Global Governance

Theme Leaders: Jason Zein, and Mark Humphrey-Jenner 

In an increasingly multipolar world characterised by rising global geopolitical tensions and less effective collective approaches to combat climate change, as well as a trade war and a friend-shoring strategy for trade and investment, there has been a decline in the use of multilateralism to address many interconnected global challenges and opportunities.

With both an ineffective UN and its Security Council, the process of ensuring global collective decision-making on cross-border challenges and opportunities- including global peace and security, environmental protection, global financial stability, and the pursuit of the UN Sustainable Development Goals by the 2030s- remains fragile. Furthermore, the lack of effective global financial governance and a resilient financial system can create systemic risks and lead to financial challenges, shocks, or crises, Promoting effective collaboration, addressing climate risks, fast-tracking the transition to cleaner energy sources, and implementing measures to mitigate the impacts of climate change for billions of people in a just and transparent manner, while upholding principles that enhance global corporate social responsibility, are among the most urgent global and national policies that should be enacted within an effective global governance framework and in the spirit of an inclusive multilateral system among nations.

At the same time, due to the interconnected nature of global public goods, the governance of these major public goods- such as protecting the environment, establishing a resilient global financial system, ensuring effective and resilient global health system require global collective actions.

To maintain ongoing national and global financial stability and diminish systemic global risks, future shocks, crises, and interconnected issues such as climate change, enhancing global governance is crucial. Strengthening the foundation of the existing multilateral system is vital. This entails that the effectiveness and resilience of global governance—focused on addressing challenges and opportunities related to environmental protection, sound economics, finance, health, and international peace and security—are interconnected. In other words, the weakest links in any of these global systems could trigger a worldwide crisis, as demonstrated during the GFC and the COVID-19 pandemic. 

 The IGF has a strong record in research and engagement on issues related to global governance. It plans to build on its strengths in this area and contribute to policies and measures that reinforce the foundations of an inclusive multilateral system. The IGF’s current research aims to focus on global governance for the environment, economics, finance, and health over the next five years in collaboration with national, regional, and international partners, institutions, the business community, and others.

 The IGF continues its ongoing research and strategic thought leadership, and develops policy recommendations related to the global governance of major challenges and opportunities, including those pertaining to the G20 and B20 agendas. 

The IGF is currently working on a book on the importance of multilateralism and the process of win-win collaboration for addressing interconnected global challenges and opportunities, as opposed to unilateralism and zero-sum game approaches to these issues.