Over two-thirds of UK banks are worried about the environmental impact of the metaverse, with a majority planning to take action to mitigate against it.

More than two-thirds of banks (67%) are concerned that the metaverse will have a negative impact on their carbon footprint, according to the results of a new survey.

Digital transformation agency Mobiquity asked 150 senior UK banking executives about their attitude towards the metaverse. Over half (56%) say they are actively investing in the metaverse with 61% of large banks already engaging with metaverse technologies.

But many banks believe the new frontier will pose a challenge for their carbon footprint, at a time when large financial institutions are pledging to hit net zero within the coming decade. A vast majority of UK banks (94%) are planning to address the environmental impact of the metaverse’s energy needs in some way, conscious that their involvement with the technology will have a negative impact on their carbon footprint.

Financial institutions are among the first-movers when it comes to the metaverse, which is an ecosystem that combines existing technologies like virtual reality and mixed reality to facilitate immersive, 3D digital experiences for customers.

source: https://fintechmagazine.com/articles/metaverse-in-fintech-banks-worry-about-environmental-impact