The New International Energy Charter: Instrumental or incremental progress in governance?

Ene gy Resea ch & Social Science 11 (2016) 92–96 Con en s lis s a ailable a ScienceDi ec Ene gy Resea ch & Social Science jou nal homepage: www.else ie .com/loca e/e ss Sho communica ion The new In e na ional Ene gy Cha e : Ins umen al o inc emen al p og ess in go e nance? Pami Aal o∗ School o Managemen /Poli ics, 33014 Uni e si y o Tampe e, Finland a i c l e i n o A icle his o y: Recei ed 4 Sep embe 2015 Accep ed 17 Sep embe 2015 A ailable online 26 Sep embe 2015 Keywo ds: Ene gy go e nance Ene gy ansi ions Ins i u ions In e na ional Ene gy Cha e a b s a c The In e na ional Ene gy Cha e , signed by 64 s a es in May 2015, is analysed he e agains he s uc u e o he exis ing o mal ins i u ions o in e na ional ene gy go e nance as ou lined in he li e a u e. In e ms o ac o s, he Cha e has a Eu ope/Eu asia cen ed nucleus o signa o y s a es accompanied by he Uni ed S a es, China and some u he ‘ egional ambassado coun ies’ in A ica, Asia and La in Ame - ica. Howe e , e e ences o non-s a e ac o s a e scan . In e ms o he dimensions o ene gy policy, he Cha e is ela i ely comp ehensi e, pe aining o all main sou ces o ene gy, add essing he mode nisa- ion o in as uc u e and echnology; s essing non-disc imina o y owne ship and axa ion o esou ces, likewise acili a ion o ene gy ade and in es men ; while emaining a non-binding poli ical amewo k e aining so e eign y o e esou ces; and omi ing clima e change issues om i s e e ences o ma ke - based measu es in en i onmen al p o ec ion. The Cha e emains ins umen al o p o ec he ma ke in e es s o la ge ene gy consume s and ep esen s a bes inc emen al p og ess is-à- is linking he in e es s o p oduce s, ansi s a es and consume s a es. Howe e , i o e s ew building blocks o a mo e p ecise oadmap o e en ual T ea y. © 2015 The Au ho . Published by Else ie L d. This is an open access a icle unde he CC BY-NC-ND license (h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/). 1. In oduc ion Du ing he pas hal decade, se e al obse e s ha e lamen ed he absence o p ope in e na ional ene gy go e nance [1]. I is o en claimed ha we ha e a ‘complex and agmen ed land- scape o pa allel, o e lapping, and nes ed ins i u ions’ which ails o espond o cu en in e na ional ene gy challenges [2]. These challenges con ey he ilemma o mul iple p oblems o ene gy secu i y, access o ene gy, and he nega i e en i onmen al and clima ic ex e nali ies c ea ed by he ex ac ion, p oduc ion, ans- po and consump ion o ene gy [3]. Faced wi h such challenges, he exis ing in e na ional ins i u ions a e ‘u e ly ou da ed’, espe- cially when compa ed o in e na ional go e nance in o he a eas [1]. Mo eo e , he exis ing ins i u ions ha e a ‘pa ial scope, lim- i ed membe ship and/o weak au ho i y’ [4]. Thei weakness s ems om he hyb id na u e o in e na ional ene gy go e nance, whe e mul ila e al ins i u ions co-exis and compe e wi h s ong bila e al and bloc ela ions [5]. Gi en he alleged sho comings o in e na ional ene gy go e - nance, i is deba able i 64 s a es signing he new In e na ional ∗Co esponding au ho . E-mail add ess: pami.aal o@u a.fi Ene gy Cha e in May 2015 will imp o e ma e s [6]. In his sho communica ion, I will a gue ha he e en eflec s a bes ins umen al o inc emen al p og ess in in e na ional ene gy go - e nance. While he Cha e is likely o a ac u he deba e, I will highligh h ee issues: he ac o s in ol ed; he dimensions o ene gy policy co e ed; i s unc ions ega ding cu en ene gy challenges and ene gy ansi ions; hen conclude by summa ising b iefly men ioning some emaining p oblems in he u he ins i- u ionalisa ion o in e na ional ene gy go e nance. 