World ‘dangerously' off track on sustainable development goals, UN chief says

UAE's growth shows global investment community's trust in country’s strong fundamentals, chairman of Abu Dhabi Department of Economic Development says

UN Secretary General Antonio Guterres at a high-level summit on sustainable development goals in New York last month. EPA

The world is “dangerously off track” on reaching the UN’s sustainable development goals due to a lack of investment in developing economies, UN Secretary General Antonio Guterres said on Monday.

Sustainable finance in global capital markets is “booming”, but the money is not reaching countries where it is most needed, he said.

The UN chief’s remarks were made in a speech read out by a representative of the United Nations Conference on Trade and Development (Unctad) at the World Investment Forum in Abu Dhabi.

“International investment in agriculture has stagnated; in renewables, it lags far behind the needs of developing countries,” Mr Guterres said.

“As a result, halfway to the 2030 deadline, the SDGs are dangerously off track.”

In 2015, all 193 member countries of the UN unanimously adopted a landmark set of development goals intended to galvanise and guide the world’s efforts to eradicate poverty, end hunger and address climate change by 2030.

The 17 SDGs – also known as the Global Goals – are broken down into 169 specific targets that each country has committed to try to achieve voluntarily by the end of the decade.

In July, Unctad said developing countries faced a massive $4 trillion gap in sustainable development investments, up from $2.5 trillion in 2015.

Unctad Secretary General Rebeca Grynspan told attendees at the event that only half of the SDGs were on schedule to be met by the end of the decade.

“We will find ways to close the SDG investment gap … it is a daunting agenda but overall, a possible agenda,” she said.

Ms Grynspan also said investments in Africa were trailing other markets due to higher interest rates charged by creditors as perception of risk continues to be higher than actual risk.

The world must increase clean energy spending from the $1.8 trillion expected in 2023 this year to $4.5 trillion annually by the start of the next decade to limit global warming to 1.5°C above pre-industrial levels, the International Energy Agency said in its updated Net Zero Roadmap report last month.

The UAE, which is set to host the Cop28 climate conference in November, has been investing heavily in renewable energy projects within its borders and in developing regions such as Africa and Central Asia.

Last month, the Emirates pledged $4.5 billion to help speed up the development of clean energy projects in Africa.

The country is “thrilled” to unveil its “unwavering commitment” to spearheading the renewable energy revolution over the next 50 years, Ahmed Al Zaabi, chairman of Abu Dhabi Department of Economic Development (Added), said during his keynote speech at the forum.

Mr Al Zaabi also said the Arab country was the world’s fourth-largest recipient of greenfield projects, with a near 84 per cent increase last year.

“This impressive growth shows the trust of global investment community in our country’s strong fundamentals and positive outlook, with over 170 countries choosing to invest, grow and expand,” he said.

The UAE, which aims to boost trade and economic relations with countries around the globe, is working towards signing 26 comprehensive economic partnership agreements (Cepas) as it seeks to attract more investment and diversify its economy.

The Arab world's second-biggest economy is seeking to expand trade with partners as it pursues its target of Dh4 trillion ($1.09 trillion) in foreign trade by 2031. The UAE also aims to nearly double the size of its economy during that period.