The growing international influence of so-called emerging powers has had a major impact on global governance, leading to new challenges for established and emerging powers alike. This contribution outlines the expectations of established powers and the debates on the state of global governance in the field of International Relations, as well as the positions and policies of emerging powers. An analysis of the fields of trade and climate policy highlights the resilience of established powers and reveals that emerging powers, despite their declared reluctance, have actively participated in global governance to pursue their interests. While cooperation is difficult, confrontation is not inevitable.