The UAE Central Bank announced the result of the Cop28 UAE Techsprint, where UK Blockchain solution provider ZERO13, was recognized in the category of “Innovative blockchain solutions in sustainable finance to scale up climate action. ZERO13 blockchain driven platform facilitates issuance, trading, clearing and settlements of carbon credits linked to tangible ESG (Environmental Sustainable Goals) using interoperable blockchains and APIs.

As per ZERO13 website, ZERO13 is helping to achieve Net Zero by combining AI and blockchain to restore trust in carbon credit markets, addressing green washing, double counting, price transparency, vertical silos and market fragmentation.

UAE TechSprint launched by The UAE Central Bank, COP28 presidency, the Bank for International Settlements (BIS), and the Emirates Institute of Finance (EIF); is a global initiative that promotes  technology innovation in scaling sustainable finance, aligned with the CBUAE’s goals to drive digitalization, advanced technologies, and sustainability in the financial sector.

COP28 UAE TechSprint attracted 126 proposals from across 31 countries, engaging participation of financial innovators and developers from around the world. Following the submissions of proposals, 15 finalist teams were shortlisted and presented their prototypes to an independent panel of judges who selected the best solution in each of the three categories below.

Other winners included Intensel, from Hong Kong,  which was recognized in the category of “Innovative artificial intelligence solution to scale up sustainable finance and climate action” with their climate analytics platform that leverages artificial intelligence, satellite imagery and climate and financial models to measure and translate climate hazards into financial risk at the asset level.

In addition to  Evercomm, from Singapore, which was recognized in the category of “Innovative IoT and sensor technology solutions in sustainable finance to scale up climate action” with their IoT-powered digital emission disclosures and verification for industrial emission reduction strategies supporting compliance and sustainability-linked financing.

The teams behind these solutions along with the shortlisted participants will each be eligible to receiving an award to help them fund further development.

His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, said: “Effectively managing climate change demands finance that is both easily attainable, accessible, and economically feasible. I congratulate the teams behind these technological solutions aimed at fostering sustainable finance standards and instruments. These innovations have the capacity to enhance investor trust and more effectively channel capital to those most in need. COP28 remains steadfast in collaborating with its partners to implement tangible solutions, accelerating the expansion of climate action and expediting global initiatives for sustainable finance.”

His Excellency Khaled Mohamed Balama, Governor of CBUAE and Chairman of EIF, said: “The COP28 UAE TechSprint highlighted the crucial role of advanced technology innovations in sustainable finance to contribute to a more sustainable future. The initiative has brought to the fore innovative solutions from around the world that can be deployed to drive progress in scaling sustainable finance in line with CBUAE’s strategy with an emphasis on advancing digitalization, innovations, and sustainability in the financial sector. On behalf of the CBUAE, I am pleased to congratulate the participants for their innovative solutions and look forward to the impact of pioneering technological solutions to scale up sustainable finance.”