Lupo and Deeb Discuss Navigating Clients Through ESG, Sustainability Concerns in the Metaverse

In February, ArentFox Schiff made history as the first major US law firm to purchase real estate in the Metaverse.

Anthony said that the firm is counseling clients that are exploring the Metaverse on evolving federal guidelines and how companies can still meet their environmental, social, and governance (ESG) objectives.

“The clean energy group is focusing on their existing clients, not only how they are dealing with sustainability as a whole, but also how they intersect with the Metaverse,” Anthony said. “They are going to address the concerns these companies have, like Meta. How will they keep all these [sustainability] pledges they made while also using the blockchain?”

ArentFox Schiff’s Energy & Cleantech team is taking cues from environmental initiatives launched by Big Tech companies.

“We are seeing Google and Microsoft and Facebook [Meta] all entering these pledges to be carbon-neutral and carbon-negative, openly committing to the fact that they will be using a lot of power and will try to offset that with renewable energy,” Dan said. “Now, our clients are constantly asking about decarbonization. It’s the lingo everybody is using, saying, ‘We’ve got to decarbonize the economy.’”

Anthony added that the Metaverse is the next outlet for commerce, and potentially greenhouse emissions. “The metaverse will be the next step in commerce, in the same way that the internet changed brick-and-mortar commerce,” he said.

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Learn more about ArentFox Schiff’s Blockchain and CleanTech industry groups.

Read more about the firm’s work with the Metaverse.