Marine biodiversity and ecosystems provide important benefits to human societies through fisheries. But the benefits are not shared equally among countries – and climate change will only exacerbate inequalities. Improving high seas fisheries’ governance would help redistribute benefits and reduce climate risks, especially in developing countries where many people depend on fish for their food and nutrition security, livelihoods, and well-being. Developing countries are also among the most vulnerable to climate change impacts. Here, the authors explore different scenarios of future fisheries governance and evaluate the benefits and trade-offs of alternative policy frameworks for governing fisheries under a changing climate.