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The so-called metaverse conjures images of gamers with headsets, friends hanging out in a virtual world, or perhaps even a new kind of online meeting. Nokia, however, is envisioning the metaverse differently. The company is putting what it calls the “industrial metaverse,” at the center of its corporate strategy. The goal is to help companies map out their industrial systems and determine the most efficient ways to operate them, saving costs, accelerating innovations, and—if used right—reducing emissions.

Utilities can use the industrial metaverse to repair facilities remotely, slashing emissions-intensive travel. Manufacturers can prevent machine …