The Central Bank of the United Arab Emirates (CBUAE) recently revealed the winners of COP28 UAE TechSprint, a competition aimed at accelerating the development of sustainable finance solutions that can have a positive effect on global climate change. The event was held in collaboration with the COP28 Presidency, the Bank for International Settlements, and the Emirates Institute of Finance.
According to a press release from CBUAE, proposals for sustainable finance technology solutions were initially solicited and subsequently due by early October 2023. Those who made it to the shortlist were required to submit their proposed solutions for review by an independent panel by November 20th.
The press release from CBUAE further stated that winners were announced on Finance Day at COP28. Three companies received accolades as top solutions in their respective categories and were also granted monetary awards to develop their ideas further.
CBUAE announced that Intensel, based in Hong Kong, was recognized in the category of "Innovative artificial intelligence solution to scale up sustainable finance and climate action." Intensel's solution is an AI-driven platform designed to quantify and translate climate hazards into financial risks.
The British company ZERO13 was recognized by CBUAE in the category of "Innovative blockchain solutions in sustainable finance to scale up climate action." ZERO13 developed a platform utilizing multiple blockchains' interoperability and Application Programming Interfaces (APIs) to enable the issuance, trading, clearing, and settlement of carbon credits associated with tangible Environmental, Social, Governance (ESG) assets.
Evercomm from Singapore received recognition from CBUAE in the category of "Innovative IoT and sensor technology solutions in sustainable finance to scale up climate action". Evercomm's award-winning solution centers on Internet-of-Things (IoT)-driven digital emission disclosures and verification.