A glimpse into the future of Climate Fintech (4YFN)
July 7th, 2021
Last week, we attended the Mobile World Congress & the Four Years From Now (4YFN) forum hosted in Barcelona, Spain. Four days filled with keynotes featuring the latest in global technology, sustainability, medicine and fintech, along with exhibitions of more than 400 startups from across the globe.
The Four Years From Now event is known for featuring the upcoming trends in technology and science, while inviting key players from all tech industries to participate as exhibitors to show their innovations in the field. Always big in the presentation of emerging startups and connecting people and entities from across the globe.
Fintech is an important topic in 4YFN, this time it was deeply supported by the climate and sustainability field with a special focus in Climate Fintech. “Climate Fintech is a digital financial technology that catalyzes decarbonization. Or in layperson’s terms, it’s the ways in which fintech is applied towards improving climate. In 2021, digital financial technology has been officially integrated into most aspects of life. So, it’s not completely unexpected that it would cast its net wide enough to include one of the world’s largest public policy issues—climate change.” (Sunrise Banks, 2021) The biggest aspects in which Climate Fintech is used at the moment is in consumer behavior, investments and risk analysis.
From the multiple inspirational keynotes held, one in particular caught our attention, “Sustainable Fintech: Climate Change Action from Within”, hosted by Andreas Iten, Co-Founder & CEO at F10, with the collaboration of Aaron McCreary, Climate Fintech Lead at New Energy Nexus; Geilam Malet-Bates, Sustainable FinTech Entrepreneur and Lead Sustainable FinTech Consultant & Chair of Green FinTech Forum at P27; Francisco Benedito, CEO and Founder at Climatetrade and Shawn McKell, Head of Platform Strategy at Doconomy.
“The public’s focus on climate change is here to stay, which could continue to spur more exciting innovation in financial services focused on creating a greener world. It remains to be seen whether these products can generate a meaningful return (and thus merit continued investment), but this will be a common theme over the next year and beyond.” (Milanovic, 2021)
Climate Fintech, as described in the forum, helps individuals save and invest in ways where the planet is put first. Rather than a trend, the experts discussed how becoming sustainable and climate focused is a necessary reality that all industries, not only the Renewable Energy Industry must understand in order to coexist with the future of the planet. The challenges discussed at the forum focused merely on supply and demand in Climate Fintech. At the moment, it seems to be confusing who is responsible for regulating the costs, since a solid infrastructure as they mentioned, is not completely available.
The experts also discussed the importance of standardizing data and making it understandable so that people can adapt and use it. Making data available for startups across the globe under regulated costs is important in the digital transformation towards a better and sustainable future. Climate Fintech experts are clear that big changes need to be made across all industries to achieve the Paris Agreement for climate change in the next three decades. “Problems should be tackled” and experts are certain startups can help through the unification of resources and data for one common good, the sake of the planet.
At Proxima Solutions GmbH we believe an essential way of preserving the planet is by continuously listening, learning, and sharing ideas and projects with players from the different industries willing to make a change.
Proxima Solutions GmbH is a German Company founded in 2018 aiming to digitize the energy transition. Combining artificial and human intelligence, data science, and renewable energy expertise, we offer a suite of software tools that enable asset owners and asset managers to increase energy production from their wind and hydro energy plants.
We can also support our customers with a set of services (plant supervision, predictive diagnostics, asset management) where we optimize asset performance and preserve asset lifetime by implementing the recommendations from our advanced analytics and AI predictive algorithms.