Around 3 in 5 energy CEOs prioritise AI investment

They have concerns about ethical practices such as plagiarism and data protection.

Around 64% of chief executive officers (CEO) in the energy, natural resources and chemicals (ENRC) sector said investing in generative artificial intelligence (AI) tools is their top priority, signifying the technology potential for the industry.

In the 2023 Global Energy CEO Outlook, KPMG found that nearly half of ENRC CEOs expect to see a return on investment in three to five years.

However, concerns remain in the adoption of new technology. KPMG found that 55% of organisations delayed automation progress due to how AI systems make decisions.

Around 60% cited ethical challenges such as plagiarism, data protection, bias and lack of transparency amongst the concerns.

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Despite concerns over cyber security risks, 82% believe that AI could provide “new attack strategies for adversaries.”

“Generative AI is very different from blockchain, the metaverse and other fleeting technologies we have talked about in the past. Everybody understands that this is for real, and it is going to be pervasive. But it is early days and people are still figuring out exactly how to use it,” said Anish De, global head of ENRC at KMPG International.