The BIS is partnering with the COP28 Presidency and the Central Bank of the United Arab Emirates (CBUAE) to launch the COP28 UAE TechSprint.
The TechSprint is an initiative aiming to fast-track innovation in the realm of sustainable finance and climate change mitigation.
BIS serves as a hub for central banks worldwide, seeking to support and promote financial and monetary cooperation. It has been deeply invested in exploring how modern technologies such as AI and blockchain can be applied to green finance. COP28, on the other hand, is an international climate summit committed to advancing global strategies for climate change mitigation.
Lastly, the CBUAE regulates financial institutions in the UAE and has a vested interest in encouraging sustainable finance within the region.
This TechSprint will focus on technology solutions that bridge data verification gaps in sustainable finance. It calls for proposals in three key areas:
- AI solutions for reporting, verification, and disclosure in sustainable finance.
- Blockchain solutions for auditing and enhancing transparency in sustainable finance.
- Internet-of-Things (IoT) and sensor technology for impact, risk, or compliance assessments in sustainable finance. The initiative is also in collaboration with the Emirates Institute of Finance (EIF).
To participate in the TechSprint, developers and innovators are invited to register on the event page and submit technology proposals by October 6, 2023. Shortlisted teams will receive a stipend of AED 45,000 (approximately USD 12,000), and winners will be awarded AED 220,000 (approximately USD 60,000) by an independent panel of experts.
BIS General Manager Agustín Carstens said, “Combating climate change is more urgent than ever. Technologies that promote the timely measurement and disclosure of climate-related information are part of the solution.”
Khaled Mohamed Balama, Governor of the CBUAE and Chairman of EIF, said, “In line with the vision of the UAE’s leadership, we value the partnership with COP28 UAE and the BIS in launching this international initiative.” Dr Sultan Al Jaber, COP28 President Designate, said, “Tackling climate change requires available, accessible and affordable finance. COP28 looks forward to working with its partners to drive real solutions.”
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