Global Energy Governance

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The global oil and gas market is undergoing significant transformation due to three key trends: the emergence of new consumers, the growing influence of state actors, and heightened climate change concerns. These shifts challenge long-standing regulatory frameworks that have been in place for decades. This analysis adopts an institutionalist perspective to explore these changes and offers actionable policy recommendations. While much of the current discourse on energy governance focuses on hard security issues, it often overlooks the broader challenges to global governance. This work addresses this gap by examining how regulatory institutions can secure reliable energy sources, assess financial risks, and establish emergency response mechanisms for supply disruptions. The authors engage decision-makers from various sectors to tackle two pivotal questions: the current practices of institutions governing global oil and gas financial markets and the necessary adaptations for these institutions to confront twenty-first-century challenges. The governance-oriented analysis of the interrelated trends lays the groundwork for improving global regulation, featuring contributions from experts across various institutions, including think tanks, universities, and governmental organizations.