Center for the Governance of Change

The 2024 edition of our annual Sovereign Wealth Funds report, produced in collaboration with ICEX-Invest in Spain, was presented yesterday. It analyzes the strategies and transformative impact of the investments made by these key global players. Javier Capapé Aguilar, research director of the project, highlighted the following key findings from the 2024 report: - Sovereign Wealth Funds (SWFs) expanded their global footprint, with assets under management growing by 14% from $11.6 trillion in 2022 to $13.2 trillion in 2023. This would represent the third largest economy in the world, after the US and China. - In 2023, the group of SWFs increased their assets under management by $1.6 trillion, essentially creating the equivalent of Spain’s economy in just 12 months. - The largest SWFs continue to be concentrated in four areas: the Middle East, China, Norway and Singapore. - The report highlights the shift in investment priorities, with healthcare, energy and industrials gaining prominence. - In Spain, 2024 marks the second most significant year in attracting sovereign investment in the historical series, with a 140% increase compared to the previous year. At the presentation event, we were honored to have an address by the Secretary of State for Commerce of Spain, Amparo López Senovilla. Elisa Carbonell and Irene Blázquez Navarro provided welcoming remarks. We also enjoyed a conversation about the impact of international investment funds on the Spanish economy with Jesús González (Managing Director, BME Growth and BME Scale UP), Almudena Trigo Lorenzo (Partner and cofounder, BeAble Capital SGEIC SA), Clara Campàs Moya (Managing Partner and cofounder, Asabys Partners) and Miguel Tiana Alvarez (Director General, COFIDES). Thank you to Alberto Sanz, Adrián Blanco Estévez, Melani Díaz Marx and the whole ICEX-Invest in Spain team for the longstanding collaboration on this project and for hosting the presentation event, and thank you to all the attendees for their interest one more year as we mark the 12th edition of the report. For more information about our Sovereign Wealth Funds research project and to download the full 2024 report, please visit https://lnkd.in/dGdTfeDZ. Diego del Alcázar Benjumea | Manuel Muñiz | Juncal Sánchez Mendieta | Yolanda Regodón Poblador | Igor Galo | Drew Johnson | Carlos Luca de Tena Piera | Darío García de Viedma | Giaccomo Ugarelli | Irene Pujol Chica | Lourdes Zurdo Varela | Violeta Ruiz López | Iratxe Piñeiro Garate | Oana Nicolescu | Emanuel Díaz | Cristina Andrade | Alex Roche

Yesterday, we were honored to welcome over 50 leaders from the private, public, and academic sectors to IE University for our Tech & Foresight Summit, a participatory conference where every guest had the opportunity to express their views about the future from a variety of perspectives. The day started with an insightful conversation on geopolitics between Enrico Letta, Manuel de la Rocha-Vázquez, Markus Reinisch, Bárbara Navarro, Irene Blázquez Navarro and the rest of the participants. To address current geopolitical challenges, it was suggested, the European Union should develop a comprehensive tech diplomacy strategy, add a “fifth freedom” of movement for knowledge and innovation, deepen the integration of the single market in key fields like finance and telecom, promote deep tech as a strategic sector for the future, and increase investment in research, development, and innovation. Next we had an exchange of views on the governance of tech with Jose Ignacio Torreblanca, Juan Santaló, Elena Yndurain, Purvi Parekh and the audience. Speakers emphasized the need for policies that boost innovation in Europe, the challenges faced by states as they lose control of capabilities that are at the core of statecraft (for example, satellites), and the crucial importance of measuring and evaluating the economic and social impact of regulations. The day concluded with a collective intelligence foresight workshop, facilitated by Scott Smith and Susan Cox-Smith, on topics such as how to ensure long term prosperity in a world with finite resources or how to integrate human life with emerging technologies. The workshop, as well as the roundtables, will feed a report to be published soon with the future global scenarios and resilience strategies identified by participants. Thank you to our partners at Meta for believing in our vision, and to everyone who joined our Summit for generously sharing their wisdom and inspiring us all to shape a promising future for humanity. Diego del Alcázar Benjumea | Manuel Muñiz | Jordi Llinares | Ministerio de Industria y Turismo | Víctor Ausín Rodríguez | Ministry of Economy, Trade and Business | José Moisés Martín Carretero | CDTI Innovación - Centro para el Desarrollo Tecnológico y la Innovación | Jose Luis Zimmermann | Daniel Pujazón | David Martin | Jaime de Aguinaga Garcia | Angeles Figueroa Alcorta | Darío García de Viedma | Carlos Luca de Tena Piera | Giaccomo Ugarelli | Drew Johnson | Irene Pujol Chica | Lourdes Zurdo Varela | Violeta Ruiz López | Iratxe Piñeiro Garate | Kerry Parke | Soizic Belliard | IE School of Politics, Economics & Global Affairs | IE School of Science and Technology | IE Business School | Alex Roche

