US, Russia agree to work on shared climate goals ahead of UN conference

The US and Russian governments committed July 15 to working together on shared climate goals, Arctic issues, and climate finance during US climate envoy John Kerry's diplomatic visit to Moscow.

The governments issued a joint statement by Kerry and Russian climate adviser Ruslan Edelgeriyev recognizing the "need to address the increasing climate challenge with seriousness and urgency."

"They are committed to the robust implementation of the Paris Agreement and its temperature goals, including through significant efforts in this decade and the global pursuit of net-zero emissions, recognizing the importance of enhancing carbon sequestration by forests and other ecosystems," the statement said.

The pair agreed to work together and with others to promote a successful COP 26, the UN Climate Change Conference set for November in Glasgow, Scotland.

Kerry and Edelgeriyev also agreed to work on satellite monitoring of emissions and removals of greenhouse gases, reducing emissions from non-CO2 gases including methane, energy efficiency, nature-based solutions, and implementation of joint climate projects.

The European Commission July 14 unveiled its long-awaited climate legislation to overhaul the European economy to make every sector contribute to a 2030 target of cutting greenhouse gas emissions by at least 55% below 1990 levels.

S&P Global Platts Analytics warned that the "Fit for 55" program faces significant challenges, including the potential for raised costs of living for consumers and tackling CO2 emissions from sectors that until now have proven hard to abate.