- Case study COP28
Innovating Sustainability: APIX Empowers COP28 TechSprint on a Global Scale
- Challenges3
- Countries31
- Submissions126
- Production-ready for implementation82%
About Initiative
Global Initiative | ESG, Green Finance | Worldwide | Innovation Challenge | APIX Platform
The COP28 UAE TechSprint is a global initiative to unite, act and deliver in the area of financial technology solutions to drive progress in climate action. This pioneering initiative seeks to encourage the participation of financial innovators and developers from global private and public sector entities in fast-tracking innovative technology solutions to address challenges in green and sustainable finance.
The Opportunity
Revolutionising Sustainable Finance Through Technology
The financial landscape is witnessing a transformative shift towards sustainability and technology-driven solutions.
At COP28, finance, aligned with technology & innovation were designed as emerging as pivotal cross-cutting themes. The mobilisation of financial resources and innovative financing mechanisms will play an important role in realising the sustainable transformation needed to combat climate change with trends shaping sustainable finance in the next decade.
Under the COP28 UAE Presidency, the Central Bank of the UAE (CBUAE), the Bank for International Settlements Innovation Hub (BISIH) and the Emirates Institute of Finance (EIF) have joined hands to launch the COP28 UAE TechSprint ‒ a pioneering initiative designed to call innovators from around the world to fast-track climate action by integrating advanced AI, blockchain, and IoT and sensor technologies in sustainable finance. The COP28 TechSprint sought a platform that could seamlessly host a global tech sprint, fostering collaboration among innovators from diverse backgrounds.
The Solution
Three problem statements were developed along the theme of scaling up climate action through advancing innovative technology solutions in sustainable finance:
Problem Statement 1: AI Technology
How can we automate and increase adoption of standards in sustainable finance using AI technology to unlock the value of vast troves of unstandardised sustainability data?
Problem Statement 2: Blockchain Technology
How can we ensure data integrity in sustainable finance using blockchain technology to increase investor and market confidence by enhancing transparency, traceability, and accountability?
Problem Statement 3: IoT and Sensor Technology
How can we enhance data collection in sustainable finance using IoT and sensor technologies for monitoring and capturing data to improve accuracy and ensure informed assessments of impact, risk and compliance?
APIX emerged as the ideal partner for conducting the COP28 TechSprint. The platform facilitated a streamlined process for innovators globally to participate and contribute innovative solutions.
How APIX helped COP28 TechSprint to pioneer and drive global tech collaboration and initiatives for climate action
Global Collaboration Hub APIX's extensive network of over 2,000 registered fintechs from various countries enabled the COP28 TechSprint to attract a diverse range of participants, fostering a rich pool of creative solutions.
Seamless TechSprint Platform Management The platform provided an efficient mechanism for the TechSprint to present problem statements, attracting submissions from innovators from 31 countries. Innovators had a clear framework to address challenges in AI, blockchain, and IoT technologies for sustainable finance.
Successful Partnerships APIX's collaborative platform environment contributed to a record number of 126 submissions, showcasing a global commitment to addressing sustainability challenges in the financial sector. Among the submissions, 82% were deemed production-ready for implementation, indicating the practicality and applicability of the proposed solutions. A remarkable 76% of participants received awards and recognitions, with 60% of startups joining incubation or acceleration programs, showcasing the tangible impact of the COP28 TechSprint.
The Impact
Accelerating Climate Action Through Technology Innovation
The COP28 UAE TechSprint, powered by APIX, witnessed unprecedented success. With 15 finalists selected out of 126 submissions across 31 countries, the event showcased the potential of emerging technologies in reshaping sustainable finance.
Beyond numbers, the collaboration hosted on the APIX platform ignited new conversations, initiated collaborations, and laid the foundation for ongoing innovations.
The global participation not only enriched the competition with diverse perspectives but also emphasised the adaptability of resulting innovations to complex challenges on a global scale. APIX's role in catalysing sustainable finance and climate action through technology innovations was pivotal, showcasing the platform's capability to drive meaningful change on a global stage.
Winners Spotlight
Problem Statement 1: Artificial Intelligence
Intensel
Climate analytics platform that leverages AI, satellite imagery and numerous climate and financial models to translate and effectively measure and disclose climate hazards into financial value-at-risk at the asset level, and at very high resolution and accuracy across all regions globally.
Problem Statement 2: Blockchain
ZERO13
Automated AI and blockchain-driven international carbon exchange, registry and climate fintech services aggregation hub and multi participant ecosystem, empowering market participants to access, trade, and invest in ESG assets with security and ease.
Problem Statement 3: IoT and Sensor Technologies
Evercomm Digital emission disclosure and verification platform powered by AI and IoT that also tracks emission reduction activities in real-time for green financing or carbon credit applications, ensuring appropriate disclosure and compliance are met for the companies and/or projects.
“Tackling climate change requires available, accessible and affordable finance. By introducing advanced technological solutions that support the development of sustainable finance standards and instruments, we can help to foster investor confidence and better ensure that capital reaches those who require it the most. COP28 looks forward to working with its partners to drive real solutions to scale up climate action and fast-track sustainable finance initiatives around the world.”