2. Ma e ial and me hods The ma e ial u ilised in his sho communica ion is es ic ed o he ex o he In e na ional Ene gy Cha e and he ele an li - e a u e. The me hod employed is a quali a i e con en analysis o he Cha e ’s con en in ligh o he s uc u e o he exis ing o - mal ins i u ions o in e na ional ene gy go e nance as ou lined in he li e a u e. Mo e specifically, I will ea he Cha e as ep e- sen ing he so law end o o mal egula ion in his a ea. In o he wo ds, i is ye ano he non-binding poli ical decla a ion wi h lim- i ed p ecision, egula o y au ho i y and powe o issue obliga ions. Ne e heless, gi en he end o an enhancing ole o s a es and poli ics in in e na ional ene gy issues, e en as a so law egula- ion, he Cha e is impo an in ha i a icula es a poli ical will o h p://dx.doi.o g/10.1016/j.e ss.2015.09.006 2214-6296/© 2015 The Au ho . Published by Else ie L d. This is an open access a icle unde he CC BY-NC-ND license (h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/). P. Aal o / Ene gy Resea ch & Social Science 11 (2016) 92–96 93 Table 1 Signa o y s a es o he Eu opean Ene gy Cha e , Ene gy Cha e T ea y and In e na ional Ene gy Cha e . Signa o y s a e Eu opean Ene gy Cha e 1991 Ene gy Cha e T ea y 1994 In e na ional Ene gy Cha e 2015 EU Membe S a es (n = 28) X X X EEA Membe S a es Iceland X X Liech ens ein X X No way X X (did no a i y) X Swi ze land (no a ified) X X X Ene gy communi y Albania X X A menia (obse e ) X Bosnia and He zego ina X Fo me Yugosla Republic o Macedonia X X Geo gia (candida e) X Moldo a X X Mon eneg o X Se bia X X Tu key (obse e ) X X X Uk aine X X X Eu o-Medi e anean Pa ne ship (EUROMED) Alge ia Egyp Is ael (adop ed, no signed) Jo dan X X Lebanon (adop ed, no signed) Mau i ania X X Mo occo X X Pales ine X X Sy ia (suspended) X Tunisia O he Eu asian s a es Aze baijan X X Bela us X X (did no a i y, applies p o isionally) X Kazakhs an X X X Ky gyzs an X X (adop ed, no signed) Russia X X (did no a i y) Tajikis an X X (adop ed, no signed) Tu kmenis an X X X Uzbekis an X X X O he s a es A ghanis an X X X Aus alia X X (did no a i y) Bu undi X X Canada X Chad X X Indonesia X Japan X X X Mongolia X X X Nige X X Pakis an X X Uni ed S a es o Ame ica X X Yemen X X educe ansac ion cos s, c ea e he necessa y o de and mi iga e he nega i e ex e nali ies o he ene gy sec o . These a e highly wa an ed unc ions o in e na ional ins i u ions [7]. 3. Resul s 3.1. Ac o s included The In e na ional Ene gy Cha e was signed a a minis e ial con e ence a The Hague in he Ne he lands, which emains a key Eu opean na u al gas and oil p oduce . The p epa a ion o he Cha - e in ol ed he signa o y s a es o he 1991 Eu opean Ene gy Cha e , and he esul ing 1994 Ene gy Cha e T ea y, bo h o which ep esen ed e o s o suppo ene gy ade in he a e ma h o he Cold Wa . Fu he in i ees included he obse e S a es o he Ene gy Cha e Con e ence, and a dozen u he s a es including he eme ging powe s B azil, India, Mexico and Sou h A