The global gears are grinding slowly into motion once again on climate change. A new US president and a Democratic-controlled Congress signal a material shift in climate ambition from the world’s biggest economy.

Europe’s emissions trading scheme is back out of the shed and is being used to lean on key economies who want to access its markets. China, Japan and Korea have responded with long-term emissions targets. Global ambition has risen even if the plan to get there remains a work in progress.