Mark Carney’s Davos speech declared the rules-based global order effectively over, triggering debate on what comes next. Experts argue a "second Cold War" is emerging, defined not by ideology but energy—fossil fuels versus electrification. As US leadership wavers and China rises, "middle powers" may try to forge a new path, balancing ties and reducing dependence on both superpowers, though economic, political and energy constraints make that path uncertain.