ica. Such wide- anging consul a ion among s a es was impo an gi en he ela i ely di e se g oup o signa o ies o he Eu opean Ene gy Cha e diminished o a p ac ically Eu asian co e g oup o coun ies when i s binding supplemen , he Ene gy Cha e T ea y, was signed in 1994. The subsequen loss o momen um in he Ene gy Cha e p ocess necessi a ed new diploma ic e o s [2]. Se e al s uc u al changes unde pinned his enewed demand o diplomacy. Many eme ging s a es empowe ed hemsel es by inc easing hei ene gy expo s, while many o he s became mo e dependen on hese new expo e s. An icipa ed inc easing sca ci y al e ed p oduce –consume ela ions and ende ed ene gy com- modi ies s a egic. The o e all s uc u e o in e na ional ela ions became mo e mul ipola . Compe ing ins i u ions also eme ged, including he EU-Russia Ene gy Dialogue and he Ene gy Commu- ni y [5,8]. The 64 signa o y s a es o he In e na ional Ene gy Cha e as o Augus 2015 exceeds he numbe o o iginal signa o ies o he 94 P. Aal o / Ene gy Resea ch & Social Science 11 (2016) 92–96 Table 2 Signa o y s a es o he In e na ional Ene gy Cha e no p e iously pa o he Eu o- pean Ene gy Cha e o Ene gy Cha e T ea y. Bangladesh X Benin X Bo swana (adop ed, no signed) Bu kina Faso (adop ed, no signed) Cambodia (adop ed, no signed) Chile X China X Colombia X I an (adop ed, no signed) Nige ia (adop ed, no signed) Philippines (adop ed, no signed) Republic o Ko ea (adop ed, no signed) Tanzania X Uganda X Eu opean Ene gy Cha e (o iginally 49 s a es plus he EU; as o Augus 2015, 66 s a es) o he Ene gy Cha e T ea y (o iginally 49 s a es plus he EU; oday 52). Ye i alls sho o he numbe o signa o ies o he S a u e o he In e na ional Renewable Ene gy Agency (IRENA). Se en y-fi e s a es signed he IRENA S a u e in 2009. Today i has 143 membe s, wi h a u he 29 s a es in acces- sion. By compa ison, as o Augus 2015, 11 s a es in end soon o sign he In e na ional Ene gy Cha e al hough ha numbe is likely o g ow. The 28 Membe S a es o he EU a e he co e signa o ies o he new Cha e . O he Eu opean Economic A ea, which ex ends he EU’s common ma ke egula ion beyond he Union, also la gely is-à- is ene gy ma ke s, No way and Swi ze land signed. O he Ene gy Communi y, which mo e specifically ex ends he EU’s ene gy acquis u he beyond i s bo de s, fi e coun ies ha e signed (Albania, he Fo me Yugosla Republic o Macedonia, Moldo a, Se bia, Uk aine), likewise a candida e coun y o he Ene gy Com- muni y T ea y (Geo gia) and wo obse e s (A menia, Tu key). Mo eo e , some signa o y s a es o he Cha e a e he EU’s pa - ne s h ough i s neighbou hood policy, whe e ene gy ela ions a e also significan (Jo dan, Mo occo and Pales ine). A u he g oup o signa o ies consis s o Eu asian coun ies in a ea o he o me So ie Union; mos o hese we e al eady signa- o ies o bo h he Eu opean Ene gy Cha e and he Ene gy Cha e T ea y. Finally, some signa o ies in A ica, Asia and La in Ame ica ha e a his o y wi h he Eu opean Ene gy Cha e . Among hese, he e u n o he Uni ed S a es o mul ila e alism is significan . How- e e , so also is he cu en e usal o o he la ge ossil uel p oduce s and consume s Aus alia, Canada and Indonesia o augmen hei exis ing commi men o he Eu opean Ene gy Cha e by signing i s upda ed e sion, he In e na ional Ene gy Cha e (see Table 1). The mos p ominen comple ely new en an o mul ila e al ene