Over 100 technology companies have signed a voluntary commitment to promote trustworthy and safe artificial intelligence development as part of the European Union’s AI Pact. This initiative comes as the European Commission gears up to enforce the AI Act, which seeks to regulate AI models based on the risks they pose. Notable signatories include industry giants like OpenAI, Microsoft, and Amazon. However, several prominent firms such as Meta, Apple, Nvidia, and Mistral chose not to participate in the pact, raising questions about their commitment to responsible AI practices.
The AI Pact was launched in response to the EU’s AI Act, which became law on August 1, 2024. As the legislation rolls out over the next two years, the pact aims to assist companies in navigating the new requirements and obligations. The European Commission anticipates that approximately 700 companies will eventually join this voluntary alliance, which encourages collaboration on compliance best practices, risk identification, and AI literacy promotion.
Among the commitments made by the signatories, over half have pledged to ensure human oversight in AI systems, mitigate associated risks, and transparently label certain types of AI-generated content, including deepfakes. This emphasis on accountability reflects a broader movement within the tech industry to establish frameworks that prioritize ethical AI development. The participation of firms across various sectors, including telecommunications, software, banking, and consulting, highlights the pact’s comprehensive approach to AI governance.
Despite the voluntary nature of these commitments, the potential penalties for noncompliance with the EU’s AI regulations are significant. Companies that violate the rules regarding banned AI uses may face fines of up to 7% of their global annual revenue, while other AI Act obligations carry penalties of up to 3%. While the pact does not impose immediate consequences for failing to uphold the pledges, signatories are expected to report their progress in a year, as the EU sets the stage for more stringent enforcement of AI regulations in the future.
