Sustainable finance – the integration of environmental, social, and governance factors into the investment decision-making process – has been a trending topic in financial markets in recent years as investors’ money flowed into bonds, stocks, and portfolios with an ESG focus. This trend toward allocating capital for ESG assets and goals is a crucial part of the transformation towards a more sustainable economy. Moreover, everyone should understand these concepts to amplify the beneficial effect on society and induce a change in investment habits for retail investors. As a result, sustainable finance literacy – meaning an understanding of sustainable financial products and their use for promoting sustainable development goals – plays a key role in the integration of ESG factors into financial decisions. The first step in achieving sustainable financial literacy is creating awareness. While the financial sector is advancing at great speed towards integrating ESG factors in financial decision-making, teaching sustainable finance lags behind. Teaching sustainable finance courses is therefore essential. However, to create awareness we need more than specialized courses, and here is when ESGROW was born.
What it does
ESGROW is a launchpad platform where users can join to submit their own ESG-related projects. By participating in Impact Investing with the express goal of generating and measuring mission-related social, environmental, or economic change alongside financial returns they can participate in crowdfunding to help them raise funds for their projects through voting, minting NFTs, and raising funds from the NFT marketplace. Capturing an appropriate return is critical to do so, as this will ensure that the fund will be able to carry out the interests of the users by building stronger alliances with frontline communities most greatly impacted by the extractive economy and working towards a just transition toward regenerative finance.
Challenges we ran into
We are facing the challenges of transferring the technology from Web 2 to Web 3. Our biggest challenge was the FNFT smart contracts, as this subject is new to the team, we were facing some difficulties in building smart contracts, however, with the support and the collaboration between team members, we were able to overcome this issue.
Accomplishments that we're proud of
The collaboration of the team made achieving the milestones of the project in a short period of time and within the deadline feasible.
What we learned
We have learned about the GameFi market, the Web 3 ecosystem, and how to integrate sustainable finance in blockchain to create a useful product. We have also learned about the FNFT which is a new topic for our team, however, we have managed to run, the FNFT smart contract, successfully.
What's next for ESGROW?
ESGROW will be part of a bigger project, PLEARN, which is a game aims at teaching financial literacy. ESGROW, will present the fourth pillar of the game which is the ESG-related projects deal. Once it is integrated into the game, participants will have the chance to learn about the importance of sustainable finance in making their financial decisions.