Winners of G20 Tech Sprint 2024 !!
G20 TechSprint 2024
Technology for the Planet
Problem Statement
Winning Team
Country
Problem Statement 1
Team Ekonavi
Brazil
Problem Statement 2
Team Tese
Hong Kong
Problem Statement 3
Team Kaleidofin
India
Problem Statement | Winning Team | Country |
---|---|---|
Problem Statement 1 | Team Ekonavi | Brazil |
Problem Statement 2 | Team Tese | Hong Kong |
Problem Statement 3 | Team Kaleidofin | India |
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About Us
G20 TechSprint, an international competition that seeks innovative solutions to address common challenges and priorities of the global central banking and regulatory community. This year's challenge is focused on stimulating the development of sustainable finance, tackling challenges aligned with the current G20 Priorities which encompass climate change, environmental degradation, and poverty reduction.
We invite innovators, entrepreneurs, start-ups, change agents, creators, programmers, data scientists, and sustainable finance experts from around the world to participate in this challenge.
The first-place winner in each of the three categories, i.e., of the three problem statements listed below, will receive a prize of USD25,000.
If you share the desire to solve problems that impact sustainability and the global community, join other talents and apply.
Participation is free, and teams from around the world are welcome to apply.
Problem Statements
This year’s TechSprint focuses on technology solutions for sustainable finance. The major problems identified include lack of sustainable investments in biodiversity and nature-related projects, challenges with the collection, aggregation and analysis of ESG data to facilitate due diligence, disclosure and management of ESG risks and opportunities and open-sourced data-driven solutions that can be used to support financial decisions and capital allocation aligned with the SDG goals. This TechSprint aims to address these challenges in the sustainable finance and provide significant contributions to the G20 priority of "building a just world and a sustainable planet" in line with the motto of the G20 Brazilian presidency.
Important disclosure applicable to all three proposed problem statements:
To combat greenwashing effectively, the solutions should guarantee the integrity of the data, and processes.
Nature-based solutions (NBS) - Novel technology solutions to foster investments in biodiversity and nature-related projects
We are calling for innovative technology solutions that can be used to incentivize and attract sustainable and inclusive investments targeted at biodiversity and nature preservation.
• Sustainable and inclusive investments in biodiversity and nature-related projects are crucial, as they promote sustainable economic growth while ensuring a healthy and prosperous future for all.
• However, investments in these projects remain limited due to challenges such as uncertainty about whether the project is delivering the positive impact it committed to, as a consequence of the difficulty of tracing, thereby creating a risk of loss of investment and greenwashing. Or the need for liquid and transparent secondary markets for such investments.
• Given these challenges, we invite innovative technology solutions, including but not limited to those that use tokenization and smart contracts to foster investments in biodiversity and nature-related projects. This could include asset tokenization representing a stake in a specific project, such as reforestation or wildlife protection, DAOs for community governance, and methods to enable micro-investments to provide a sustainable way of life for populations that depend on natural resources for their subsistence.
• Usage of GIS (Geographic Information Systems) and satellite imagery for project validation and monitoring to offer transparency, traceability, and efficiency in funding conservation efforts.
• The solutions may seek to address the traditional finance challenges such as high cost of intermediation and lack of finance for projects in the Global South, as well as the risks associated with long project horizons, by unlocking new avenues such as tokenized and/or fractional ownership, and the creation of new secondary markets for investments in environmentally beneficial projects.
• These solutions could contribute to mobilising public and private funding for nature-positive projects, by increasing transparency and facilitating blended finance vehicles.
Environmental, social and governance (ESG) - Novel technology solutions to improve the quality, reliability, and granularity of ESG data
We are calling for innovative technology solutions that enhance the collection, aggregation, and analysis (including some high-level data quality assurance, e.g. correct units used and sum of the parts corresponding to the total) of ESG data to facilitate due diligence, disclosure, and management of ESG risks and opportunities by (a) large corporates and SMEs, (b) investors and financial institutions, and/ or (c) regulators and supervisors.
