Norway’s sovereign wealth fund, the world’s biggest, is giving artificial intelligence a key role in protecting its $2 trillion portfolio from climate risk.
Norges Bank Investment Management will use AI for a range of tasks including to “extract signals from company dialogues,” according to its 2030 Climate Action Plan. The fund also intends to use AI to improve decision making, and “to strengthen investment processes across teams,” ultimately helping it identify corporate winners and losers, it said.
“AI has become a real game-changer for how we work on climate,” the wealth fund’s chief executive, Nicolai Tangen, told Bloomberg. It’s helping turn “mountains of information into clear insights that we can act on immediately.” At a press briefing after the report was published, Tangen said the fund’s growing reliance on AI means it won’t need to hire more people to manage climate risk.
Are the US AI companies going use this information as a selling point to big Banks, Insurance, and Investment companies? It seems like excellent selling point for AI.
Larry Fink, the CEO of Blackrock, was recently asked about the impact of AI. He said it is allowing the company (the world’s largest asset manager) to expand without hiring more people.
