India, Dec. 7 -- The world's multilateral institutions - conceived in the ashes of global war and built to safeguard peace, prosperity, and stability - are struggling under the weight of 21st century challenges. Climate disruption, cross-border conflicts, geopolitical fragmentation, pandemics, fragile states, and the unprecedented pace of technological change now collide with governance systems designed many decades ago. The need for significant reform has never been more urgent. Yet as the examples of where multilateral organizations have fallen short continue to mount, so too does the sense that the multilateral system is incapable of reforming itself or keeping pace with the times.

The reasons for this perception are no mystery. Multi...