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The Reserve Bank of India (RBI), in collaboration with the Global Financial Innovation Network (GFIN), has invited Indian firms to participate in the inaugural Greenwashing TechSprint, aimed at tackling sustainability-related risks in financial services.
The Greenwashing TechSprint, the first of its kind, will bring together 13 international regulators and firms globally to develop tools and solutions to detect and prevent misleading claims about the environmental, social, and governance (ESG) credentials of financial products. Exaggerated or unsubstantiated sustainability claims can undermine consumer confidence in financial products, and the TechSprint seeks to address this challenge collectively.
About GFIN:
GFIN is a global network of over 80 organizations dedicated to supporting financial innovation for the benefit of consumers. The network is currently chaired by the UK Financial Conduct Authority (FCA). RBI, as a participating member, is inviting Indian firms to leverage this platform to innovate in sustainable finance and collaborate with international regulatory experts.
Participation Details:
Application Window: Open until May 21, 2023.
Onboarding & Training: June 1–2, 2023, covering an introduction to the FCA’s Digital Sandbox and the TechSprint process.
TechSprint Duration: Launching June 5, 2023, the program will run for three months, culminating in a showcase event in September 2023.
Firms selected to participate will have the opportunity to engage with global stakeholders, regulators, and innovators to co-create solutions to mitigate greenwashing in financial services. GFIN will also provide an information pack to support the application process.
[RBI]