Yesterday, we hosted our first event with the recently launched Governance of Change Club at IE University: a Q&A session between students and Markus Reinisch, Vice-President for Public Policy in Europe and Global Economic Policy at Meta. 🗣️ The session, moderated by Maïa Mackenzie Espinosa, Ajinkya Deshpande and Irene Pujol Chica, offered students a unique opportunity to engage directly with Markus on topics such as Meta's vision for the future of human connection, ethical considerations in technology development, and the ongoing innovation vs. regulation debate in Europe. One thing became evident during the event: young people are keen to contribute to the discussions and decisions that will shape our collective future. At the Governance of Change Student Club, they will have the opportunity to do just that. 👉 Join the club here: https://lnkd.in/di7gnAWH 🙏 A heartfelt thanks to Markus Reinisch for sharing his insights and inspiring advice, and to the Meta team for making this enriching experience possible. IE School of Politics, Economics & Global Affairs | IE School of Science and Technology | IE Law School | IE Business School | IE School of Humanities | Diego del Alcázar Benjumea | Manuel Muñiz | Irene Blázquez Navarro | Carlos Luca de Tena Piera | Darío García de Viedma | Giaccomo Ugarelli | Drew Johnson | Irene Pujol Chica| Alex Roche | Lourdes Zurdo Varela | Violeta Ruiz López | Iratxe Piñeiro Garate | Oana Nicolescu | Igor Galo | Kerry Parke | Emanuel Díaz | Cristina Andrade | Nicolás Pérez López-Ibor | Soizic Belliard | Jose Luis Zimmermann | Purvi Parekh

In the future, constant and rapid change will continue to be the norm, requiring proactive adaptation from corporations, governments and society. The emergence of generative AI and other disruptive technologies will accelerate transformations in every sphere. Nowadays, the only certainty is that technology will be one of the major vectors of change. Firms with higher future preparedness significantly outperform their peers – it is estimated they achieve 33% higher profitability and 200% higher growth. This is why we are organizing the #TechForesightSummit in collaboration with Meta tomorrow, November 21, at IE Tower. The Summit brings together a curated group of about 55 leaders from a diversity of fields in the private, public and academic sectors, for a full-day participatory conference. It includes two roundtables –on geopolitics and the governance of tech– and a collective intelligence foresight workshop. The workshop will feed a report to be published soon with the future global scenarios and resilience strategies identified by the participants. Among the high-level speakers are Enrico Letta (former Prime Minister of Italy and recently appointed Dean of IE University’s IE School of Politics, Economics & Global Affairs), Manuel de la Rocha-Vázquez (Secretary of State and Director of the Office for Economic and G20 Affairs of the Cabinet of the Prime Minister of Spain) and Markus Reinisch (Meta’s Vice President for Public Policy in Europe). Diego del Alcázar Benjumea | Manuel Muñiz | Bárbara Navarro | Jose Ignacio Torreblanca | Juan Santaló | Elena Yndurain | Purvi Parekh | Jordi Llinares | Víctor Ausín Rodríguez | José Moisés Martín Carretero | CDTI Innovación - Centro para el Desarrollo Tecnológico y la Innovación | Jose Luis Zimmermann | Irene Blázquez Navarro | Darío García de Viedma | Carlos Luca de Tena Piera | Giaccomo Ugarelli | Drew Johnson | Irene Pujol Chica | Lourdes Zurdo Varela | Violeta Ruiz López | Iratxe Piñeiro Garate | Oana Nicolescu | Igor Galo | Kerry Parke | Emanuel Díaz | Cristina Andrade | Alex Roche

