Private firms are invited to develop technological solutions to address operational problems in green and sustainable finance.
The BIS Innovation Hub and the Bank of Italy, within the Italian G20 Presidency, have launched the second G20 TechSprint Initiative, focusing on the use of fintech innovation to resolve challenges in green and sustainable finance.
Private firms are invited to develop innovative technological solutions for three high-priority operational problems that have been identified based on submissions from G20 finance ministries and central banks.
The problem statements identify challenges in the following areas:
- Collection, verification and sharing of environmental data to support risk analysis. Technology solutions are sought to address information asymmetry which stems from a lack of consistent data methods and disclosure regimes, as well as limited verification of self-reported returns. These may include public web-scraping tools, blockchain, IoT, smart sensors and GPS, and other kinds of non-traditional reporting data.
- Analysis and assessment of transition and physical climate-related risks. Technology solutions are sought to facilitate more accurate prediction, assessment and monitoring of transition and physical risks posed by climate change. These may include solutions that use big data ingestion, predictive analytics and visualisation tools.
- Better connecting sustainable projects and investors. Technology solutions are sought to help connect project promoters such as SMEs, start-ups and local authorities with investors to raise funds for sustainable projects. These may include solutions identity verification tools, demand aggregation platforms, and trading platforms.
Interested participants can apply to compete in the development of innovative solutions for these problems using a dedicated platform, available here. Participation is free of charge. The closing date for applications is 31 May.
Shortlisted teams will be announced on 14 June and invited to showcase their prototypes in a workshop in August for feedback from national authorities and experts. Shortlisted teams will each be awarded EUR 10,000.
An independent expert panel organised and sponsored by the Bank of Italy will judge the submissions and identify the most promising solutions. Winning solutions will be announced in October and awarded EUR 50,000 each.