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.
Previous Article
FSB Initiates Peer Review, Seeks Feedback on Corporate Debt WorkoutsRelated Articles
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
IOSCO Welcomes Work on Sustainability-Related Corporate Reporting
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BoE Allows One-Day Delay in Statistical Data Submissions by Banks
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
ACPR Amends Reporting Module Timelines Under EBA Framework 3.2
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
APRA to Modernize Prudential Architecture, Reduces Liquidity Facility
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.
