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The Bank for International Settlements (BIS) has initiated a challenge called COP28 UAE TechSprint, aimed at developing sustainable finance solutions using blockchain, artificial intelligence (AI), and the Internet of Things (IoT). This initiative is led by the United Arab Emirates' COP28 presidency and is being developed in collaboration with the Central Bank of the UAE and the Emirates Institute of Finance.
The COP28 UAE TechSprint seeks to address data verification gaps in sustainable finance. It focuses on three critical problem statements:Applying AI to strengthen reporting, verification, and disclosure mechanisms in the financial services industry.
Utilizing blockchain technology for auditing and enhancing transparency, traceability, and accountability in sustainable finance. Integrating IoT and sensor technology into sustainable finance for informed assessments of impact, risk, or compliance. The goal is to foster investor confidence and ensure that capital reaches those in need to combat climate change. Developers from around the world are invited to participate, with a proposal submission deadline of October 6. The winners will be announced on December 4 during an event at COP28 UAE, which is scheduled to be held from November 30 to December 12 in Dubai.