🌍 The Center for the Governance of Change at #COP29 Azerbaijan: Driving Sustainable Finance Discussions   🔷 Day 1️⃣ : Sovereign Wealth Impact: UN side event at COP29 📈   On November 12, the Center for the Governance of Change at IE University and the United Nations Joint SDG Fund co-hosted the third annual UN side event at COP, titled "Sovereign Wealth Impact: Powering Finance for the SDGs". Irene Blázquez Navarro and Drew Johnson presented key progress on our flagship Sovereign Impact Initiative (SII), which is working with African sovereign wealth funds to invest in the UN SDGs. The experienced panel was moderated by Gilbert Nyatanyi, former CEO of Rwanda’s Agaciro Development Fund and Advisory Board member of the SII, and included the following senior leaders:   🗣️ Nana Skari Maidugu, Head of Sustainability and ESG, NSIA: Nigeria Sovereign Investment Authority 🗣️ Babacar Gning, CEO, FONSIS - Fonds Souverain du Sénégal 🗣️ Demba Diallo, Managing Director and Head of Project Development, Africa50 Group 🗣️ Omon Ukpoma-Olaiya, Investment Officer, United Nations Capital Development Fund (UNCDF) 🗣️ Rafael Matos Martinón, Head of Sustainability and Impact, COFIDES   🔷 Day 2️⃣ : Roundtable at Climate Action's Sustainable Innovation Forum 🌏     On November 13, we hosted a roundtable at Climate Action's Sustainable Innovation Forum, titled "Aligning for Impact - Sustainable Finance Partnerships in the Global North and South". The discussion, facilitated by Drew Johnson, brought together C-level executives and senior leaders in sustainability from S&P Global, BlackRock, Deutsche Bank, FEMA, Africa50 Group, IFSWF (International Forum of Sovereign Wealth Funds), World Benchmarking Alliance, COFIDES, The Rockefeller Foundation, United Nations Capital Development Fund (UNCDF), Casa Socio-Environmental Fund, EU-AFRICA Chamber of Commerce, Impact Dynamix, Back2nature, and McLarty Associates.   The discussion focused on strategies for mobilizing public and private capital for SDG-aligned investments in emerging markets. It included diverse perspectives from investors, civil society and philanthropy and stressed the importance of alliances in sustainable finance between the Global North and South.   #SustainableFinance #SovereignWealth #SDGs #UnitedNations Javier Capapé Aguilar | Jaime de Aguinaga Garcia | Paloma Durán y Lalaguna | Iratxe Piñeiro Garate | Igor Galo | Oana Nicolescu

El Center for the Governance of Change de IE University e ICEX-Invest in Spain tienen el placer de invitarte a la presentación de nuestro informe de fondos soberanos 2024 el próximo 26 de noviembre, de 12:30 a 14:00 h en la sede de ICEX en Madrid (Paseo de la Castellana, 278). En el evento, el director de investigación del proyecto, Javier Capapé Aguilar, analizará las estrategias y la influencia de los fondos soberanos a nivel global y sus inversiones récord en España. También tendremos el honor de contar con la intervención de Amparo López Senovilla, secretaria de Estado de Comercio. Regístrate aquí: https://lnkd.in/d_DqXXV7 Drew Johnson | Irene Blázquez Navarro | Carlos Luca de Tena Piera | Darío García de Viedma | Giaccomo Ugarelli | Irene Pujol Chica | Lourdes Zurdo Varela | Violeta Ruiz López | Iratxe Piñeiro Garate | Oana Nicolescu | Igor Galo | Alex Roche

