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The plan comes as the ethical investment industry expands beyond
its core centres of Europe and North America, with governments
such as Indonesia issuing green bonds for the first time this
year.
The London-based Responsible Finance & Investment (RFI)
Foundation will work with a group of 23 other signatories to
develop the tool over the coming year, Chief Executive Blake
Goud told Reuters.
"The platform is designed to be revenue-generating as a social
enterprise, funded by users in a way that will keep the data
open and accessible as a public good."
Using blockchain, a high-tech ledger technology that underpins
cryptocurrencies, would help identify in real-time which
practices are taking root in responsible finance and guide new
entrants into the field, Goud said.
This would provide a way to track what the financial industry
has committed to and how much of these commitments is translated
into action, he added.
The system would also help curb so-called greenwashing, a
practice whereby companies claim to be more ethical or
environmentally friendly than they really are.
"Most financial institutions want to make a positive impact, are
taking steps to do so but see their efforts undermined by a few
institutions who are taking advantage of the opacity of
commitments and actions," said Goud.
The lack of commonly agreed labels and standards for green
financial products has hampered market development, according to
a report by an expert group from the European Union.
Other firms behind the system include Brussels-based European
Partners for the Environment and Minneapolis-based Magni Global
Asset Management.
(Reporting by Bernardo Vizcaino; Editing by Christopher Cushing)
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