Regulatory Sandboxes As A Mechanism For Achieving Sdgs

This policy brief explores how regulatory sandboxes are governance mechanisms to achieve Sustainable Development Goals (SDGs) at a global scale. Sandboxes serve as controlled environments that allow the testing and developing of emerging technologies within clear predetermined boundaries, aligning the promotion of innovation and protection of rights. The topic of regulatory sandboxes appeared previously within the G20, yet its emphasis was on financial services. The advances in developing new technologies, such as artificial intelligence (Al), provide an opportunity for a wider global discussion of the mechanism as a tool for achieving SDGs. Emphasizing the importance of interoperability, this paper will explore how sandboxes across borders lead to greater collaborative efforts, common standards for data, consumer protection and ethical considerations in emerging technologies. Sandboxes, thus, can promote sustainable industrialization by allowing countries to test innovative technologies, capable of reducing CO2 emissions or introducing green technologies that aim at environmental goals. Through evidence-based analysis, this brief showcases how different countries develop sandboxes, considering cultural, legal, and economic factors, to uncover best practices, challenges, and opportunities as well as their compatibility and robustness vis- a-vis different governance frameworks.