BIS, COP28 and Central Bank of United Arab Emirates launch TechSprint to develop technological solutions for sustainable finance and combating climate change

Press release  | 
11 September 2023
  • Global initiative aimed at promoting innovation in scaling sustainable finance and combating climate change.
  • Problem statements focus on application of Artificial Intelligence, blockchain, Internet of Things and sensor technologies.
  • Initiative is open to developers worldwide.

The Bank for International Settlements (BIS) is joining the COP28 Presidency and the Central Bank of the United Arab Emirates (CBUAE) to launch the COP28 UAE TechSprint, a technology initiative to foster innovation in scaling sustainable finance and combating climate change. The campaign calls for technology solutions to address data verification gaps in sustainable finance in 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.
  • Internet-of-Things and sensor technology solutions for sustainable finance to ensure informed assessments of impact, risk, or compliance. 

The detailed problem statements are available at the event page.

This Techsprint at COP28 is being developed jointly by the Central Bank of the United Arab Emirates (CBUAE), alongside the COP28 Presidency, the Emirates Institute of Finance (EIF) and the BIS.

Combating climate change is more urgent than ever. It calls for a profound change in the way economies operate and grow. To finance the needed transformation, investors need certainty that their funds are channelled to their intended uses. Technologies that promote the timely measurement and disclosure of climate-related information are part of the solution. The BIS Innovation Hub has explored how to apply technologies such as AI, blockchain and internet-of-things to green finance instruments and climate-related disclosure. This TechSprint in collaboration with the COP28 UAE, the CBUAE and EIF will complement these efforts to address remaining gaps in the green finance market.

Agustín Carstens, General Manager of the BIS

In line with the vision of the UAE's leadership, and its endeavours 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.

Khaled Mohamed Balama, Governor of the CBUAE and Chairman of EIF

Tackling 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 to foster investor confidence and better ensure that capital reaches those who require it the most. COP28 looks forward to working with its partners to drive real solutions to scale up climate action and fast-track sustainable finance initiatives around the world.

Dr Sultan Al Jaber, COP28 President Designate

How to participate

The COP28 UAE TechSprint is open to technology developers and innovators from around the world. To participate, register at the event page and submit a technology proposal to one or more problem statement by October 6, 2023.

Shortlisted teams will be invited to further develop their solutions and each team will be eligible for a stipend of AED 45,000 (approximately USD 12,000).

A winner will be selected for each problem statement by an independent panel of experts and be awarded at COP 28 in Dubai in December 2023. The winners will each receive an award of AED 220,000 (approximately USD 60,000). For more information, visit COP28 event page.