Global Risks Governance and G20, G8, BRICS Capabilities
Global governance challenges generate a demand for global governance from multilateral international institutions that cannot be met by the available supply. The national priorities of the international institutions’ member-states also shape the demand for collective action. The institutions’ capacity for forging consensus and making collective decisions can be transformed into “global governance supply.” The country chairing an institution should align both types of demand (global risks and members priorities) with the capacity of the institution its national priorities, interests and capabilities. The chair should also be guided by a comparative assessment of international institutions’ effectiveness for dealing with specific global problems.
For Russia, chairing the G20 in 2013, the G8 in 2014 and the BRICS in 2015, in a sequence of three presidencies presents a unique opportunity to influence global processes balancing external conditions and national priorities. The sequence of three presidencies provides an opportunity to elaborate an innovative agenda for the three institutions on the basis of comparative analysis of a forecasted global challenges and the G20, G8, BRICS capabilities to respond.
This chapter takes up that task. It offers a forward-looking, demand-responsive approach to PSI agenda setting and action taking, rather than the prevailing approach to focus on core subjects, see what is undelivered, and shrink or sink the rest. It argues that each institution’s work should address the risks and challenges most relevant to their missions and capabilities. The G20 agenda should be focused on managing economic risks. The G8 should prioritize geopolitical and technological risks. The BRICS innovative long-term agenda should address societal risks. Such approach will serve as a solid foundation for the division of labour maximizing the three institutions’ contribution to overcoming global governance failures. However, such systemic risks as severe income disparity, unforeseen negative consequences of regulation, the prolonged neglect of infrastructure, extreme volatility in energy and agriculture prices demand cooperation and coordination among the G8, G20 and BRICS. A proper balance between cooperation and the division of labour will enhance the institutions’ capabilities of managing global risks.