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 |
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| Statement 1: Data collection, verification, and sharing | Statement 2: Assessment of physical and transition risks | Statement 3: Better connecting projects and investors |
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Keywords: International, Europe, Italy, Banking, Sustainable Finance, Fintech, BIS Innovation Hub, Climate Change Risk, Lending, Techsprint, BDI, BIS
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