Energy

President-elect Joe Biden’s decision to create a new cabinet-level position for climate-related issues — and to choose so prominent a figure as former Secretary of State John Kerry to fill it — demonstrates Biden’s sincerity over putting climate at the very center of U.S. foreign policy. It is easy to understate the importance of this appointment, given the flurry of czars created by most new administrations.

Juergen Braunstein and Sachin Silva argue that sovereign wealth funds may be central to governments' efforts to balance public responsibility with private interests in post-pandemic economies.

Former U.S. lead climate negotiator Sue Biniaz shares her thoughts on the postponement of COP26 in this interview by Professor Robert Stavins. Stavins and Biniaz explore ways to reimagine future United Nations climate negotiations, unresolved concerns from COP25, and how the United States might approach rejoining the Paris Agreement.

Today’s economic crisis leaves us with an unsettling and perplexing regret. Why weren’t financial portfolios already adjusted for risks that stem from health events such as pandemics? After all, financial portfolios are adjusted for liquidity risks, market risks, credit risks, and even operational and political risks.

The man whose childhood dream was becoming “world king” and whose charismatic leadership energized the Brexit campaign has become Britain’s new prime minister. On July 24, Boris Johnson replaced Theresa May as leader of the Conservative Party and assumed the country’s top job. Following a campaign premised on delivering Brexit “do or die” by Halloween and with only 99 days until the departure deadline, Johnson wasted no time appointing a pro-Leave cabinet. Given EU resistance to renegotiating the withdrawal agreement and a divided British Parliament, odds are increasing for a no-deal Brexit or a general election.

Unlike the socialist revolutions of the last century, the Islamic Revolution of Iran did not identify itself with the working class or the peasantry, and did not bring a well-defined economic strategy to reorganize the economy. Apart from eliminating the interest rate from the banking system, which was achieved in name only, the revolution put forward few specific economic policies that could be called an Islamic economic development strategy. To be sure, its populist and pro-poor rhetoric was quite distinct from the Pahlavi regime it replaced, but its actual policies could be found in the toolboxes of most developing countries and international organizations.