ABSTRACT
The successful execution of the United Nations’ 2030 Agenda for Sustainable Development hinges on effective strategies to monitor and measure the 17 Sustainable Development Goals (SDGs). Yet, the global path to achieving these ambitious targets, as highlighted by the Sustainable Development Goals Report 2022 (SDGR), has been obstructed by worldwide crises such as the Covid-19 pandemic and conflicts like the Ukraine war. Scholars have emphasised the necessity of transformative global goals in light of these pressing sustainability challenges. One underexplored area that could significantly drive SDG progress is the legal framework underpinning the goals, including the role of specific, quantified targets. These targets, focusing on key areas like education, health rights, industrialisation, and productivity can provide concrete benchmarks and instil a greater sense of accountability among nations. Importantly, the experience of SDG Leadership Cities offers a vivid demonstration of how local initiatives can successfully mainstream SDGs into decision-making processes. This chapter offers a comprehensive examination of the intricate relationship between legal frameworks in the oil and gas sector, host granting instruments (HGIs) and the SDGs. The SDGR often overlooks the impact of regulatory uncertainties in oil and gas production on human and ecological environments, which can slow SDG progress. A shift is therefore required, moving from traditional approaches towards a binding legal framework that incorporates SDGs into HGIs, providing substantial leverage for local goal attainment. Such a refined strategy must encompass the formulation of development targets and potential key performance indicators (KPIs) determined through robust monitoring, measurement, and reporting frameworks. Despite potential debate over the feasibility of the private sector’s role in SDG attainment, this chapter argues for the necessity of collective action across governments, civil society, and the private sector, including small and medium enterprises (SMEs), in driving sustainable development. The chapter culminates with an examination of a contract-based approach to SDGs, which ensures stricter penalties for non-compliance, as an alternative strategy to accelerate progress towards national and international objectives.
