Catherine Wolfram
@cwolfram.bsky.social
Climate and energy economist at MIT Sloan. Former DAS at Yellen Treasury.
🔥 Here in Boston, like elsewhere, we're seeing air pollution from Canadian wildfires — the odd-colored sun, the haze, and the real health risks that come with it. This has real costs. @kclausing.bsky.social, @knittelmit.bsky.social and I tallied ways that U.S. hhs have experienced climate change.
A 🧵on two of my all-time favorite charts. The 1st, just published by the @iea.org in the “State of Energy Policy 2026” report shows that more than half of industrial CO2 emissions are now covered by carbon pricing. Reports linked below.
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...
Warren, Shaheen, Schumer Release Joint Statement Urging Trump Administration Not to Extend Sanctions Relief for Russian Oil | United States Committee on Banking, Housing, and Urban Affairs
The Official website of The United States Committee on Banking, Housing, and Urban Affairs
banking.senate.gov
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...
To what extent can the EU's carbon border adjustment mechanism spur global climate action?
bruegel.org
I am a big fan of most of what @robin-j-brooks.bsky.social says about Russian oil but disagree strongly w this Substack.
Robin Brooks@robin-j-brooks.bsky.social · 5mo agoThe discount on Russian oil versus Brent is gone for the first time since early 2022, a big windfall for Putin. The lesson is that the West erred badly in 2022 when it didn't embargo Russia. If you don't confront problems, they come back to haunt you later. robinjbrooks.substack.com/p/a-huge-win...
As usual, very well said by @crampell.bsky.social.
Catherine Rampell@crampell.bsky.social · 5mo agoI expected to write a good-news story: Trump Accidentally Boosts Renewables and Saves the Planet! Turns out, no. Global oil shock is destabilizing Europe’s ambitious climate strategy, which is what’s holding together the rest of the world’s climate strategy. Pull that thread, whole sweater unravels
#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...
'Carbon pricing at Europe's borders is a good idea, but it has clear limits'
OP-ED. Economists Christian Gollier, Axel Ockenfels and Catherine Wolfram warn of the risk posed to Europeans by the lack of ambitious, reciprocal climate commitments from their economic partners.
lemonde.fr
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...
Holding the line on the EU carbon border adjustment mechanism
Exempting fertilisers from CBAM would achieve little while risking climate progress
bruegel.org
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
Europe Must Not Abandon Its Climate Ambitions
Catherine Wolfram highlights three recent developments that underscore why the bloc should maintain its carbon-pricing system.
prosyn.org
(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...
#18 Kimberly Clausing - The Global Effects of CBAM: Quantifying Benefits, Costs, and Leakage - Climate Economics with Arvid Viaene
Climate policy faces a built-in incentive problem: countries bear the costs of domestic regulation, while the benefits of lower CO₂ are shared globally. One proposed solution is a Carbon Border Adjust...
buzzsprout.com
The DROP Act is introduced in the House with a heavy-hitting set of co-sponsors. mccaul.house.gov/media-center...
McCaul, Colleagues Introduce Bipartisan Legislation to Cripple Russian Oil Revenue
WASHINGTON – Today, U.S. Representative Michael McCaul (R-Texas) — chairman emeritus of the House Foreign Affairs Committee — introduced the Decreasing Russian Oil Profits (DROP) Act of 2026.
mccaul.house.gov
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...
EU-India trade deal leaves bloc's carbon border tariff intact
A landmark trade deal struck by India and the European Union on Tuesday will not trigger any changes to the bloc's carbon border tariff, EU officials said, despite India's concerns over the scheme.
reuters.com
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...
New EU carbon tariff pushes India toward green steel
Europe’s pioneering tax on polluting imports presents India’s coal-reliant steelmakers with a choice: Decarbonize or risk losing customers.
canarymedia.com
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...
spglobal.com
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...
Trump has ‘greenlit’ Russia sanctions bill, Lindsey Graham says
The South Carolina Republican said the Senate could vote as soon as next week.
politico.com
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-...
Europe Wanted Its Carbon Border Tax To Go Global -- Is It Working?
The EU's carbon border tax was designed to do more than clean up its own economy: it hoped to encourage trading partners to put a price on pollution as well.
barrons.com
Looks like the initial data on NYC congestion pricing say it’s working. 👏 🔌💡 #TalkAboutClimate www.bloomberg.com/news/article...
New York's Congestion Pricing Is Working. Five Charts Show How
Nearly a year ago, New York City embarked on a controversial program to toll drivers entering some of Manhattan’s busiest streets. The goal of the congestion pricing plan, the first of its kind in the...
bloomberg.com
More news on CBAM expansion plans. www.reuters.com/sustainabili...
EU to extend carbon border levy to new products, drafts show
The European Union plans to expand its upcoming carbon border tariff to cover imported products including car parts, refrigerators, and washing machines, draft European Commission documents seen by Re...
reuters.com
EU expanding CBAM to cover several goods made with steel and aluminum. giftarticle.ft.com/giftarticle/...
EU expands carbon border tax to garden tools and washing machines
Changes are intended to close loopholes in law to prevent carbon-intensive imports
giftarticle.ft.com
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.
New international coalition aims to strengthen carbon markets
"Carbon pricing is not dead," expert says of group led by Brazil with 18 members including China and the EU that have carbon markets.
buff.ly
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...
New international coalition aims to strengthen carbon markets
"Carbon pricing is not dead," expert says of group led by Brazil with 18 members including China and the EU that have carbon markets.
eenews.net
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...
Pipeline pledge anchors Carney’s sweeping deal with Alberta
Ottawa pulls back from Trudeau-era climate policy in a landmark deal with Premier Danielle Smith.
politico.com
