Environment & Climate Change

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.

Elizabeth Sherwood-Randall, former Deputy Secretary of Energy who has served in high-level positions at the White House and Pentagon, joined Harvard Kennedy School’s Belfer Center as a non-resident Senior Fellow in July. Sherwood-Randall is returning to the Kennedy School where she previously collaborated with Ash Carter, the Belfer Center’s newly appointed director, and Graham Allison, who stepped down as Center director this month. We asked Sherwood-Randall to give us some background on her Harvard connections, why she returned, and what she hopes to accomplish as a Senior Fellow.

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.

"...[W]hen I think about what it takes for a national cybersecurity strategy and the future of sustainable development, it is not just the digital agenda; it is an overall balanced agenda that has security components, and security and resilience at its core."

Cambridge, MA – The Belfer Center for Science and International Affairs has named Daniel Schrag, Sturgis Hooper Professor of Geology and Director of the Center for the Environment at Harvard University, to lead its Science, Technology, and Public Policy program. STPP, one of Harvard's most collaborative and cross-disciplinary programs, is renowned world-wide for its cutting-edge research on technology innovation, nuclear non-proliferation and safety, climate science and policy, cybersecurity, and globalization and development.

Each year, the Science, Technology, and Public Policy (STPP) Program at the Belfer Center for Science and International Affairs at the Harvard Kennedy School welcomes new pre- and post-doctoral fellows and visiting researchers to a select team of scholars exploring the critical role that science and technology play in everyday life.

"Advances in solar and wind energy technology (and the associated smart power management systems) are making renewable energy competitive with fossil fuels. Their widespread adoption is likely to favor poor nations in the tropics that are not committed to traditional energy infrastructure."