of the main innovations the South American nation is bringing to the COP30 cl...

"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.

E&E News: Brazil to push for global coalition of countries with carbon fees South America's largest nation named a respected figure to run its carbon market as it prepares to host international climate talks in November.

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?)

Thune Says Senate Will Vote on Russia Sanctions Bill Senate Majority Leader John Thune is ready to bring to a vote legislation imposing sanctions on countries that trade with Russia, a move to put economic pressure on Vladimir Putin even after President...

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

UK and EU poised to strike deal sparing British business from carbon border tax Exclusive: Temporary deal to shield UK exporters from levy’s impact is now viewed by both sides as likely

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...

@mark-carney.bsky.social

Mark Carney’s Shift From Climate-Change Warrior to Fossil-Fuel Cheerleader Canada’s prime minister has scrapped green policies and pledged to transform the country ”into an energy superpower.”

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

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

Brazil Lobbies EU, China to Join COP30 Carbon Market Coalition Brazil is trying to build a coalition of countries, including the European Union and China, to unify carbon markets globally as it prepares to host this year’s COP30 climate summit.

"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...

Increase pressure or silently acquiesce | Brookings European regulators face critical decisions on Russia how to continue the regime of sanctions in response to the invasion of Ukraine.

Although work by @robin-j-brooks.bsky.social and @econharris.bsky.social suggests US sanctions are the most effective, and the US hasn't been following other countries lately.

www.brookings.edu/articles/inc...

Russian Oil Falls Back Below $60 Price Cap as US Sanctions Bite Russia’s flagship crude oil has dropped back below a price cap of $60 a barrel for the first time since December, one of several indicators that fresh US sanctions on Moscow may be biting.

Luckily, it looks like adding sanctions on the shadow fleet depresses the price Russia receives.

www.bloomberg.com/news/article...

How Russia’s Sanctions Evasion Could Create Lasting Costs

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...