"There are few people as informed about the latest state of AI developments and its level of adoption in financial services, who have also sat shoes in the shoes of investment managers and asset owners," says Andrew Huang, the founder of Alpha Partners.
That's why the Boston-based investment firm has just launched a new service called Impact Alpha Partners, which uses artificial intelligence to help it identify companies that are making a positive impact on the environment, Forbes reports.
"Impact investing is the next evolution of investment practice," Huang says.
"It requires a theory of change that links such as capital and strategy, with intent to achieve outputs such as social and environmental financial returns and measurable, additional impact."
Michael Kollo, an AI specialist at Alpha Partners, says there are many potential uses for AI in this area, but "rigorous testing and system will be needed given our fiduciary responsibility to clients," and the firm "remains cautious about the known issues with AI, including hallucinations and lack of explainability."
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The Central Bank of Nigeria (CBN) released the Nigerian Sustainable Banking Principles, an agreement signed by 34 banks, including the original eight of the nation’s leading banks, that covered nine key areas: environmental and social risk management, environmental and social footprint, human rights, women’s economic empowerment, financial inclusion, environmental and social governance, capacity building, collaborative partnerships and reporting.