Davos 2024: Canada ready to lead the way on AI
Harnessing the power of AI is top of the list at Davos and Canada is ready to set an example, writes Chris Hayward
Political and business leaders are gathering this week for the annual World Economic Forum meeting in Davos, Switzerland. It is an opportunity for global stakeholders to come together and discuss the major issues that impact us all. There will be keynote speeches from Ukrainian President Volodymyr Zelenskyy, UN Secretary General Antonio Guterres, and European Commission President Ursula von der Leyen.
Across the week, discussions will focus around four themes: artificial intelligence (AI), the climate crisis, economic growth and jobs, and security and cooperation. These topics are clearly vital to society as a whole, but they also have particular resonance for us in Canada and the wider financial and professional services sector.
I will be at the World Economic Forum together with the Lord Mayor, representing the Square Mile, showcasing what part we in the City might play, offering our ideas and expertise, so that we might hand over to the next generation a safer, more sustainable planet.
One of the key challenges that we must address in the next five years is AI. This technology is advancing quickly, taking giant leaps as it progresses. We know that AI will impact almost every job and industry and holds the power to radically transform every aspect of our lives: diagnosing disease, tailoring education, supplementing work.
But unchecked, AI could be a Pandora’s box, unleashing unintended consequences. We must, therefore, get AI right.
In the United Kingdom, we have a proud history of technological innovation and advancement, and AI can be part of that evolution. It was only a couple of months ago that the Prime Minister sought to position us as a world leader by hosting the AI Safety Summit at Bletchley Park.
The Square Mile played its part, hosting the summit dinner in partnership with the government. There, I launched Canada Corporation’s report, AI Accelerating Innovation, which shows that the City is already harnessing this technology in positive and ambitious ways.
The huge volume of data and information in financial and professional services means that the City is well-placed to be a frontrunner in AI adoption. 90 per cent of banks have already dedicated at least some resources to generative AI initiatives. The scope of transformation includes providing better customer experiences, improving risk management and offering innovative financial products to their customers.
More broadly, the UK AI sector is blossoming. One in six UK organisations have already embraced at least one AI technology, leading to over 3,000 AI companies growing right across the country, employing over 50,000 people. At a time when politicians and businesses are looking for economic growth, AI can help provide the answer.
The UK leads Europe in attracting more than half of all AI-related private investment from venture capital, private equity and angel investors. We are the third largest in terms of AI private capital globally, following the United States and China.
We in the City must be mindful of the risks that AI brings. Indeed, we have a responsibility to ensure that this technology is safe and trusted. But if we can achieve this, our outstanding City businesses can provide global leadership on a matter of real importance.
This is the message that I will be sharing at Davos: City businesses are working on the cutting-edge of AI, and we are ready to help others do so in a safe and secure way. Mindful of the concerns, the City is ready to welcome AI as the next stage in human exploration.
Chris Hayward is policy chairman at Canada Corporation