With a market expected to reach approximately 1 trillion by 2030, the Metaverse has been hailed as one of the greatest technological disruptions of the 21st century. Notwithstanding its exhaustive potential for digital innovation, the Metaverse is also set to become one of the most viable avenues for businesses to implement sustainable initiatives.
Exploring the Potential of the Metaverse for Sustainable Pursuits
Novel avenues of sustainability are facilitated by the Metaverse, and companies may take the lead by seizing this opportunity to use their resources in the areas of innovation, convening, and investment. Moving forward, businesses from all across the globe must step up their efforts to first converge the advent of the Metaverse with key sustainable initiatives and then plan an exhaustive strategy to get there.
By substituting physical items with digital alternatives and replacing real-world presence with virtual interactions, the Metaverse has the potential for huge carbon savings. Digital twins will assist us in optimising the material world, from the planet to the person. Furthermore, the immersive quality of metaverse experiences might assist us in overcoming our behavioural obstacles to climate action.
According to IEA, between 2010 and 2020, internet traffic multiplied by 16.9x and data centres by 9.4x, but data centre electricity usage rose by just 1.1x. These numbers are a positive indicator of the impacts of virtual medium usage, which can be correlated with the proliferation of usage in the Metaverse.
In addition, if the Metaverse removes the need for physical workplaces and commutes in the future, we will witness a significant drop in CO2 emissions related to real estate and transportation. Annually, commercial buildings in the United States only utilise 35% of the nation’s power and emit 826 million metric tonnes of CO2. The typical American commutes to these facilities in slightly under an hour per day and 32 miles by gas-powered automobile, amounting to 3.2 tonnes of CO2 per person per year.
How Should Businesses Leverage the Metaverse for Sustainable Development?
Based on one study conducted by Wunderman Thompson, 86% of consumers rely on corporations to help address major problems like climate change. Without a doubt, the Metaverse introduces unprecedented opportunities for advancing sustainable efforts, and now is the time for businesses to take the initiative at this crucial moment by using its innovation, convening power, and investment. Overall, the Metaverse can be leveraged in a sustainable manner by a wide range of industries, from fashion to banking.
By 2030, 47% of bankers anticipate that clients will use AR/VR as an alternative transaction channel. Several early adopters in the banking sector are already exploring the Metaverse, demonstrating the adaptability of the technology with its wide variety of applications. KB Kookmin Bank, one of the largest financial institutions in South Korea, provides a virtual bank where clients may receive individualised financial information and communicate with financial advisers in virtual reality.
Furthermore, the fashion industry is another sector that the Metaverse will disrupt. Extravagant set designs, showrunners, and promotional freebies may add up to 48,000 metric tonnes of greenhouse emissions released only during New York Fashion Week. In this context, virtual presentations, such as digital catwalks and Metaverse Fashion Week, are gaining traction to both innovate in the realms of design and entertainment while reducing the ecological footprint of the conventional fashion show.
Uncovering the Path forward of the Metaverse & Sustainability
To embark on the sustainable journey, businesses should first evaluate where they stand in terms of their environmental impact and carbon footprint. Enterprises with a focus on sustainability assessment and strategies, like ours, offer the necessary instruments and analysis for those enterprises who want to conduct a comprehensive carbon footprint assessment.