Yo, check it out. We’re living in a world where artificial intelligence, or AI for short, is taking over. This AI stuff is changing the game in all kinds of industries, man. It’s like, everywhere you look, AI is there. Banking, energy, agriculture, you name it.
Now, listen to this. AI can actually predict stuff like rainfall and weather patterns. Not just for one day, but for a whole year! That’s some next-level planning right there. Chaitanya Kalia, this dude from EY India, says that AI can be a major tool for the government and policymakers to make smart decisions. And that’s just the tip of the iceberg, man. Precision agriculture, sustainable supply chains, environmental monitoring, and even better weather and disaster prediction are all areas where AI is making a difference.
But here’s the thing, bro. All this AI power comes with a cost. And I don’t mean money, I’m talking about the environment. Turns out, the carbon footprint of the cloud, where all this AI data lives, is even bigger than the whole airline industry. Can you believe that? And get this, one data center can use as much electricity as 50,000 households. That’s crazy, man.
But don’t get me wrong, AI and data go hand in hand. Like peanut butter and jelly, you know? Piyush Saxena from HCLTech says that data is the core of AI solutions. And nowadays, data is more accessible than ever before. It’s like the floodgates have opened, bringing a whole bunch of opportunities. Of course, there are pros and cons to having so much data out there, but overall, it’s opened up a world of possibilities.
Now, let’s talk about the environmental impact of training AI models. Brace yourself, man. According to MIT, training just one AI model can release more than 626,000 pounds of carbon dioxide. That’s like five times the emissions of a regular old American car. Take Google’s AlphaGo Zero, for example. This AI beast produced a whopping 96 tons of CO2 during its 40-day training period. That’s the carbon footprint of ten typical Singaporeans in a whole year, bro. It’s like taking 1,000 hours of air travel. Insane, right?
But there’s hope, my friend. Nagesh Kartheek from Amadeus says they’ve been working on making their data center carbon-neutral. It’s all about shifting from a cost-centric mindset to one that’s more focused on being eco-friendly. And that’s the way to go, man.
But here’s the thing. AI isn’t just about machines doing all the work. No, no, no. There’s a big opportunity to bring human skills into the mix. We gotta bridge that digital divide, man. Sudha Srinivasan from The/Nudge Centre for Social Innovation says that to really make AI work for everyone, you need innovators who are willing to go into spaces where there isn’t much money to be made at first. It’s about making AI accessible to everyone, not just the big players.
And let me tell you, AI is gonna be huge in the corporate world. IDC predicts that global spending on AI is gonna double from 2020 to 2024. We’re talking billions, man. And in the finance industry, AI is already making waves. With all that data and improved computational power, AI is being used for asset management, algorithmic trading, credit underwriting, and even blockchain-based financial services. It’s a whole new level of finance, bro.
But here’s the kicker. There’s a new risk in town, and it’s called sustainability. Sathish Seshadri from Genpact says that banks are starting to see sustainability as an investment. It’s all about assessing and reporting, transitioning to a more equitable future, and building agility and resilience. We gotta get our act together, man.