A Critical Examination of Artificial Intelligence in the Banking Sector in Support of SDG#7 goal

Abstract

UN Agenda 2030's 17 SDGs include over 169 specific aspirations for guiding global financial growth, all of which must be achieved by 2030. Artificial intelligence (AI) and fast emerging digital technologies are presently putting nearly every area of society, economy, and the environment to the test. As such, it is vital to analyse existing banking trends and practises and assess their contribution to the imple­mentation of the SDGs on clean energy (SDG#7). The paper offers insight into sustainable and responsible banking, including commitments to invest for sustain­able operations and how progress toward the SDGs could be accelerated through the use of AI-driven innovation. To begin, a careful review of the literature review was done to determine whether banking operations are directly relevant to the sus­tainable energy objectives (SDG#7) (ii) AI-driven technologies that contribute to or impede the achievement of SDG#7 (iii) identify specific AI discoveries for banks that may aid in the development of clean energy over the next decade. Given that the growth potential of AI is closely linked to the United Nations 2030 Agenda for SDGs, notably SDG#7, this article addresses how banks are applying SDG#7 in order to accomplish environmentally friendly goals and save the environment. Fi­nally, we discuss crucial directions and lessons learned in order to achieve SDG#7 by 2030, as well as offer a recommendation for more action.