Yale's Board of Trustees has approved the opening of a new professional school for the first time in 43 years.

President Peter Salovey announced Saturday that Yale will transform its Jackson Institute for Global Affairs into the Yale Jackson School of Global Affairs.

Salovey says the school will seek to conduct research relevant to the development and adoption of international policy with the idea of creating leaders to tackle issues such climate change, war and peace, ethnic conflict, inequality, and migration.

He says school is slated to open in the fall of 2022, provided the university can raise at least an additional $200 million for its endowment.

Yale says the school will retain the institute's Senior Fellows Program and students will continue to engage with and learn from distinguished renowned diplomats, military leaders, and journalists.