Tech Mahindra Unveils AI Platform for Green Finance
Tech Mahindra launches i.GreenFinance to assist banks with green finance compliance using AI.
Introduction
Banks aiming to lend ethically have received a significant boost. Tech Mahindra has introduced its new platform, i.GreenFinance, designed to aid banks and lenders in navigating the complexities of green and sustainability-linked financing through AI.
Key Features
Developed in collaboration with Amazon Web Services (AWS), i.GreenFinance is more than just another fintech tool; it leverages cloud computing and generative AI to automate Environmental, Social, and Governance (ESG) data collection, scoring, reporting, and compliance from loan origination through disbursement and post-fund usage tracking.
Importance of Real-Time Data
The platform demands real-time scrutiny and audit-ready reports, ensuring transparency about whether green funds are being utilized for genuine green projects. This addresses a major barrier in sustainable finance: the unreliability of ESG data and inconsistent regulations.
Addressing ESG Challenges
Ahluwalia, Tech Mahindra’s chief sustainability officer, highlighted that large-scale green lending has been hindered by a lack of universally accepted ESG metrics. i.GreenFinance aims to standardize ESG assessments, allowing lenders to confidently expand their green portfolios worldwide.
Timely Solution
The introduction of this platform comes at a crucial time as countries tighten disclosure laws and investors demand greater environmental accountability. AI-based ESG tools are now essential for compliance with evolving regulations.
Challenges Ahead
While the potential of AI in enhancing ESG reporting is discussed, experts caution that its effectiveness relies heavily on the quality of the underlying data. Transparency regarding AI models and governance is critical for trust in results.
Conclusion
Creating i.GreenFinance represents a bold commitment to a future where banks do more than lend—they invest with true accountability. If other lenders adopt this model, green finance may transition from a niche to a mainstream practice.
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