Artificial intelligence (AI) is developing at remarkable speed, with the potential to reshape the economy in ways we’ve not seen since the birth of the internet.
But as investment pours in and the technology embeds itself across every corner of society, a key question remains: will AI ultimately be good for us?
The truth is that AI brings enormous opportunities, along with serious risks. Understanding both sides of the equation will be crucial as the technology continues its rapid growth.
The positive potential of AI
Used well, AI could significantly improve productivity and efficiency across many industries, from manufacturing to finance. By taking over repetitive or dangerous tasks, AI can free people to focus on more creative, complex or meaningful work.
AI is also proving a powerful tool for scientific discovery. Because it can analyse vast datasets at speed, it is already helping researchers identify new patterns and insights – including in medicine.
More advanced algorithms can sift through mountains of medical information to spot disease markers and help doctors make more accurate diagnoses, improving treatment and outcomes.
Education is another area with huge promise. AI-powered tools can tailor learning to each student’s needs and pace, supporting those who might otherwise struggle in a traditional classroom.
In short, AI has the potential to enhance many aspects of daily life, from healthcare to learning to workplace productivity.
The risks and unintended consequences
But AI’s rise also brings serious concerns. At the extreme end, some experts warn of a long-term risk to humanity from superintelligent systems if they are not tightly controlled. More immediately, though, the risks that matter most involve jobs, energy use and the misuse of the technology.
Job disruption – and not just manual roles
AI has long been associated with replacing manual or low-skill jobs. Now, however, it is moving rapidly into white-collar professions. Software development is a striking example: a sector once struggling with labour shortages is suddenly seen as one of the most exposed to AI-driven change.
As AI becomes capable of handling more complex tasks, many office-based roles may become more commoditised, creating economic and social challenges that governments and employers will need to address.
AI’s growing carbon footprint
The environmental impact of AI is also significant. Data centres – the infrastructure powering AI – currently account for around 1.5 per cent of global electricity use, a figure expected to double within five years. This makes the energy source powering these centres a vital issue.
Cyber security threats
Meanwhile, AI is increasingly being deployed by criminals. Whether it’s sophisticated fraud, identity theft or attempts to destabilise institutions, AI can dramatically raise the scale and speed of cyber attacks.
Concentration of power
Although AI is often talked about as a democratising force, it risks concentrating even more power in a small number of global tech companies. That imbalance could have profound social and economic implications.
Nuanced impacts: when risks don’t play out as expected
Some concerns may evolve more positively than anticipated. In radiology, for example, early forecasts predicted widespread job losses. Instead, AI is improving productivity and allowing specialists to focus on patient-facing work.
On energy, while AI’s electricity demand is rising, much new data-centre capacity is being built around renewables simply because they are now the cheapest and quickest options. Solar paired with battery storage increasingly meets operators’ needs for fast deployment, reliability and low carbon impact.
The need for stronger governance and ethical oversight
One of the clearest gaps in AI today is governance. Research from the Thomson Reuters Foundation found that only one in five companies has any form of ethical framework for how they develop or use AI. Given the scale of change ahead, this is nowhere near enough.
Investors and consumers alike will increasingly expect companies to put robust safeguards in place. Engagement with AI-driven businesses is already beginning, but the sector has a long way to go.
Balancing opportunity and risk
AI is one of the most transformative technologies of our time. Like the internet before it, it has the capacity to deliver extraordinary benefits, but also to cause harm if left unchecked.
The challenge now is to ensure that AI develops in a way that supports society, protects the environment and spreads its benefits fairly. Getting this balance right will define how much AI enhances – or undermines – our future.
