The Generative Agents framework recently developed by Park et al. has enabled numerous new technical solutions and problem-solving approaches. Academic and industrial interest in generative agents has been explosive as a result of the effectiveness of generative agents toward emulating human behaviour. However, it is necessary to consider the ethical challenges and concerns posed by this technique and its usage. In this position paper, we discuss the extant literature that evaluate the ethical considerations regarding generative agents and similar generative tools, and identify additional concerns of significant importance. We also suggest guidelines and necessary future research on how to mitigate some of the ethical issues and systemic risks associated with generative agents.