gy go e nance in a signa o y capaci y o he In e na ional Ene gy Cha e is China. Among la ge ossil uel p oduce s, I an and Nige ia ha e adop ed bu no signed he Cha e . They a e also he only OPEC membe s wi hin he Cha e ’s emi . Among no able consume coun ies, he Philippines and Sou h Ko ea ha e adop ed bu no signed he Cha e . O o he ele an blocs, he G20 is no p ominen among he signa o ies, e en hough i is in p inciple well placed o in e na ional ene gy go e nance, ep esen ing bo h es ablished and eme ging powe s, fi e con inen s, app oxima ely ou -fi hs o wo ld o al ene gy consump ion and o CO2emissions [2,8]. Missing om his ai ly well ep esen a i e bu di e se bloc a e A gen ina, Aus alia, B azil, Canada, India, Indonesia, Mexico, Russia and Saudi A abia, all o hem la ge ossil uel p oduce s. The significan ossil uel p oduce s o he ASEAN, whe e membe s a es a e endea ou ing o in eg a e hei ene gy ma ke s, a e also missing [9] (see Tables 1, 2). A i s incep ion, he In e na ional Ene gy Cha e emains a ela i ely egional documen in e ms o signa o y s a es. I s Eu ope/Eu asia cen ed nucleus is accompanied by he Uni ed S a es, China and some u he ‘ egional ambassado coun ies’ in A ica, Asia and La in Ame ica. A he same ime, he Cha e e e s li le o o he g oups o ac o s such as ene gy companies, in e na- ional financial ins i u ions o NGOs, which ha e assumed mo e weigh in in e na ional ene gy go e nance [10,11]. Indeed, he Cha e emains a adi ional diploma ic and poli ical amewo k ou lining se e al gene ic objec i es and some a eas o implemen a- ion wi hou issuing any obliga ions. I s so a limi ed geog aphical co e age, especially o eme ging s a es p oducing ossil uels, is explicable by e e ing o he dimensions o ene gy policy i co e s. 3.2. Dimensions o ene gy policy co e ed The Cha e is su ficien ly comp ehensi e o add ess he com- plex na u e o in e na ional ene gy go e nance, whe e a leas ou dimensions a e disce nible: esou ce de elopmen , in as uc u e and echnology; cos s, finance, business models and ma ke s; ins i- u ions; and he ecological and clima e dimension [12]. (i) In e ms o esou ce de elopmen , he in as uc u e and echnology dimension, he Cha e co e s all main ene gy esou ces—oil, na u al gas, nuclea ene gy, coal and enewables, while i also ouches upon end p oduc s by e e ing o elec ici y p oduc ion. Howe e , he e is no men ion o he a ious segmen s o enewables o p io i isa ion o any sou ces o ene gy o ank- ing hem in any way. While his wide co e age seeks o a ac as many ac o s as possible by o e ing some hing o e e yone, i ep esen s inc emen al p og ess in ela ion o he exis ing s uc- u e o ins i u ions o in e na ional ene gy go e nance. The e a e se e al segmen -specific o mal ins i u ions and egula ions which oge he accoun o a agmen ed s uc u e. The OPEC is conce ned wi h oil. The main egula ions o he IEA conce n oil s ocks, al hough i conduc s esea ch on all main ene gy esou ces. IRENA wo ks on enewables while he IAEA add esses nuclea ene gy, and so on. The Cha e u he e e s o he ‘mode nisa ion, enewal and a ionalisa ion’ o he ene gy in as uc u es o signa o y coun ies, o ‘maximising he e ficiency o p oduc ion, con e sion, anspo , dis ibu ion and use o ene gy’ [6]. I men ions clean and low- emission echnologies and ene gy e ficiency. C ucially, i exp esses he g