The Bank for International Settlements (BIS) and the Banco Central do Brasil have put sustainable finance at the centre of the latest G20 TechSprint hackathon competition.
The fifth G20 TechSprint, this year's edition will focus on three problem statements on green finance to support sustainable development goals (SDGs) and inclusion:
- Nature-based solutions: technology solutions that incentivise and attract sustainable and inclusive investments targeted at biodiversity and nature preservation
- ESG: new technologies to improve the quality, reliability and granularity of ESG data for (a) large corporates and SMEs (b) investors and financial institutions (c) regulators and supervisors
- SDGs: open source solutions to support financial decisions and capital allocation aligned with the SDG goals, including preserving biodiversity, climate change, clean energy, financial education and inclusion, poverty alleviation
Firms have until the end of May to apply, after which shortlisted teams will have eight weeks to develop their solution. A panel of experts will pick one winner for each problem statement, with each securing a $25,000 reward.
Agustín Carstens, GM, the BIS, says: "The journey towards sustainable finance requires collective action and relentless innovation. We must continuously push the boundaries of what is possible, leveraging the full spectrum of technological advancements and collaborative partnerships at our disposal."