The first program is the National AI Program in Finance. It includes an industrywide AI platform called NovA! which generates insights about financial risks. The programme is a collaboration between Singapore-based banks and local fintech firms and aims to help financial institutions better assess companies’ environmental impact and identify emerging environmental risks.
The initiative will also better enable financial institutions to assess sustainability related investments and associated risks such as greenwashing, which is when companies exaggerate or falsify their environmental credentials.
Experts estimate roughly S$135 trillion of climate-aligned funding will be needed to achieve the 2015 Paris Agreement goal of limiting global warming to well below 2 deg C above pre-industrial levels.
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