🗣️ Did you know that 49% of young people in Western Europe believe their country will be directly involved in an armed conflict in the next decade, yet less than a third would volunteer to defend it? That’s one of the key findings of our latest report, “Next Generation Security: A Study on How Young Europeans Perceive the Defense Sector”, developed in partnership with Airbus Defence and Space. Authored by Michele Testoni, Juan José de Arriba Muñoz, and Quynh Dinh, the report provides a detailed analysis of young people’s perceptions of defense-related issues based on data gathered from 5 focus groups and a survey distributed among 3,600 individuals aged 18-35 in France, Germany, Spain, and the UK. Here are some of the insights: 🌐 Top Threats: Over 70% see #terrorism as the biggest security threat, followed by #cyberattacks, #climatechange, and #Russia. ❓ Industry Awareness: 90% of respondents could not name a single defense company, highlighting a significant disconnection between young people and the defense sector. 🛡️ European Defense: More than a third of young Europeans doubt the bloc’s ability to adequately defend itself, raising questions about the EU’s strategic autonomy. The report is part of #NextGenerationSecurity, a research and impact program that aims to bridge the gap between young people and the defense realm. Access the FULL REPORT and learn more about our Next Generation Security Program here: https://lnkd.in/dvz3AVJ4 🤝 Special thanks to our partners at Airbus and the members of our Advisory Board for their invaluable insights: Johannes Müller, José Antonio Coll, Mireia Mercader, Johannes Schmid, Alvaro Beteta Meredith, Sorin Ducaru, Daniel Fiott, Jean-Marc Rickli, Imma Puig-Simon, and Antonio Notario. IE University | IE School of Politics, Economics & Global Affairs | IE School of Science and Technology | Diego del Alcázar Benjumea | Manuel Muñiz | Irene Blázquez Navarro | Carlos Luca de Tena Piera | Irene Pujol Chica | Darío García de Viedma | Alex Roche | Giaccomo Ugarelli | Lourdes Zurdo Varela | Drew Johnson | Borja Santos Porras | Juncal Sánchez Mendieta | Yolanda Regodón Poblador | ROSA ARANDA Barrio | Igor Galo | Iratxe Piñeiro Garate| Emanuel Díaz | Cristina Andrade | Kerry Parke | Nicolás Pérez López-Ibor | Oana Nicolescu

This afternoon, for the second consecutive year, we had the privilege of bringing young #IEMUN students from IE University to visit the CESEDEN. During the visit, the students had the opportunity to hear from Colonel Ignacio Fuente Cobo about today's strategic #security context from a Spanish perspective and to discuss NATO's role and transformation in a rapidly changing geopolitical landscape. This experience, organized as part of #IEMUN, is a key component of our efforts to foster a defense culture among younger generations and to engage them in meaningful discussions about the security challenges of the future—a mission embodied in our #NextGenerationSecurity program. Learn more about our work here: https://lnkd.in/dvz3AVJ4 Special thank you to Lieutenant General Miguel Balenilla, Colonel EMILIO ATIENZA, Colonel Ignacio Fuente Cobo and Lieutenant Colonel Javier Garay for hosting us and sharing with our students your insights on this important topic. IE School of Politics, Economics & Global Affairs Manuel Muñiz Irene Blázquez Navarro Carlos Luca de Tena Piera Irene Pujol Chica Alex Roche Darío García de Viedma Drew Johnson Lourdes Zurdo Varela Violeta Ruiz López Borja Santos Porras Agostina Blengino Juncal Sánchez Mendieta Yolanda Regodón Poblador Igor Galo Carlos Saldaña Iratxe Piñeiro Garate Emanuel Díaz Cristina Andrade Nicolás Pérez López-Ibor

