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Global climate governance has undergone a significant transformation in the past decade. Previously it might reasonably have been characterized as a system governed by the UNFCCC and its Kyoto Protocol, with a secondary role for national policy regimes. Since then, a large array of governance initiatives acting across international borders have joined the UNFCCC regime, including those created by subgroups of governments, private sector actors of various types (specific industrial sectors, institutional investors, etc.), non-governmental organizations, and subnational actors like cities and regions. These initiatives are variously understood through ideas such as transnational, private, or non-state governance. 2 Many academic and policy debates about the UNFCCC, however, have largely ignored these developments.“Multilateralists” tend to focus on the design of intergovernmental agreements, with an at …