Global challenges, including ongoing and reignited geopolitical conflicts, the climate crisis, high inflation, and lingering effects of the COVID-19 pandemic, have significantly hindered progress on sustainable development. Currently, only 17% of the Sustainable Development Goals (SDGs) targets are expected to be met by 2030. The 17 SDGs, such as Gender Equality and Climate Action, are complex and require extensive collaboration among multiple stakeholders.
Generative AI (Gen AI) has captured the attention of the private sector due to its potential to unlock new business models and technologies. Nearly 75% of large companies have already integrated AI into their business strategies. An overwhelming majority (97%) of executives believe Gen AI will transform their industry and play a major role in their strategies over the next three to five years. Additionally, 31% of these executives have already made significant investments in related initiatives, and 99% plan to do so.
Gen AI has the potential to supercharge climate action and efforts to achieve the 17 SDGs by 2030. It can enhance operational efficiency, improve sustainable supply chains, foster innovation, and enable clearer communication and reporting. However, the responsible and accessible use of Gen AI is crucial for realizing its full potential.
The private sector must pay special attention to the unique risks associated with the rapid expansion of Gen AI usage. These include cyber security, privacy concerns, and cultural diversity issues. The United Nations Secretary-General's high-level multistakeholder advisory body on AI interim report highlights that while AI applications could be game changers in meeting the SDGs, they also pose risks to cyber security, privacy, and cultural diversity.
The private sector's access to capital, wealth of data, and ability to act quickly across geographies create a unique opportunity for impact. However, businesses must adhere to the Ten Principles of the United Nations Global Compact, which cover human rights, labor, the environment, and anti-corruption. These principles serve as a guiding framework for ensuring that AI models are developed and deployed responsibly.
Gen AI can be used to advance the SDGs through various means:
To mitigate the risks associated with Gen AI, businesses should adopt a precautionary approach, promote greater environmental responsibility, and encourage the development and diffusion of environmentally friendly technologies. They must also work against corruption in all its forms.
As we approach 2030, the stakes are high for securing a prosperous future for people and the planet outlined in the SDGs. The private sector must take bold, ambitious action to accelerate progress toward these goals. By adhering to the principles of the United Nations Global Compact and adopting best practices in responsible AI, businesses can harness the power of Gen AI to drive meaningful change.