owing conce n o ac o s in he EU, he Uni ed S a es and China in pa icula , ega ding he di e sifica ion o ene gy sou ces and supply ou es. Howe e , his may be one o he ea u es pe suad- ing egionally pi o al ossil uel expo e s locked in pipeline-based expo s o e ain om signing he Cha e , such as Alge ia, Aze - baijan and Russia e en hough hey seek o di e si y hei expo in as uc u e. (ii) In e ms o he cos s, finance, business models and ma ke s dimension, he Cha e is ins umen al o ei e a ing he economic p eoccupa ions o he Eu opean Ene gy Cha e and he Ene gy Cha e T ea y. The o me emains a poli ical decla a ion, while he la e in oduces binding egula ion on in es men , ade and an- si ela ed issues, including a dispu e se lemen mechanism [13]. On his basis, he new In e na ional Ene gy Cha e commi s i s sig- na o ies o ‘a oid imposing disc imina o y ules’ on he owne ship o esou ces, ope a ion o companies and axa ion. Such es ic ions p e ail o example in he pipeline based gas expo monopoly o Gazp om in Russia, and in Russia’s A c ic o sho e whe e Gazp om Ne and Rosne a e p i ileged ac o s and o eign companies as a ule banned om new field acquisi ions. These es ic ions a e sig- nifican as Russia’s final wi hd awal om he Ene gy Cha e T ea y in 2009 ques ioned he whole Ene gy Cha e p ocess. The In e na ional Ene gy Cha e calls o ‘ acili a e he ope a- ion o ma ke o ces and p omo e compe i ion’ and o emo e ba ie s o ade in ene gy p oduc s, equipmen and se ices, as P. Aal o / Ene gy Resea ch & Social Science 11 (2016) 92–96 95 well as in es men s, in line wi h WTO p o isions and nuclea non-p oli e a ion egimes. I ecognises he ole o ‘comme cially sound’ condi ions o ansi ; and s esses he de elopmen o c oss-bo de oil and gas ne wo ks and powe g ids o p ac ically acili a e ene gy ade [6]. These p o isions a e ins umen al o he la gely ma ke cen ed in e es s o he Eu opean signa o ies and he Uni ed S a es. Ye , hey a e a odds wi h he emaining de el- opmen alis , ma ke socialis and s a e capi alis ene gy policies o se e al la ge ossil uel p oduce and consume coun ies o Eu asia and Asia. Howe e , compe i ion is a g owing mega end [14]. Fo example, Sou h Eas Asian s a es s i e o in oduce mo e compe- i ion in o hei ene gy sec o s as he cu en Cha e signa o ies China and Japan ha e a emp ed o do [9]. Fo many signa o ies in Wes A ica and La in Ame ica, he Cha e ’s p o isions on access o capi al, he emo al o ba ie s o and p o ec ion o in es men s, oge he wi h he c ea ion o a legal amewo k o o eign in es - men s, a e c ucial in o de o imp o e ene gy access, de elop new sou ces o ene gy and p omo e economic g ow h [15]. Un o u- na ely, expec a ions o p i a e in es men appea o e blown o ackling ene gy access and po e y [3]. Mee ing ene gy secu i y needs and exis ing policy goals will equi e USD 1.6 illion by 2035. Add essing he ene gy po e y challenge will cos an addi ional USD 1 illion [11]. In sub-Saha an A ica, 68% o he popula ion lacks access o elec ici y and in de eloping Asia, 17% [10]. (iii) In e ms o he ins i u ional dimension, he main h us o he Cha e is o p o ide a non-binding poli ical amewo k o he new ela ionships ha ha e ecen ly o med among p oduce , con- sume and ansi s a es. I men ions up on de eloping coun ies and eme ging economies, and he need o a ‘s uc u ed dialogue wi h non-signa