Governance involves the management and regulation of ecosystems to ensure fair value distribution, adherence to standards, and desired behaviours when market forces are insufficient. It encompasses ownership of data sets, accountability for data quality, and promoting collaboration and innovation.

Governance is crucial for creating shared infrastructure, driving collaboration, and making rules for fair decision-making. Additionally, governance frameworks facilitate data sharing, encourage collaboration, and support industry-wide goals like achieving net zero emissions. Ethical considerations, performance metrics, and stakeholder engagement are also key aspects of governance in various contexts.