Insights | May 2024

As we move further into 2024, the intersection of #technology and #socialimpact continues to present new opportunities and challenges. This month's edition of "Banking on the Future" touches on the latest developments in AI for social good, progress in carbon pricing strategies, and other significant advancements in inclusive and sustainable development.

We highlight key reports, events, and initiatives that are shaping the landscape, offering insights into how these trends can drive positive change.

Our featured articles include McKinsey's comprehensive report on AI's role in advancing the Sustainable Development Goals, the Aspen Institute's grants for inclusive economies, the World Bank's latest findings on carbon pricing, and updates from the AI for Good Global Summit.

Additionally, we explore new projects and collaborations aimed at leveraging technology for greater social impact. Join us as we delve into these topics, providing you with the knowledge and perspectives needed to navigate the future of inclusive and sustainable development.

Enjoy this moth's newsletter:

1. Delivering on AI for Social Good | McKinsey

• This QuantumBlack, AI by McKinsey report maps AI innovations to the Sustainable Development Goals (SDGs), highlighting areas where AI can significantly contribute, such as health, education, and climate action.
• AI has high potential to impact goals like Good Health and Well-Being (SDG 3) and Climate Action (SDG 13), with notable funding directed towards these two areas.
• Challenges include scaling AI solutions and ensuring equitable distribution of benefits, particularly in lower-income countries.

Bottom Line: AI holds promise for advancing the #SDGs, but addressing scaling and equity issues is crucial for maximizing its impact.

2. Expanding the coverage of carbon markets | The World Bank

• 世界银行 released an article on the state and trends of carbon pricing in 2024, noting positive progress in global adoption.
• Carbon pricing is recognized as a critical tool for reducing greenhouse gas emissions and encouraging sustainable practices, and now covers about 25% of global emissions (from less than 7% a decade ago.)
• The blog highlights successful case studies and the growing support for carbon pricing mechanisms worldwide.

Bottom Line: Effective carbon pricing is essential for driving climate action and achieving sustainability goals, with increasing global adoption signaling a positive trend.

3. AI Innovators to the Rescue | ITU AI for Good Summit

• Held in Geneva, the summit brought together experts from various fields to discuss the role of AI in addressing global challenges.
• Key topics included AI's application in health, climate, and inclusive prosperity, with sessions emphasizing practical solutions and collaborations.
• The summit showcased successful AI projects and facilitated networking among innovators and problem owners.

Bottom Line: The AI for Good Global Summit highlights the collaborative potential of AI to solve pressing global issues, fostering innovation and partnerships.

4. Sparking solutions for Inclusive Growth | Aspen Institute

• The Aspen Institute awarded Spark Grants to three innovative projects focused on inclusive economic futures.
• Projects include entrepreneurial support in Guatemala, a marketplace for socially responsible suppliers in the US, and a platform for sustainable finance education.
• These initiatives aim to drive long-term economic inclusion and structural transformation.

Bottom Line: Aspen's Spark Grants highlight impactful initiatives that promote inclusive growth, showcasing innovative solutions to global challenges.