WEF calls blockchain key to sustainable digital finance
The World Economic Forum (WEF) released a new report that praises blockchain technology as a keystone of environmental sustainability by positing a new paradigm that combines emerging technology with environmentally-conscious business models. ‘We believe that sustainable digital finance will play an essential role in efficiently channeling this capital to fuel innovation, growth, and job creation, at the same time supporting the transition to a sustainable, low-carbon economy,’ explained UBS Chief Operating Officer, Personal and Corporate Banking and Switzerland, Karin Oertli. According to the report, while digital finance refers to the integration of big data, artificial intelligence, mobile platforms, blockchain, and the Internet of Things in the provision of financial services, sustainable finance refers to financial services integrating environmental, social, and governance (ESG) criteria into business or investment decisions. Bringing both together, sustainable digital finance can take advantage of emerging technologies to analyse data, power investment decisions, and grow jobs in sectors supporting a transition to a low-carbon economy.