The development of the metaverse must consider ESG (environmental, societal, and governance) factors, such as energy efficiency, data privacy, and social impact, to ensure a sustainable and responsible future.
Companies designing the metaverse should adopt ESG principles such as transparency, accountability, and stakeholder engagement in their decision-making processes suggests accounting firm Grant Thornton.
- Grant Thornton said the lessons learned from social media, including mental health issues, can be applied to the metaverse to ensure it is generated responsibly and sustainably.
- The firm also highlighted concerns about the metaverse's potential social and ethical implications, including privacy, security, and the impact on mental health.
- Comprehensive reports suggest female avatars are subjected to inappropriate behavior in virtual environments.
- Investors should also consider ESG factors when evaluating companies to ensure they fund sustainable and responsible businesses.
- Governments and regulators must ensure that the metaverse is aligned with ESG principles and that safeguards are in place to protect consumers.
- The metaverse has the potential to be a force for good, but only if it is developed with a commitment to ESG principles and a sustainable and equitable future, Grant Thornton suggests.
