CBB announces launch of Greenwashing TechSprint

CBB announces launch of Greenwashing TechSprint

Manama, Kingdom of Bahrain – The Central Bank of Bahrain (“CBB”) announces the launch of Greenwashing TechSprint in collaboration with the Global Financial Innovation Network (GFIN). The CBB will be among 13 international regulators taking part in the first edition of the competition.

GFIN is a group of over 80 international organisations committed to supporting financial innovation in the interest of consumers and it is currently chaired by the Financial Conduct Authority. The CBB as a participating member is inviting firms from around the globe to participate in this Greenwashing TechSprint.

The number of investment products marketed as ‘green’ or making wider sustainability claims is growing. Exaggerated, misleading or unsubstantiated claims about Environmental, Social and Governance (ESG) credentials damage confidence in these products and the CBB wants to ensure that consumers and firms can trust that products have the sustainability characteristics they claim to have.

The CBB will therefore be participating in a virtual TechSprint, hosted on the Financial Conduct Authority’s (FCA) Digital Sandbox, to bring together international regulators, firms and innovators to address sustainable finance as a collective priority. The TechSprint will be to develop a tool or solution that can help regulators and the market effectively tackle the risks of greenwashing