Articles

Sovereign wealth funds (SWFs) have traditionally been created to recycle excess reserves from natural resource or non‐commodity revenues. However, in recent years funds are being established under conditions of capital scarcity with objectives to contribute domestic economic development, often through the buildout of national infrastructure programs. Such trends in new fund creation represent a fundamental shift in the sovereign wealth fund paradigm and raise serious questions about how these entities are to be capitalized and also the implications of capitalization models on their sustainability. This study examines the recent evolution of SWF models focused on economic development. Its analytic focus is drawn, in particular, to countries that are neither endowed with oil wealth, nor otherwise enjoy export surpluses to be used to capitalize a development‐oriented SWF. While this study is relevant to and expands the scope of the broad literature on SWFs, its specific contribution is as a focused analysis of how SWF funding sources impact achieving long‐term financial and socio‐economic development objectives.

In this article, the authors review the state of the art of ocean energy in desalination. It explores different sources of energy from the ocean that include electricity generation, as well as mechanical force and thermal energy and salinity gradients that can also be directly harnessed for powering the desalination processes. They also examine recent advances in scaling up for commercial deployment and discuss relevant cost, environmental, and social concerns.

Richard Verma’s two-year tenure as U.S. Ambassador to India concluded last month with the new incoming presidential administration. During his time in New Delhi, Verma established himself as one of the most consequential envoys to ever occupy the prestigious post once held by such foreign policy legends as John Kenneth Galbraith and Frank Wisner. The first Indian American to serve in the role, Verma leaves behind a far-reaching legacy. He raised the U.S-India strategic partnership to unparalleled heights in virtually every arena of bilateral cooperation while serving as a skilled and talented public diplomat.

Decision-makers often seek to design policies that support sustainable development. Prospective evaluations of how effectively such policies are likely to meet sustainability goals have nonetheless remained relatively challenging. Evaluating policies against sustainability goals can be facilitated through the inclusive wealth framework, which characterizes development in terms of the value to society of its underlying capital assets, and defines development to be potentially sustainable if that value does not decline over time.

"The rise of nations such as South Korea, Singapore and China as global economic players illustrated the importance of expanding and deepening human competence. A key starting point in the growth process is recognising that building engineering capabilities offered the best opportunity for technological leapfrogging and catch-up in a variety of industries."

Indian Prime Minister Narendra Modi traveled to Washington last week, making his fourth trip to the United States since taking office just two years ago. India and South Asia Program Fellow, Ronak Desai examines the strategic approach to India's relations with the United States.

Energy technology innovation is the key to driving the technological changes that are necessary to meet the challenge of mitigating energy-related greenhouse gas emissions to avoid 'dangerous climate change.' Success in innovation requires the enhancement of public investment in the innovation process, the creation of markets for low-carbon technologies through stronger climate policies, and a continued focus on energy access and equity.

Africa is yet to adopt full scale technology-led development. Steve Mbogo spoke to the Director of the Belfer Center's Science, Technology, and Globalisation Project and professor at Harvard University Calestous Juma on the opportunities that await the continent as a late comer.