Norway’s sovereign wealth fund, the largest in the world, has made artificial intelligence mandatory for its employees, Bloomberg reports. This has already increased efficiency by at least 15%.

The decision of the management

Since 2022, Norges Bank Investment Management CEO Nikolaj Tangen has been persuading 670 employees to use AI.

“It cannot be voluntary. It is not voluntary to use AI or not. If you don’t use it, you will never be promoted. You will never get a job,” Tangen said in an interview.

Application of AI in work

Currently, about 300 foundation employees write code with the help of AI, Tangen noted. “The biggest surprise for me was the resistance when we first started. People don’t want to change.”

He added that 10-20% of employees avoid innovations if they are voluntary, although they are the ones who need them the most.

Results and forecasts

The survey showed that the fund’s efficiency increased by 15% last year. Tangen expects this figure to reach 20% in 2025 and another 20% the following year.