o ies o he Eu opean Ene gy Cha e ’ [6]. The Cha - e makes a welcome mo e om he o e whelming p io i isa ion o he secu i y o supply conce ns o Eu opean consume s a es owa ds acili a ing access o ene gy sou ces, se ices and ech- nology. The explici ecogni ion o ‘ he so e eign y o each S a e o e i s ene gy esou ces, and i s igh s o egula e ene gy ans- mission and anspo a ion wi hin i s e i o y’ [6], ei e a es an es ablished no m o in e na ional ene gy law [16], and is di ec ed a esou ce- ich s a es like Russia, on whom many o he ene gy expo e s depend o ansi . Howe e , o he ex en ha he Cha - e ad ances he compe i ion and ma ke in e es s alongside he ‘compa ibili y o na ional and egional ene gy sys ems’ and he c e- a ion o ‘a common ene gy space’ [6], such so e eign y will always be condi ional. Ye , o a coun y like Kazakhs an, which chai ed he final nego ia ions o he Cha e du ing 2014, he esul ing documen helps o c ea e a mul ila e al ins i u ional basis o i s o he wise po en ially asymme ical na u al gas and oil ade ela- ions wi h China [15]. A mul ila e ally accep ed amewo k is e en mo e c ucial o smalle s a es dependen on co-ope a ion wi h in e na ional financial ins i u ions, dono coun ies and o eign de elope s. (i ) Rega ding he ecological and clima e dimension, he Cha - e qui e ealis ically p oceeds om he ‘ ilemma be ween ene gy secu i y, economic de elopmen and en i onmen al p o ec ion’ wi hou ele a ing any o hese g and challenges abo e he o he s. T ying o econcile hese somewha incompa ible objec i es, he Cha e ad oca es no pa icula ene gy sys em and emains open o ac o s wi h highly di e ging in e es s. I does no men ion cli- ma e change bu mo e specifically add esses ene gy e ficiency and en i onmen al p o ec ion, encou aging ‘ he clean and e ficien use o ossil uel esou ces’ and ‘use o enewable ene gy sou ces and clean echnologies’ equally. I s i es o educe gas fla ing, encou - aging sha ing o bes p ac ices on clean ene gy, in es men and ‘low emission echnologies’ [6]. Rega ding implemen a ion, he Cha e o esees join sa e y p inciples and guidelines, exchange o knowhow, educa ion, aining and R&D ac i i ies. I is ca e ul o accompany almos any men ion o ‘en i onmen al p oblems’ o ‘cos s’ wi h e e ences o ‘ma ke -based’ o ‘ma ke -o ien ed’ measu es and ins umen s [6]. 3.3. Tackling ene gy challenges and s ee ing ene gy ansi ions? The In e na ional Ene gy Cha e se s some gene al signpos s o he la ge-scale e o m o ene gy sys ems o eseen by many o he in e na ional ins i u ions such as he IEA, EU o he UN clima e change ins i u ions. Ye by no p i ileging any ene gy challenge, sou ce o echnology o e o he s, he Cha e o e s ew building blocks o a mo e p ecise oadmap o e en ual T ea y. Any ollow- up wo k is in ac ai ly demanding because he es ed in e es s among he cu en signa o ies a y widely e en as ega ds an- si ions o enewable ene gy in China, Denma k o Japan, each o which is implemen ing ambi ious p ojec s in his a ea [17]. P io o such in ensifica ion o coope a ion, he likely p io i y is pe suad- ing mo e coun ies o sign he new Cha e . This will be di ficul on i s own—so di e en a e he in e es s o , say, in cu en non- signa o ies India, Russia o Qa a . The Cha e may hus se e, o example, as a poli ical oun- da ion o c oss-bo de oil o na u al gas ex ac ion o anspo p