• Reliable and granular environmental, social, and governance (ESG) data is key to making informed decisions and identifying and managing ESG risks and opportunities.
• This problem statement is looking for solutions that may cater to the diverse needs of one or more of the following types of users: (a) large corporates that want to monitor scope 3 exposure in their supply chains, or SMEs in those supply chains who want to (or are asked to) create transparency about their climate and environmental footprint, (b) investors and financial institutions who want to direct investment and loans towards corporates and SMEs and who want to calculate their scope 3 “financed emissions”, and (c) regulators and supervisors who supervise those licensed institutions and hence need efficient access to the publicly disclosed data.
• For reference, the solutions may use technologies such as big data analytics, AI/ML, Gen AI, dMRV, IoT, and blockchain to ensure quality, reliability and granularity of data, facilitate real-time ESG measurement, reporting and verification, and enable proactive management of risks including greenwashing and fraud risks. The solutions may target physical, transition and adaptation risks.
• The solutions could include innovative approaches to mapping nature-related risks and linking them with financial data (e.g., supervisory reporting data, such as the BIS “digital twin” project) to assess risk exposure. They could also help measure the biodiversity footprints of financial assets and the positive impacts of investments to better align financial flows with the goals of the Global Biodiversity Framework (GBF).
• The solutions may incorporate RegTech to streamline compliance with evolving ESG regulations including but not limited to ISSB standards, and/or SupTech to provide regulators and supervisors with advanced tools for monitoring, enforcing and supervising compliance with such standards.
Sustainable Development Goals (SDGs) - Open-sourced solutions to achieve sustainable finance and support the SDG goals
We are calling for open-sourced data-driven technology solutions that can be used 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, etc.
• This problem statement intentionally focuses on open-sourced data or solutions that are accessible to all as a public good at no (or low) cost hence ensuring transparency, and on which other solutions can be built to foster the SDG goals, including financial education and inclusion.
• We highlight the importance of solutions on financial education and inclusion as enablers of the SDGs. Financial inclusion supports overall economic growth, and consequently, the achievement of broader development goals.
• For reference, the solutions may consider predictive analytics, geospatial analysis, AI/ML, crowdsourcing, DLT, etc., to identify and establish key indicators for measuring progress against SDG targets. MRV or dMRV can also be explored to ensure the accuracy and reliability of data for real-time and immutable record keeping.
• Mobile and online platforms that offer financial services tailored to underserved communities. Incorporating elements of financial education, these tools can empower users to make informed decisions that support sustainable development goals.
• The solutions may also include Key Performance Indicators (KPIs) to track the effectiveness of investments and initiatives towards achieving the SDGs, as well as Key Risk Indicators (KRIs) to monitor potential risks that could impede progress or derail the initiatives.
Prize
Claim your place on the podium!
Cash prizes to the Winners
$25,000 for the Winner
$5000 Stipend
Recognition
All the final shortlisted teams get to interact with industry experts and may feature in a TechSprint report.
Eligibility
1. Registration is open to participants with a good track record of developing scalable technological solutions to tackle the challenges presented in the above problem statements.
2. The competition is open to participants who meetall the following criteria:
- Be over 18 years of age.
- Not be an employee of the organizers and supporters or any of their subsidiaries or affiliates, nor a direct family member of one of their employees;
- Agree to the G20 TechSprint 2024 User Terms and Conditions (T&C) which govern participation in the G20 TechSprint 2024; and
- Agree to the APIX Terms of Use, which govern the use of the APIX Platform.
3. Participants must complete the registration and proposal submission process within the indicated timeframe. Any request to postpone submission will not be considered.
FAQ
How do I register and submit my proposed solution(s)?
Interested participants should click on the registration tab and complete fully the registration questionnaire before the registration deadline. Participants should also fill in fully the details of their proposed solution(s) in the relevant sections of the questionnaire.