WEF report showed that half of the companies will be out of business in 10 years because warming and AI. However, this report is titled “The Future of Jobs Report 2023”. AI and Climate Change these two disruptive factors will change the world economy into which businesses and workforces are submersed.
AI’s Impact:
• Automation: Artificial intelligence is already replacing much of human labor in many industries, including manufacturing logistics customer service and finance. However, this tendency is likely to persist in the short run and a part of sectors that believe they cannot be automated would lose jobs too.
• New Skills: In contrast from jobs that become obsolete due to AI, the new employment opportunities In the current modern workforce, workers should be adaptable regarding learning and readiness in order to become competitive.
Climate Change’s Impact:
• Extreme weather events: The increasing frequency and scale of climate-change related extreme weather including hurricanes, floods or fires is indicative. The economic effects of disaster include business losses and disruption along the supply chains.
• Resource scarcity: In addition, climate change is causing scarce resources in terms of wasting water and declining agriculture yields. This can also contribute to the cost of doing business.
The Double Threat:
The synergy of AI and climate change will be larger than the overall effect. For instance, AI can be applied to create novel technologies which aid in the management of climate change effects like with renewable energy and carbon capture storage. On the other hand, AI can indirectly worsen climate change; for instance making autonomous weapons that may be used in war.
What Businesses Can Do:
Companies must begin facing the struggles of AI and climate change today. Here are a few things they can do:
• Invest in AI: Companies investing in AI are more likely to leverage the opportunities offered by this investment. Nevertheless, AI investment should be made responsibly so that it is not misused for the wrong reasons.
• Develop a climate change strategy: Companies should devise a strategy on how they will address climate change in the future. This adaptation plan needs to incorporate measures aimed at reducing their own emissions and climate change preparation.
• Support their workforce: Workforce adaptation should be aided by business entities. Such support includes training and development programs that enable employees to acquire new skills.
The future of work is uncertain, but one thing is clear: However, it is only the companies that have accepted AI and climate change as their reality will be left standing in years to come.
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