Fidelity International and Boston Common Asset Management are among a coalition of financial institutions that have launched an initiative to promote the ethical use of artificial intelligence (AI).

The Collective Impact Coalition for Digital Inclusion features 29 financial institutions with a collective US$6.3 trillion of assets under management.

The project is led by the non-profit World Benchmarking Alliance (WBA), which was established in 2018 to develop and implement sustainability benchmarks.

The ethical AI initiative was launched at the United Nations General Assembly with Fidelity International sustainable analyst and digital ethics lead Christine Brueschke acting as moderator.

Regulators and market participants have both expressed concern about the growing use of AI and the need to ensure the technology is used responsibly and sustainably. This includes more transparency around the development of algorithms and getting more AI tech firms to commit to ethical AI principles.

So far, just 20 of the 150 most influential tech firms have made such a commitment.

“As stewards of capital, we are acutely aware of our responsibility to our clients and wider society,” said Bruescke. “How we hold investee companies to account today will help shape a more sustainable tomorrow, and we take this seriously.

“The growth of artificial intelligence will be exponential in the upcoming years, and although it brings many opportunities for investors and society overall, it also carries considerable risks,” she added.  

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