BIS and Bank of Italy Issue Update on Sustainable Finance Challenge
The BIS Innovation Hub and Bank of Italy (BDI) announced shortlisted finalists and judges for the G20 green and sustainable finance challenge. The three problem statements for the challenge involve data collection, verification, and sharing; analysis and assessment of transition and physical climate-related risks; and better connecting projects and investors to scale-up their impact. Twenty-one teams have been shortlisted for this initiative, which highlights the potential of new technology to tackle challenges in green and sustainable finance. The shortlisted teams will be invited to showcase their prototypes at a workshop in August and winners will be announced in October 2021.
Eighty-nine teams from more than 25 countries had submitted 99 innovative solutions for these problems using the dedicated Codemotion platform for registration and online judging. The judging panel, organized and sponsored by BDI, includes private and public sector experts in the field of financial sector data and technology. BDI Deputy Governor, Alessandra Perrazzelli, will act as an observer for all problem statements. Using the three problem statements, published in May 2021, the BIS Innovation Hub and BDI had invited the international community of innovators, entrepreneurs, developers, data scientists, and designers to develop innovative technological solutions. According to Paola Giucca, Deputy Head of the Retail Payment Instruments and Services Directorate of the Bank of Italy, the 21 shortlisted teams will receive support from expert mentors in developing their projects and be invited to a touchpoint event to get more feedback. The initiative aims to catalyze private sector energies toward identifying solutions and developing working prototypes through the implementation of innovative technological approaches in green and sustainable finance, paving the way for further innovations with a significant potential impact for citizens and the planet.
Shortlisted Teams by Problem Statement |
||
---|---|---|
Statement 1: Data collection, verification, and sharing | Statement 2: Assessment of physical and transition risks | Statement 3: Better connecting projects and investors |
|
|
|
Related Links
Keywords: International, Europe, Italy, Banking, Sustainable Finance, Fintech, BIS Innovation Hub, Climate Change Risk, Lending, Techsprint, BDI, BIS
Featured Experts

Michael Denton, PhD, PE
Dr. Denton provides industry leadership in the quantification of sustainability issues, climate risk, trade credit and emerging lending risks. His deep foundations in market and credit risk provide critical perspectives on how climate/sustainability risks can be measured, communicated and used to drive commercial opportunities, policy, strategy, and compliance. He supports corporate clients and financial institutions in leveraging Moody’s tools and capabilities to improve decision-making and compliance capabilities, with particular focus on the energy, agriculture and physical commodities industries.

James Edwards
James leads the initiative to model the risk implications of climate change for corporates, SMEs, and sovereigns.
Previous Article
FSB Initiates Peer Review, Seeks Feedback on Corporate Debt WorkoutsRelated Articles
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
SNB Updates NSFR Forms and FINMA Consults on Operational Risk Circular
The Swiss National Bank (SNB) published Version 1.2 of the reporting forms (NSFR_G and NSFR_P) on the net stable funding ratio (NSFR) of banks, along with the associated documentation.
US Agency Publications Address Basel, Reporting, and CECL Developments
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances