A responsible Metaverse requires governance frameworks grounded in responsible innovation. Drawing on an interdisciplinary literature review, this paper examines the ethical challenges and governance dilemmas surrounding its development. It identifies three priorities for ethical intervention: (i) scrutinizing Metaverse narratives to assess their real contribution to digital transformation; (ii) addressing ethical risks, boundaries, and uncertainties through a precautionary yet innovation-supportive approach; and (iii) establishing guidelines to steer its evolution toward democratic and socially beneficial outcomes. To operationalize these principles, the paper proposes a framework of six policy and industry actions that align Metaverse governance with ethical, societal, and human-centered values. This framework presents responsible innovation as central to sustainable digital transformation and aligns with recent reviews of immersive and intelligent virtual environments highlighting technological and psychological concerns. Without robust safeguards, the Metaverse risks becoming a Trojan horse that disrupts digital ecosystems without regard for societal well-being.
