The Bank of International Settlements Launches Initiative for Sustainable Finance Solutions
The Bank of International Settlements (BIS) has partnered with the Central Bank of the UAE and the Emirates Institute of Finance to launch an initiative aimed at finding sustainable finance solutions using blockchain, artificial intelligence (AI), and the Internet of Things (IoT). The initiative, spearheaded by the COP28 UAE presidency, seeks to address data verification gaps in sustainable finance. BIS General Manager Agustín Carstens emphasized the need for a profound change in the way economies operate and grow to combat climate change. The initiative outlines three problem statements: the use of AI to strengthen reporting and verification mechanisms, the potential of blockchain for transparency and accountability in sustainable finance, and the integration of IoT and sensor technology for informed assessments. Developers worldwide can participate in the initiative, with a proposal submission deadline of October 6.
Hot Take: BIS Initiative Drives Technological Innovation for Sustainable Finance
The Bank of International Settlements’ initiative, in collaboration with the Central Bank of the UAE and the Emirates Institute of Finance, demonstrates a commitment to leveraging technology to address data verification gaps and promote sustainable finance. By harnessing the power of blockchain, AI, and IoT, the initiative aims to strengthen transparency, traceability, and accountability in the financial services industry. This forward-thinking approach aligns with the urgent need to combat climate change and ensure that capital reaches those who require it the most. The open invitation to developers worldwide fosters global collaboration and innovation in finding solutions for sustainable finance. As the initiative progresses, it has the potential to drive significant advancements in the integration of technology and finance to support the transformation required for a sustainable future.
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