The latest U.N. climate talks held in Poland in December produced surprising progress toward developing the rulebook governing the Paris climate agreement. Yet there is no existing international financial institution capable of mobilizing enough money to finance national climate plans made under the accord.

Greece’s parliament held a historic vote last Friday that not only ended a three-decade-old dispute with its neighbor, now officially North Macedonia, but handed Russia a bruising defeat. Yet Russian efforts to strengthen its position in the Balkans are still moving forward on many fronts.