Global Energy Governance: The New Rules of the Game

The global market for oil and gas resources is rapidly changing. Three major trends - the rise of new consumers, the increasing influence of state players, and concerns about climate change - are combining to challenge existing regulatory structures, many of which have been in place for a half-century. "Global Energy Governance" analyzes the energy market from an institutionalist perspective and offers practical policy recommendations to deal with these new challenges. Much of the existing discourse on energy governance deals with hard security issues but neglects the challenges to global governance. "Global Energy Governance" fills this gap with perspectives on how regulatory institutions can ensure reliable sources of energy, evaluate financial risk, and provide emergency response mechanisms to deal with interruptions in supply. The authors bring together decisionmakers from industry, government, and civil society in order to address two central questions: What are the current practices of existing institutions governing global oil and gas on financial markets? How do these institutions need to adapt in order to meet the challenges of the twenty-first century? The resulting governance-oriented analysis of the three interlocking trends also provides the basis for policy recommendations to improve global regulation.