Greenwashing and isolated green warning sign against white background stock illustration
iStock/Santje09

Global regulators are holding a hackathon to combat greenwashing in the financial sector.

The Global Financial Innovation Network (GFIN) is hosting its inaugural “Greenwashing TechSprint” involving 13 global regulators to explore solutions for both regulators and industry firms to tackle greenwashing risks.

“As the demand for ESG-related products and services continues to grow, so does the risk of financial services firms potentially overstating their sustainability credentials to attract and retain customers and investors,” said the GFIN in a notice.

“In protecting against greenwashing, we want to ensure consumers have access to ‘green’ or sustainable financial products and services that meet their needs,” it added.

The virtual event will be hosted by the U.K. Financial Conduct Authority’s (FCA) digital sandbox, starting June 5 and running for three months with a showcase to examine the results on September 13-14.