The Central Bank of the UAE (CBUAE), in collaboration with the Bank for International Settlements (BIS) and the COP28 Presidency, has announced the launch of the COP28 UAE TechSprint, a global initiative focusing on innovation in sustainable finance and climate change mitigation. This initiative arrives ahead of the UAE’s hosting of COP28 later this year. The COP28 UAE TechSprint aims to foster the participation of financial innovators and developers from both the public and private sectors worldwide, encouraging the rapid development of technology-driven solutions to address challenges in green and sustainable finance.
Read more: UAE’s COP28 recognizes technology’s role in climate change
Three problem statements
The TechSprint will focus on three problem statements: AI solutions for sustainable finance reporting, verification, and disclosure in the financial services industry; blockchain solutions for auditing and enhancing transparency, traceability, and accountability in sustainable finance; and IoT and sensor technology solutions for sustainable finance, facilitating informed assessments of impact or risk.
Accessible finance
Khaled Mohamed Balama, governor of CBUAE and chairman of EIF, stated that this international initiative aligns with the UAE’s vision and commitment to addressing climate change challenges.
Dr. Sultan bin Ahmed Al Jaber, UAE minister of industry and advanced technology and COP28 president designate, emphasized the importance of accessible and affordable finance in tackling climate change, stressing the role of advanced technological solutions in fostering investor confidence and ensuring capital reaches those in need.
Urgent action
Moreover, AgustÃn Carstens, general manager of the BIS, highlighted the urgency of combating climate change, calling for fundamental changes in economic operations and growth. In addition, he emphasized the need for technologies that promote timely measurement and disclosure of climate-related information, stating that the COP28 UAE TechSprint would complement ongoing efforts to address gaps in the green finance market.
Global participation
Furthermore, the TechSprint is open to technology and financial innovators worldwide. Participants are invited to register and submit technology proposals by Friday, 6 October 2023. Shortlisted participants for each problem statement will have the opportunity to further develop their solutions and will be eligible for a stipend of AED45,000 (approximately $12,000). An independent panel of experts will select a winner for each problem statement, and the winners will be announced at COP28 UAE in December 2023, with each winner receiving an award of AED220,000 (approximately $60,000).
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