Legal & Regulatory News

FCA and GFiN launch Greenwashing TechSprint

11 April 2023

On 11 April 2023, the UK Financial Conduct Authority (FCA) published a press release announcing the launch by the Global Financial Innovation Network (GFiN) of its first 'Greenwashing TechSprint' (the TechSprint) hosted by the FCA's Digital Sandbox. The purpose of the TechSprint is to develop tools and solutions that may assist regulators and the market in tackling the risks of greenwashing in financial services, and to ensure that consumers have access to sustainable finance products and services that adequately suit their needs.

To help participants of the TechSprint focus on the problems that need solving, the GFiN has released the following two 'problem statements':

 
  • How can technology, including artificial intelligence and machine learning, enable regulators and supervisors to verify that ESG and sustainability-related product claims to retail consumers are accurate and complete.
 
  • How can technology help to monitor, collate and identify examples of greenwashing from financial services firms' websites, social media platforms and other documentation or data which can also be shared across jurisdictions.

The TechSprint has already gained strong support with 13 international regulators having agreed to participate so far alongside firms and innovators, with the overarching aim of addressing GFiN's ESG and sustainable finance priorities.

The TechSprint started on 5 June 2023.  It will run for three months and will end with a showcase on 13-14 September 2023.

 

Click here to view the FCA press release.

Click here to view the GFiN information pack.

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