Riyadh: AI Can Create a More Inclusive Society and Help Accelerate Global Trade and Investments, Says Public Investment Fund Gov.
According to Public Investment Fund Gov. Yasir Al-Rumayyan, artificial intelligence (AI) has the potential to create a more inclusive society and drive global trade and investments. Speaking at the Future Investment Initiative in Riyadh, Al-Rumayyan, who is also the chairman of the FII Institute, emphasized the need for global collaboration and internationally aligned regulations and governance to harness the power of AI for good.
Al-Rumayyan expressed confidence in accelerating growth and productivity despite the current inflationary climate. He highlighted the potential of AI to accelerate global trade, with predictions that 70 percent of companies will adopt some form of AI by 2030.
The Importance of Balancing Carbon Emissions
As AI and machine learning become more widely adopted, there is also a growing demand for energy consumption. Al-Rumayyan stressed the need to balance carbon emissions as the world embarks on this AI-driven journey. He cited the energy consumption required to support running Chat GPT as an example, estimating it to be equivalent to the energy consumed by over 26,000 American homes in a year.
To address this, Al-Rumayyan highlighted the importance of a data-driven approach in reducing the carbon footprint associated with AI use. Saudi Aramco, of which Al-Rumayyan is also the chairman, has implemented various programs, such as the Archie Initiative, to enhance greenhouse gas emissions estimates within the energy supply chain.
Leading the Way in Climate Solutions
Saudi Arabia is at the forefront of developing solutions to combat the world’s greatest climate challenges, according to Al-Rumayyan. He commended the country’s efforts in turbulent economic conditions, where central banks worldwide have tightened monetary policies. Al-Rumayyan emphasized that governments and private sectors need to prioritize innovation and technology to accelerate change and adapt to these changing economic circumstances.
The PIF’s Focus on Diversification
Al-Rumayyan detailed the initiatives of the Public Investment Fund (PIF), stating that the fund has focused on developing and diversifying the Kingdom’s economy across 13 sectors. He also highlighted the significant impact of PIF’s efforts, with the creation of 90 companies and 560,000 jobs so far.
Al-Rumayyan emphasized the need for global solidarity, stating that our world requires collective solutions to overcome common challenges. Collaboration and finding common ground are essential to address the complex issues faced by humanity.
Embracing Diversity and Establishing Ethical Frameworks for Advanced Technologies
FII Institute CEO Richard Attias emphasized the importance of embracing diversity to shape a better future for all. He highlighted that inclusion is not just a matter of fairness but a recognition of the richness brought by different perspectives and backgrounds.
Attias also stressed the need for ethical frameworks and regulations as advanced technologies, including AI and genetic engineering, become increasingly integrated into our daily lives. He emphasized the values of transparency and accountability in ensuring these technologies are harnessed for the benefit of all while safeguarding human rights, privacy, and dignity.
Investments and Geopolitical Challenges
The Future Investment Initiative has been instrumental in facilitating investments, with a total value of SR120 billion since its launch in 2017, revealed Attias. During the event, World Bank Group President Ajay Banga discussed the impact of geopolitical tensions on the global economy. He called for greater private sector involvement in developing countries, particularly in the renewable energy sector, estimating a need for $1 trillion in investments.
Editor Notes: Promoting a More Sustainable and Inclusive Future
The discussions at the Future Investment Initiative highlight the immense potential of AI in shaping a more inclusive society and accelerating global trade and investments. However, it is crucial to balance this progress with considerations for carbon emissions and ethical frameworks. Global collaboration, along with regulations and governance, will be key in harnessing the power of AI for the benefit of all.
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