The metaverse, a virtual realm, has drawn considerable attention from academicians as well as policymakers in recent years. In this chapter, we explored the metaverse's social, economic, and environmental effects, which align with various UN Sustainable Development Goals (SDGs), using an interdisciplinary perspective to show how it might transcend geographical borders and promote sustainability. This study adds to the ethical and sustainable development of digital technologies by analysing the opinions about the metaverse's influence on the SDGs. It will help administrations, corporations, and communities use the metaverse to make the world more inclusive, equitable, and sustainable. We are still learning how the metaverse fits into sustainable development, and scholars are examining the positive and negative aspects. This area must balance technical innovation and global sustainability as it progresses towards a more sustainable future.
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The term “metaverse” has attracted attention as a possible accelerator for global sustainability as the world becomes more digitally linked. The metaverse, a virtual shared area that merges physical and digital worlds, may help fulfil Sustainable Development Goals in many ways. The metaverse, a virtual realm has drawn considerable attention from academicians as well as policymakers in recent years. This is due to the integration of platforms like Facebook, Instagram, and WhatsApp under the term “Meta”, to encompass all types of digital communication and virtual environments. The COVID-19 epidemic has further added to this phenomenon since the need for online social engagement has increased because of the cancellation of face-to-face gatherings (Maden & Yücenur, 2024). It is not just about online gaming and browsing anymore; people are envisioning it as a potential new dimension of the internet that can contribute to creating a more inclusive society.
The concept of sustainable development has been subject to several interpretations, with the most often cited definition being from “Our Common Future”, commonly referred to as the Brundtland Report (WCED, 1987): “Sustainable development is the development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” The 2030 Agenda for Sustainable Development and its Sustainable Development Goals (SDGs) are the primary global framework for international cooperation, with sustainability as its core principle. Modern technologies are crucial in attaining the three fundamental aspects of sustainable development: the environment, the economy, and society. These technologies might potentially have both beneficial and detrimental effects on sustainable development (Al-Emran, 2023). Sustainable entrepreneurial and environmental activities prioritise overall well-being, which extends beyond financial considerations, by emphasising wellness and spirituality. Integrating such sustainable initiatives can enhance spirituality, and wellness which can foster and bolster entrepreneurship as well as the economy. The cultivation of an inventive and creative mindset can be fostered through the prioritisation of values, awareness, and connectivity (Arora et al., 2023).
The metaverse is an integral component of the fourth industrial revolution, sometimes known as “Industry 4.0.” The Industry 4.0 enabling technologies encompass a range of distinct advancements, such as the Internet of Things (IoT), Cloud Computing, Edge Computing/Fog Computing, Big Data Analytics, Artificial Intelligence (AI), Machine Learning (ML), Blockchain, Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR), Digital Twin, Metaverse, and Robotics (Pachouri et al., 2024). These technologies are being implemented across various industries, including finance, retail, logistics, manufacturing, education, healthcare, business and management, telecommunication, tourism and hospitality, agriculture, smart cities etc. The implementation of these technologies differs throughout industries, and several sectors are actively investigating how to use these advances to enhance efficiency, production, and creativity, while also prioritizing the creation of a more sustainable environment which aligns with the UN Sustainable Development Goals. VR has the potential to augment student learning and involvement. Virtual reality-based education has the potential to revolutionise the delivery of educational content in our highly digitalized society. Virtual reality is based on the idea of generating a virtual environment, whether it is actual or imagined, and enabling people to not only observe it but also engage with it (Arora, 2024). There is a growing demand for skilled people in this field due to a range of global developments, including the excessive use of technology, demographic transitions, changes in labour requirements, a strong reliance on digitalization, and the adoption of disruptive technologies. Investing in technical skill-building activities can enhance the economic prospects of a country. In a more competitive economic landscape, the optimal investment strategy entails the cultivation of a diverse set of abilities aimed at enhancing the overall skill set of the general populace (Arora & Chandel, 2023).