The Central Bank of the UAE (CBUAE), in partnership with the Bank for International Settlements (BIS), the Emirates Institute of Finance (EIF), and the COP28 Presidency, announces the inauguration of the COP28 UAE TechSprint.
This global initiative is dedicated to fostering innovation in the advancement of sustainable finance and addressing the challenges posed by climate change
BIS, or the Bank for International Settlements, is an international financial institution that serves as a bank for central banks.
Its primary purpose is to facilitate cooperation among central banks and promote monetary and financial stability globally.
BIS conducts research, provides banking services to central banks and international organizations, and acts as a forum for central bankers to exchange information and discuss policy issues.
It plays a crucial role in the international monetary system and the stability of the global financial system.
The COP28 UAE TechSprint initiative precedes the UAE’s hosting of COP28 later this year, underlining the nation’s commitment to addressing climate-related challenges.
According to BIS, the solutions that will be created from the competition will harness the power of cutting-edge technologies such as Artificial Intelligence (AI), Blockchain, Internet-of-Things (IoT), and sensor technologies to address critical challenges in the field.
Furthermore, the project demands that participants look for solutions related to these three aspects:
- AI solutions for Sustainable Finance Reporting, Verification, and Disclosure: This tackles the need for advanced AI-based tools to enhance sustainability reporting and disclosure in the financial services industry.
- Blockchain solutions for auditing and transparency: It aims to improve transparency, traceability, and accountability in sustainable finance through blockchain technology.
- IoT and sensor technology solutions: These will facilitate informed assessments of impact, risk, and compliance in sustainable finance.
The COP28 UAE TechSprint, which is open to anyone around the world, requires that participants register and submit their tech proposals for specific challenges by October 6, 2023. Shortlisted participants will receive AED 45,000 (about $12,000) to develop their solutions.
From the list of shortlisted projects, a panel of judges will pick winners for each challenge, awarding them AED 220,000 (about $60,000).
Khaled Mohamed Balama, Governor of CBUAE and Chairman of EIF noted that the importance of the project is in line with UAE’s commitment to addressing climate change while the COP28 President Designate.
Dr. Sultan bin Ahmed Al Jaber, said that dealing with climate change “requires available, accessible, and affordable finance.”
“By introducing advanced technological solutions that support the development of sustainable finance standards and instruments, we can help foster investor confidence and better ensure that capital reaches those who require it the most.”
Also, Agustín Carstens, General Manager of the BIS, affirmed the urgency of addressing climate change and the role of technology, saying, “Combating climate change is more urgent than ever. It calls for a profound change in the way economies operate and grow.”
“Technologies that promote the timely measurement and disclosure of climate-related information are part of the solution.”