The Intentional Endowments Network, run by the nonprofit Crane Institute of Sustainability, is teaming up with the Omidyar Network, a philanthropic investment firm, to launch an initiative focused on driving responsible governance and guardrails for the safe application of artificial intelligence.
The Responsible Tech and AI Initiative aims to engage institutional investors, asset managers and other subject-matter experts to help drive what IEN calls “a more ethical and transparent tech ecosystem.”
The initiative also aims to engage asset managers about various risks related to their investments in technology and AI, including climate, governance and human capital risks.
“While AI holds tremendous promise to drive productivity, efficiency, and innovation, it also represents material risks to society and investors,” the IEN stated in its announcement. “AI can drive or exacerbate problems related to a wide range of issues, including energy and water use, climate change, human rights, worker rights, mis/disinformation, political polarization, election manipulation, discrimination, gender and racial bias, privacy and personal data, deepfakes, and more.”
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IEN noted that these issues can create systemic risks for investor portfolios and can introduce companies to reputational, litigation and regulatory risk.
“Generative AI and other digital technologies are having profound impacts on corporate performance, markets, and institutional investors’ portfolios,” said Chris Jurgens, one of the Omidyar Network’s senior directors of programs, in a statement. “Addressing the impacts of digital technologies on companies, their stakeholders and the planet is a critical next frontier in responsible investing, and we are excited to be partnering with IEN and its members on ways investors can learn and take action.”
The Intentional Endowments Network assists endowments, foundations and other mission-driven organizations in aligning their investments with their missions and other sustainability goals.
Omidyar Network was founded by eBay founder Pierre Omidyar and his wife, Pam, and includes both a limited liability corporation and a nonprofit foundation. Its mission is to shape technological innovation to drive “the greatest good for humanity.” The organization has committed more than $1.94 billion to initiatives that support its goals.
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Tags: AI, Artificial Intelligence, Intentional Endowments Network
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