RBI collaborates with GFIN to prevent greenwashing
In order to take part in the Greenwashing TechSprint, the Reserve Bank of India (RBI) has teamed up with the Global Financial Innovation Network (GFIN). Concerns about overstated, false, or unsupported claims for environmental, social, and governance (ESG) credentials will be addressed at the event.
13 international regulators, businesses, and innovators will collaborate during the TechSprint to create a tool that could aid in the more effective management of the risks associated with greenwashing in the financial services industry by regulators and the market.
GFIN on greenwashing
According to the GFIN, greenwashing is “marketing that portrays an organization’s products, activities, or policies as producing positive environmental or social outcomes, or avoiding negative environmental or social harm, when this is not the case.”
Participants can concentrate on the issue that needs to be solved thanks to problem statements. Its purpose is to give a focused perspective on the problem that the software is attempting to tackle through collaborative effort.
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Objective of the TechSprint:
The goal of the Greenwashing TechSprint is to create a technology that can assist market participants and regulators in addressing or reducing the risks associated with greenwashing in the financial services industry. To create the tool, businesses will have the chance to collaborate with regulatory experts, a wide range of stakeholders, and specialists from around the world. Launched on June 5, 2023, the TechSprint will last for three months, concluding with a showcase day in September 2023.
Support for firms interested in participating:
For businesses interested in taking part in the event, the GFIN will offer an information package to help with the application process. Those businesses whose applications are accepted will move on to the on-boarding process, which will take place on June 1 and 2. Firms will receive instruction on the Digital Sandbox and a thorough rundown of the TechSprint procedure as a result.