With climate change now an undeniable reality on a global scale, the UAE is partnering with international financial institutions to harness the power of technology to develop sustainable solutions. With this in mind, they plan to position the blockchain, AI and IoT as pillars of the future of the green economy.
COP28 UAE TechSprint, the epicenter of innovation for a green economy!
In an initiative to promote innovation and mitigate the impacts of climate change, the Central Bank of the United Arab Emirates (CBUAE) is collaborating with the Bank for International Settlements (BIS) and the Emirates Institute of Finance (EIF). Together they launched the COP28 UAE TechSprint.
This project presents itself as a major lever for the development of financial technological solutions in response to climate change. All this, anticipating the next COP28 which will take place in the region.
The fundamental aim of the project COP28 UAE TechSprint consists of promoting transparency and strengthening traceability, while increasing accountability in the field of sustainable finance. It also aims to encourage the commitment of financial innovators and public sector players and private sectors worldwide.
Blockchain, with its ability to guarantee traceability and reliability, is emerging as a solution of the future to revolutionize financial auditing. Its major advantage, ensure optimal allocation of funds dedicated to ecology.
A finance-technology alliance for a sustainable future
Whether using AI to refine financial reporting or the Internet of Things (IoT) to measure ecological footprints, the TechSprint is emerging as the hub for cutting-edge solutions, marking the convergence of finance and technology.
To stimulate participation on a global scale, the COP28 UAE TechSprint goes beyond simply highlighting innovators. It also offers significant financial rewards.
Indeed, the participants selected for each issue will have the opportunity to perfect their proposals and will receive up to AED 45,000 (approximately $12,200).
The winners of each issue will be determined by a committee of independent experts, and will be announced at the COP28 in the United Arab Emirates in December 2023. Each winner will receive an endowment of AED 220,000 (approximately $60,000).
The integration of new technologies such as blockchain in various sectors in the United Arab Emirates is no longer a novelty. By forging strong partnerships with major financial players, the country is charting an unmistakable course where the ecological future is closely linked to technological innovation.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
