As world leaders gathered in Dubai for COP28 to identify solutions and responsibilities to tackle global climate change, Norton Rose Fulbright hosted a panel to discuss what different stakeholders are doing to meet the United Nations Sustainable Development Goals (SDGs), and how the private sector can support and assist with this. 

The panel explored how international NGOs and businesses are meeting the challenges of achieving the SDGs, and what the UAE regulatory authorities are doing to support the goals. Our panellists included: 

• Khaled Khalifa | Senior Advisor, Representative to the Gulf Cooperation Council Countries for the United Nations High Commissioner for Refugees (UNHCR)
• Monique Elgin | Senior Counsel, Financial Services Regulatory Authority, Abu Dhabi Global Market
• Dr Stephanie Wray | Chief Sustainability Officer, RSK Group

In a wide-ranging discussion, the panellists highlighted the challenges still remaining for humanitarian bodies, regulators, corporates and financial institutions in achieving the SDGs, as well as looking at the progress that has been made. 

Key points included: 

Lack of funding is the main barrier to achieving the SDGs by 2030

Given that after the last eight years we should be halfway to achieving the SDGs, it is disappointing that we are not very close to achieving them, as was discussed in the most recent report published by the UN. The reason for this lack of progress at the pace required is mainly due to a shortage of funding. Although there are various causes for this, most recently , conflicts and other geopolitical issues have caused funding to be shifted to aid the humanitarian crises caused by war. 

Non-state funding is becoming increasingly important

An emerging and increasingly common trend is the shift from state-level funders to private funders. Philanthropic individuals and organisations  are free to fund initiatives of their choosing, without ties to political or governmental alignments on the state-level. 

Regulators can help green investors by developing improved legal frameworks

Existing sustainable finance regulations across the globe are often noted as being complex and convoluted, but financial regulations can be designed to create a streamlined framework that is easy for investors to follow and understand, and help businesses succeed in becoming more sustainable. The recent publication of the Abu Dhabi Global Market (ADGM) Sustainable Finance Regulations is one such step toward creating a legal framework and regulatory regime to stimulate investment in green projects. 

Investors across the region have welcomed the regulations as a helpful guide and protection against the risks of green washing.

All businesses need to engage with issues of sustainability 

All businesses have to ask themselves questions around their supply chains, as well as any agricultural and natural resources they rely on, and examine the by-products and impacts of those processes because of the real reputational risks that could be involved.

There has been a visible shift in the understanding of businesses about their relationship with the biosphere. 

Business have been getting to grips with the simple ESG wins, but it is now time to address the more complex aspects of their operations, such as supply chain emissions. Many businesses have made positive changes such as switching to a green energy provider, but this alone isn’t enough, and many corporates are thinking about the bigger underlying issues.

What next? 

To achieve the ambition of the SDGs by 2030 there is still a lot of work to do, but we still have 7 years remaining to achieve the SDGs, and by corporates, regulatory bodies and financial institutions working together to close the SDG financing gap, it is still possible to achieve them. 

Please let us know if you have any questions or would like to speak to us about any of the issues addressed. Read more of our insights from COP28 on our hub.