The signatures are in, now the challenge is all about implementation. A joint U.S.-EU push rallied nearly 100 nations behind a pledge to cut global methane emissions 30% below 2020 levels by 2030. Celebrated at the COP26 climate summit in Glasgow, the initiative is the first international political commitment to take on methane, which has more heat-trapping power than carbon dioxide. America’s climate envoy, John Kerry, kept his sales pitch simple in his recruitment drive, saying the agreement was not a “burden” to cut individual emissions. Cattle-rich Brazil signed up, but the latest document detailing its environmental measures doesn’t include any policies on limiting releases of the gas. Another agreement may see the light at COP26 tomorrow: Britain is trying to corral at least 18 countries into agreeing to stop funding of foreign fossil fuel projects by the end of next year, people familiar with the discussions told us. That move builds on similar pledges this year from the U.K., the EU and the U.S.

— John Follain

What’s Happening
More Trees | In another commitment at COP26, 100 nations representing 85% of the world’s forests have given themselves nine years to halt and reverse deforestation by 2030. Brazil, Russia, Canada, Colombia and Indonesia will be among the nations pledging to stop and reverse forest loss and land degradation by 2030.

Steel Deal | The U.S. and EU’s truce over tariffs on metals will help counter inflationary effects on prices of American goods, Commerce Secretary Gina Raimondo told Bloomberg Television. See our Big Take laying out the inflationary impact of the supply-chain squeeze, or as Tracy Alloway dubbed it: “whackflation.”

New Rules | Chancellor Angela Merkel’s Christian Democratic Union has agreed for the first time in its history to hold a membership vote to choose its leader when it seeks to replace Armin Laschet in January. The CDU is likely heading into opposition for the first time in 16 years after Laschet led the party to its worst postwar election result in September.

Belgium Warning | The U.S. Centers for Disease Control and Prevention has advised people to avoid travel to Belgium because of the state of the pandemic there. The CDC said that if travelers have to head to Belgium, they should make sure they are fully vaccinated before doing so.

In Case You Missed It
Energy Tensions | European natural gas futures climbed higher, with Russia signaling it will boost supply, but declining to reserve more pipeline capacity. At auctions yesterday, Gazprom didn’t book additional capacity to deliver gas through key transit routes in the first quarter. Limited supplies from the country in the past two months are keeping the continent’s market on edge.

Gas Link | Russia’s Nord Stream 2 may need a few more months to clear remaining red tape before the controversial pipeline begins pumping natural gas to Germany to help ease Europe’s energy crunch. The pipeline might not be approved until May 8 if regulators use all the time they’re allowed, and whether the bureaucrats would be willing to accelerate the process if Europe’s energy woes intensify remains to be seen.

Wheat Record | Wheat climbed to a record in Paris as buyers scoop up European supplies on the back of shortages elsewhere that have added to food-inflation worries. The EU’s wheat has become increasingly vital this year following poor harvests in other key shippers and as export taxes slowed sales from wheat giant Russia. The bloc is poised to reclaim the crown as the world’s top exporter.

Romanian Restart | Romania’s ruling Liberal Party tried to reset the clock on its efforts to create a new government by scrapping a plan to form a minority government and handing back its mandate. President Klaus Iohannis can either renominate Prime Minister-designate Nicolae Ciuca and give him another 10-day window to seek support for a coalition, or select another candidate for premier.

Ship Jam | The world’s largest shipping hubs are suffering elevated levels of congestion as containers pile up at seaports from Singapore to Greece’s Piraeus. The Greek port saw an April-to-October high of anchored ships waiting, with the global jam the latest logistical knot in supply chains.

Chart of the Day

Italy’s manufacturing sector saw more rapid expansion last month, bucking the general weakening trend in the region as Prime Minister Mario Draghi tries to spur growth in the euro area’s third-largest economy. The Netherlands, Ireland and Greece also recorded stronger performances in surveys of purchasing managers by IHS Markit. With Germany, France and Spain lagging behind, momentum in the entire euro area slowed in October.

Today’s Agenda
All times CET.

• 10.30 a.m. Weekly meeting of the College of the Commission, followed by read-out/press conference
• 2 p.m. NATO’s Stoltenberg delivers a speech at the Nordic Council in Copenhagen
• 5:15 p.m. German Chancellor Merkel meets French President Macron in Beaune
• EU Agriculture Commissioner Wojciechowski meets U.S. Agriculture Secretary Vilsack in Brussels
• EU’s Jourova in Lisbon for WebSummit, meets with Microsoft’s Brad Smith
• EU Justice Commissioner Reynders in Rome to meet Italian ministers