GaiaLens wins ESG innovation funding for anti-greenwashing

GaiaLens, a sustainability analytics company based in London, has been named as one of the winners of FinTech Scotland's "Shaping the Future of ESG in Financial Services" innovation call.

The initiative, which launched in June 2024 under the Financial Regulation Innovation Lab, saw 20 fintechs selected to collaborate with ten industry partners and universities. Eight winners, including GaiaLens, were awarded funding to advance their proposals. GaiaLens participated with a proposal for the greenwashing challenge statement posed by Abrdn.

The initiative is a collaboration between FinTech Scotland, the University of Strathclyde, and the University of Glasgow, aiming to address data and technology challenges in the integration of Environmental, Social, and Governance (ESG) factors in financial services. Other Challenge Partners included prominent institutions like Lloyds Banking Group, Morgan Stanley, Barclays, Phoenix Group, HSBC, Virgin Money, EY, Sopra Steria, and Equifax.

GaiaLens will work closely with HSBC and Abrdn over the coming months to further develop its Greenwashing Analytics Solution. This analytics tool is intended to help investors evaluate the risk of greenwashing by funds and companies.

Gordon Tveito-Duncan, CEO and Co-Founder of GaiaLens, expressed his enthusiasm over the selection. "We are thrilled to be selected as one of the winners of this prestigious innovation call," he stated. "This initiative reinforces the growing importance of reliable ESG data and technology, providing investors with the confidence and insights needed to navigate the evolving landscape of sustainable finance. The funding we have received will allow us to further develop our Greenwashing Analytics Solution, ensuring that investors have the tools they need to make informed, transparent ESG investment decisions," he added.

Founded in 2021, GaiaLens utilises artificial intelligence to provide institutional investors and financial services firms with tools for sustainability reporting, investment screening, and research. It aims to simplify and enhance the investment decision-making process by acting as a digital ESG analyst that addresses greenwashing risks.

GaiaLens is led by a team of finance professionals, technologists, and academics who prioritise the integration of economic value creation with environmental stewardship, social inclusion, and sound governance.