ojec s be ween Kazakhs an and China. Equally well, i can se e he de elopmen o new deca bonising ene gy sys ems in Mo occo o he Eu o-Medi e anean sola plan p ojec [15]. In ac , such co-exis ence o he adi ional ossil uels domina ed agenda and he eme ging ansi ions o new decen alising and deca bonis- ing agendas p e ail in many coun ies. Mo eo e , in coun ies spea heading he ongoing ene gy ansi ions, such as Denma k o Ge many, public unding is c ucial o any p og ess [18]. In Denma k, pa o public unds o suppo he ene gy ansi ion h ough which consume s become p oduce s, wind powe ecei es eed-in a i s and sma e ene gy ne wo ks a e de eloped, come om he axa- ion o he ossil uels indus y. In his sense, we once mo e find he Cha e an ins umen o ca e ul balancing. This may p o e a ca alys a he han a p edicamen in i s u he adop ion and implemen a ion. 4. Conclusion I ha e po ayed he new In e na ional Ene gy Cha e as ep- esen ing a bes inc emen al p og ess in in e na ional ene gy go e nance. To a deg ee, i has e i alised he Ene gy Cha e p o- cess in e ms o a ac ing some new signa o ies, al hough no all he o iginal signa o ies o he Eu opean Ene gy Cha e o 1991 a e ye con inced abou signing. To his end, he Cha e ea s he in e es s o ene gy p oduce s and ansi s a es on mo e equal e ms is-à- is hose o ene gy consume s, jus as some o he ins i- u ions, like he In e na ional Ene gy Fo um, ha e sough o do. Ne e heless, he Cha e ’s e e ences o compe i ion and di e sifi- ca ion emain ins umen al o he ma ke in e es s o i s Eu opean co e and may con inue o obs uc se e al majo ossil uel p o- duce s wi h de elopmen alis o s a e capi alis policy p e e ences. Al hough he Cha e makes li le e e ence o conc e ely align- ing hose highly di e se in e es s, i s e e ences o low emission and clean ene gy echnologies can link he es ablished and eme g- ing economies, and s a es and companies. The Cha e men ions in passing how ‘comme cial o ms o coope a ion may need o be complemen ed by in e go e nmen al coope a ion’ [6]. This may ing equally ue o many s a egis s in s a e-owned companies in he Pe sian Gul as o an inc easing numbe o policy-make s in Eu opean capi als. The no ion o inc emen al p og ess becomes e en mo e app o- p ia e i we examine he Cha e agains he deep s uc u e o he in o mal ins i u ions o in e na ional ene gy go e nance. He e we should bea in mind how he cu en ly agmen ed s uc u e o 96 P. Aal o / Ene gy Resea ch & Social Science 11 (2016) 92–96 o mal ins i u ions could be emedied by e o s o p omo e he con e gence o he unde lying ules and no ms shaping he conduc o ac o s [19]. On his mo e social scien ific le el o analysis, which mus emain he subjec o u u e esea ch, we know how in o mal ins i u ions such as p ac ices, no ms and ules may se e as pow- e ul ba ie s o he ealisa ion o objec i es exp essed no only in poli ical decla a ions as he Cha e , bu also in binding ea ies. In his sense, he Cha e will be es ed no only in legal analysis is- à- is o he o mal egula ions, bu also in daily in e ac ions among he enginee s and economis s o ene gy companies, and egula o s and financie s whose poli ical mas e s ha e adop ed he Cha e . Acknowledgemen s This pape is suppo ed by he Academy o Finland p ojec s ‘Ene gy Policy in Eu opean In eg a ion’ (Aal o 2011–15, no. 139686), ‘Implica ions o Uncon en ional