Join the COP28 UAE TechSprint by CBUAE, BIS, and EIF to accelerate innovation in green finance and combat climate change ahead of COP28.
In order to help scale sustainable finance and battle climate change, the Central Bank of the UAE (CBUAE) has partnered with the Bank for International Settlements (BIS), the Emirates Institute of Finance (EIF), and the COP28 Presidency.
The COP28 UAE TechSprint program aims to motivate financial innovators and developers from international business and public sector organizations to expedite breakthrough technology solutions to assist address problems in green and sustainable finance. Prior to the UAE’s hosting of COP28 later this year, the COP28 UAE TechSprint begins.
The new worldwide endeavor will seek to significantly address three problem areas by utilizing technologies including artificial intelligence (AI), blockchain, the internet of things (IoT), and sensor technologies
AI solutions for financial services industry reporting, verification, and disclosure of sustainable finance.
Blockchain auditing solutions that improve accountability, traceability, and transparency in sustainable finance.
Solutions based on sensor and IoT technology for sustainable financing to guarantee accurate impact or risk evaluations.
Filling in the market’s remaining gaps for green financing
“In line with the vision of the UAE’s leadership, and its efforts to address the challenges of climate change, we value the partnership with COP28 UAE and the BIS in launching this international initiative aimed at encouraging innovators across the globe to leverage financial technology in developing new green and sustainable finance solutions,” said Khaled Mohamed Balama, governor of CBUAE and chairman of EIF.
The COP28 President-elect and Minister of Industry and Advanced Technology, Dr. Sultan bin Ahmed Al Jaber, added, “Financing must be readily available, approachable, and reasonable.
We can promote investor confidence and better ensure that funding reaches those who need it most by adopting cutting-edge technological solutions that enable the development of sustainable finance rules and instruments. COP28 is eager to collaborate with its partners to advance practical solutions for accelerating global sustainable finance efforts and scaling up climate action.
The BIS’s general manager, Agustin Carstens, stated: “Climate change mitigation is now more important than ever. It demands a fundamental shift in how economies function and expand. Investors require assurance that their money will be used for what it is intended for in order to finance the necessary transformation. The approach includes technologies that encourage the accurate measurement and dissemination of data linked to the climate.
“The BIS Innovation Hub has investigated how to use internet-of-things, blockchain, and artificial intelligence (AI) technology for green finance instruments and climate-related transparency. In collaboration with COP28 UAE, CBUAE, and EIF, this TechSprint aims to address the gaps in the green financing industry.