The upcoming U.S. presidential election serves as an exceptional platform to observe democracy in action as a political system committed to providing global public goods. These themes were discussed by our Director, Irene Blázquez Navarro, in conversation with Charles Powell and Fernando Prieto, during a recent panel moderated by Juan Claudio de Ramón and organized by the FUNDACIÓN ORTEGA-MARAÑÓN as part of its series “Voices for Democracy”. Following an opening session featuring Harvard University Professor Alex Keyssar and Aboubakr Jamai, Irene underscored the critical importance of this electoral moment. She noted that this election year is unique, with more than half of the world’s population called to the polls in countries both powerful and fragile, democratic and authoritarian, and vastly diverse demographically. Irene also reflected that a concerning trend points to a democracy in decline and emphasized that, as illiberalism increasingly targets democracies, both the technological vector and hybrid warfare play a decisive role in this process. Irene believes we must heed voices that warn of an eroding democracy -as Anne Applebaum has posited- and take these observations as a call to situational awareness to protect and promote democratic principles. As Irene highlighted, the Center for the Governance of Change is addressing these complex dynamics through our AI4Democracy research initiative (https://lnkd.in/dip5tcgz). We recognize the central importance of this issue for all citizens, as also reflected in our recent European Tech Insights report (https://lnkd.in/drHDn4K). Manuel Muñiz | LUCÍA SALA SILVEIRA | Federico Buyolo | Amy Larsen | Jordan Usdan | Ben Crampton | Gabriel Lopez Serrano | IE School of Politics, Economics & Global Affairs | Borja Santos Porras | Dr. İlke TOYGÜR | Alana Moceri | Fernando Vallespin | Daniel Innerarity | José María Lassalle | Jose Ignacio Torreblanca | Ignasi Gozalo-Salellas | Andrea Renda | Adam Nyman | Carlos Luca de Tena Piera | Darío García de Viedma | Drew Johnson | Irene Pujol Chica | Lourdes Zurdo Varela | Violeta Ruiz López | Igor Galo | Yolanda Regodón Poblador | Kerry Parke | Iratxe Piñeiro Garate | Oana Nicolescu | Alex Roche

Last week, we hosted a discussion on the impact of social media and emerging technologies on our #attention and the appropriate governance frameworks to regain the control of our minds 💬 The converstation was sparked by Borja Santos Porras' thought-provoking essay "Estar o no Estar" which will be published in the upcoming days, and gathered a diverse group of experts and practitioners. Here are some insights from the discussion: 🔎 Deepening our #understanding: To address how emerging technologies impact attention, we need thorough research on how different devices influence diverse population groups and types of attention. A one-size-fits-all approach won't work. 🎓 Empowering through #education: Fostering critical thinking, mindful tech use, and awareness of where we direct our attention is essential—especially for younger generations. We also need to reinforce cognitive skills that are being diminished by reliance on AI tools like ChatGPT. 🏛️ Adopting a #systemicthinking approach: Addressing the attention crisis requires recognizing the broader context, including the economic incentives driving Tech companies to capture the attention of individuals, the impact of language on policy, and socioeconomic disparities in social media use. Thanks to all the participants for their constructive contributions: Catalina Tejero Lisa Bevill Gonzalo F. Llanes Gregory Irene Yagüe Sancho Leticia Martínez Prado Julio Domingo Souto Luisa Alli Turrillas Luis Martín Pérez Nacho Guadix García Íñigo Alli Manuel Martin-Loeches Richard Benjamins & @Marcos Rios Lago IE University IE School of Politics, Economics & Global Affairs IE School of Politics, Economics & Global Affairs IE School of Science and Technology IE Business School IE Law School IE School of Humanities IE School of Architecture and Design Diego del Alcázar Benjumea Manuel Muñiz Irene Blázquez Navarro Carlos Luca de Tena Piera Irene Pujol Chica Alex Roche Darío García de Viedma Drew Johnson Lourdes Zurdo Varela Violeta Ruiz López Yolanda Regodón Poblador Igor Galo Carlos Saldaña Iratxe Piñeiro Garate Emanuel Díaz Cristina Andrade Nicolás Pérez López-Ibor