Gas o he EU Ene gy Law and Policy’ (Talus 2014–8, no. 276974) and he Academy o Finland Cen e o Excellence ‘Choices o Russian Mode niza ion’ (Ki inen 2012–17). The au ho wishes o hank he edi o s o ERSS o com- men a y. Re e ences [1] A. Flo ini, B.K. So acool, Who go e ns ene gy? The challenges acing global ene gy go e nance, Ene gy Policy 37 (2009) 5239–5248, he e 5239. [2] T. Van de G aa , The Poli ics and Ins i u ions o Global Ene gy Go e nance, 57–8, Palg a e, Basings oke, 2013, pp. 129–145, he e 5, 6-8. [3] R. Falkne , Global en i onmen al poli ics and ene gy: mapping he esea ch agenda, Ene gy Res. Soc. Sci. 1 (2014) 188–197, he e 192-3. [4] A. Flo ini, N.K. Dubash, In oduc ion o he special issue: go e ning ene gy in a agmen ed wo ld, Global Policy 2 (2011) 1–5, he e 3. [5] A. Belyi, In e na ional ene gy go e nance: weaknesses o mul ila e alism, In . S ud. Pe spec . 15 (2014) 313–328, he e 314. [6] In e na ional Ene gy Cha e , ag eed ex o adop ion in The Hague a he Minis e ial Con e ence on he In e na ional Ene gy Cha e , 20 May 2015. A ailable a : h p://in e na ional.ene gycha e .o g/fileadmin/ Documen sMedia/Legal/IEC EN.pd , (accessed 25.08.15.). [7] P. Aal o, Ins i u ions in he Eu opean and Asian ene gy ma ke s: a me hodological o e iew, Ene gy Policy 74 (2014) 4–15, he e 6-8. [8] S. de Jong, S. Wou e s, Ins i u ional ac o s in in e na ional ene gy law, in: K. Talus (Ed.), Resea ch Handbook on In e na ional Ene gy Law, Edwa d Elga , Chel enham, 2014, pp. 18–43, he e 18, 30-32, 42-3. [9] P. Aal o, Ene gy ma ke in eg a ion and egional ins i u ions in Eas Asia, Ene gy Policy 74 (2014) 91–100. [10] M. Bazilian, S. Nakhooda, T. Van de G aa , Ene gy go e nance and po e y, Ene gy Res. Soc. Sci. 1 (2014) 217–225, he e 218. [11] A. Gold hau, Re hinking he go e nance o ene gy in as uc u e: scale, decen alisa ion and polycen ism, Ene gy Res. Soc. Sci. 1 (2014) 134–140, he e 135. [12] P. Aal o, D. Dusseaul , M.D. Kennedy, M. Ki inen, Russia’s ene gy ela ions in he Eas and Wes : owa ds a social s uc u a ionis app oach o ene gy policy o ma ion, J. In . Rela ions De . 17 (1) (2014) 1–29, h p://dx.doi.o g/ 10.1057/ji d.2012.29. [13] K. Talus, EU Ene gy Law and Policy: A C i ical Accoun , Ox o d Uni e si y P ess, Ox o d, 2013, pp. 232–236. [14] P. Aal o, K. Talus, Ene gy ma ke s in Eu ope and Asia: oo many o oo ew ins i u ions? Ene gy Policy 74 (2014) 1–3, h p://dx.doi.o g/10.1016/j.enpol. 2014.09.009. [15] D. Noche nik, In e na ional Ene gy Cha e : he eme gence o he new global ene gy go e nance a chi ec u e, Eu . Ene gy Re . (5 June) (2015). [16] K. Talus, In e na ionaliza ion o ene gy law, in: K. Talus (Ed.), Resea ch Handbook on In e na ional Ene gy Law, Edwa d Elga , Chel enham, 2014, pp. 3–17, he e 6. [17] E. Moe, Ves ed in e es s ene gy policy and enewables in Japan, China, No way and Denma k, in: E. Moe, P. Mid o d (Eds.), The Poli ical Economy o Renewable Ene gy and Ene gy Secu i y: Common Challenges and Na ional Responses in Japan, Palg a e, China and no he n Eu ope, Basings oke, 2014, pp. 276–317. [18] C. Bu ge , J. Weinmann, The Decen alised Ene gy Re olu ion: Business S a egies o a New Pa adigm, Palg a e, Basings oke, 2013. [19] A. Ghosh, Seeking cohe ence in complexi y? The go e nance o ene gy by ade and in es men ins i u ions, Global Policy 2 (2011) 106–119.