RIYADH, Saudi Arabia, Oct. 25, 2023 /PRNewswire/ -- The FII Institute, a global non-profit foundation dedicated to tackling global issues by convening global leaders from private and public sectors, has today resolved to tackle AI risks in the form of a Resolution on AI and Humanity. 

Future Investment Initiative Institute To Address Global AI Risks By Bringing East, West And Global South Together For Collective Action

At the Future Investment Initiative summit underway in Riyadh (24 -26 October) 6,000 leaders, investors and innovators from east, west and Global are taking part in over 200 panels and discussions designed to tackle the big issues facing humanity, including the acceleration of AI and related technologies.

With global concerns running ahead of government and private sector action on governance and regulation of AI, and with notable industry leaders themselves expressing disquiet, an urgent need for immediate and robust global action has been identified at FII.  Threats identified include:

• The erosion of information reliability and security and potential malign impact on elections (4Bn people are due to vote in elections in 2024);
• Lowering of barriers to creation of chemical and bio weapons (for example an AI system recently generated 40,000 candidate chemical warfare agents);
• Global cyberattacks are increasing, in 2022 by 38%.

A unified and inclusive governance regime for AI is urgently needed.  It has been identified that until there is global alignment on AI development and regulation, risks will remain.

The resolution sets out urgent actions on AI:

• Deeper policy collaboration between industry and government, fostering transparency & accountability, as well as reporting mechanism for failures and risks;
• A unified global and inclusive AI governance regime, including appropriate representation of emerging markets;
• Active investment in skills development and social safety nets to ensure just transition for workers displaced by AI (automation will displace between 400 and 800 million jobs by 2030)
• Establishment of adequate global response capability to address risks;
• Greater commitment, transparency, and accountability by AI companies, reducing AI risks by focusing on security and by adopting a safety-level based approach for the development of future AI models;
• Need for a shared vision of the positive future that can be enabled by this technology.

FII will establish an AI Coalition, bringing together investors, corporations, government leaders and academics from developed and emerging markets to engage in a frank and candid dialogue on the critical issue of AI alignment.

The FII7 summit takes place a month after AI issues were addressed at the G20 summit in New Delhi and at UNGA in New York.  It takes place one week before the UK hosts an AI safety summit at the UK home of codebreaking and computing, Bletchley Park. This positions FII's deliberations on AI within a live ongoing global conversation.

Richard Attias, CEO of the Future Investment Initiative Institute:

"It is absurd that tech companies and governance mechanisms in China, the US, EU, UK and Global South are so divergent on the threats and opportunities. The AI market is projected to reach up to $1.8Tn.  AI stands poised to resolve some of our toughest challenges. But it can also create major global risks if we don't urgently align AI with the needs of humanity. AI is about to transform global societies and economies and the world needs to get to grips with this quickly."

About FII Institute

The Future Investment Initiative (FII) Institute is a global nonprofit foundation driven by data with an investment arm and one agenda: Impact on Humanity. Global and inclusive, we foster great minds from around the world and turn ideas into real-world solutions in four critical areas: Artificial Intelligence (AI) & Robotics, Education, Healthcare and Sustainability.