With the growing popularity of artificial intelligence technology over the past year, critics have begun to highlight its numerous shortcomings. Concerns about its potential consequences peaked with OpenAI’s recent announcement of its $500 billion infrastructure investment for the Stargate Project. Critics have raised concerns about the possible implications of widespread AI adoption, including its environmental impact and its effects on the labor market.However, we must not let this overshadow the fact that artificial intelligence is a powerful tool with demonstrable capabilities for positive use cases. AI technology has the potential to revolutionize productivity, allow more efficient data analysis, and even create personalized experiences on a scale once thought unimaginable.As the founder and principal of a leading AI and IT strategy consulting firm, I have spent over a decade helping banks and fintech organizations worldwide streamline their global operations. After spending many years working for financial institutions such as RBS, Citibank, and Deutsche Bank, before launching my own companies, I now regularly advise board members and C-suites of some of the world’s largest financial institutions on their organizations’ AI and IT needs. I am also the lead faculty member for NYU-SPS’s AI Master Class, which teaches students the need for seamless, ethical AI integration with modern business operations.That is not to say that critics’ concerns about artificial intelligence technology are invalid. As a novel and innovative technology, there are still kinks that need to be ironed out before artificial intelligence can be widely adopted. However, by understanding and accepting these shortcomings, leaders can work towards solutions that will help mitigate these risks while allowing the positive uses of the technology to thrive.Sustainability Challenges and Artificial IntelligenceOne of the key concerns that many critics have levied against artificial intelligence technology is its energy inefficiency. AI models are powered by large, interconnected networks of computers and servers that consume large amounts of energy to run and maintain. As a result, the ecological impact of artificial intelligence is profound. For example, estimates have found that prompting ChatGPT once consumes approximately 10 times as much energy as a single Google search.Many have also pointed out the consequences that this increased energy consumption could have on critical infrastructure in countries with extensive artificial intelligence usage. Local energy availability could be impacted, and upgrades to power grids may be necessary to accommodate the consumption of the technology behind artificial intelligence. That’s not to mention the footprint that the installation of large data centers can have on communities.AI companies are already making strides in making their technology more energy-efficient by taking steps like improving hardware and integrating renewable energy sources when possible. However, the use of artificial intelligence technology — particularly during the training process, which is very energy-intensive — contributes significantly to carbon emissions around the world.Ethical Challenges and Artificial IntelligenceAnother key area of criticism that the growth of artificial intelligence has led to is the lack of an ethical framework for its use. AI raises a plethora of moral considerations, including algorithmic bias and the potential for malicious use of the technology. As a result, proponents and opponents alike have called for increased transparency and oversight in the AI industry. However, considering the relatively new nature of AI technologies, many jurisdictions are unprepared to navigate the challenges of AI regulation.Furthermore, there is widespread public skepticism about the technology. Many in the public fear the proliferation of artificial intelligence technology, with accusations ranging from AI replacing human workers to science-fiction-esque claims that AI will take over the world. For artificial intelligence technology to reach its full potential as a tool for positive change, leaders in the AI industry must calm and reassure the public about its safety and benefits.Overcoming the Challenges of Artificial IntelligenceMaking these adjustments to overcome the shortcomings of artificial intelligence technology is not a change that will happen overnight. There must be a fundamental shift in the system to reorganize how we think about AI technology, achieved through a combination of legislation, shifts in public perception, and internal initiatives that will shape the future of this technology.Ultimately, the best way to promote the sustainable growth and development of artificial intelligence technology while mitigating its risks is by establishing global cooperation on unified standards for development, use, and ethics. By bringing together key decision-makers and stakeholders from around the world, including lawmakers, developers, and business leaders, we can gain a deeper understanding of the benefits and limitations of artificial intelligence and collaborate on solutions that enable us to foster growth with minimal adverse consequences.Indeed, the growth of artificial intelligence can have a very positive impact on the world. However, to grow responsibly and sustainably in the long term, we must mitigate some of the risks that AI technology poses. Understanding the risks and consequences of this technology is the first step in mitigating its potential negative impacts.The post AI’s $500B+ Gamble: Can Ethics and Energy Keep Up? appeared first on The New Stack.