This working paper, sponsored by CFR's International Institutions and Global Governance program, examines alternatives to large-scale multilateral agreements, evaluates financing and monitoring structures, and recommends smaller and more varied negotiating venues. Climate change is the most difficult collective action problem the world has ever faced, yet global governance frameworks have failed to yield progress toward a solution. The Copenhagen conference in 2009 set the stage for ambitious action by both developed and developing countries, but failed to result in a binding treaty. Moving forward, countries must diversify the institutions and instruments they use to pursue effective climate governance.