Crypto

Polygon Network Becomes Carbon Neutral, Reaches First Sustainability Milestone

Published on: 22 June 2022 09:38 AM
by KnowESG

Polygon, the leading Ethereum scaling platform that is transitioning millions of users to Web3, recently announced that its network has achieved carbon neutrality on its journey toward becoming carbon negative. This was accomplished by irreversibly retiring $400,000 in carbon credits, which were used to offset 90,000 tonnes of greenhouse gas emissions that have been produced by the blockchain ever since it was first created.

The achievement comes after Polygon, as part of its larger strategy for sustainable development, launched its Green Manifesto in mid-April. The platform has donated $20 million for several community projects, including innovative methods for on-chain carbon credit retirement that use Web3 to build a more sustainable future for everyone.

By collaborating with KlimaDAO, a decentralised group of entrepreneurs, developers, and environmentalists generally regarded as a pioneer in the emerging on-chain carbon market, Polygon became carbon neutral. The formerly secretive voluntary credit markets now have transparency and accessibility, thanks to KlimaDAO.

To identify emissions hotspots and create an efficient mitigation approach, KlimaDAO and Offsetra worked together to study the network's energy footprint as part of Polygon's first step of a long-term commitment to sustainability.

The scope of the investigation included contracts directly interacting with the Ethereum mainnet, emissions from staking node hardware, and energy use during staking processes. To evaluate its carbon footprint, Polygon also collaborates with the Crypto Carbon Ratings Institute (CCRI).

Then, using the offset aggregator feature of KlimaDAO, Polygon bought tokenized credits valued at $400,000 from the on-chain carbon market. The International Carbon Reduction and Offset Alliance (ICROA), a significant industry organisation that establishes best practices and ensures environmental integrity within the voluntary carbon market, has endorsed the Verified Carbon Standard as one of many independent standards. All BCT and MCO2 tokenized credits were produced from offsets certified under this standard.

KlimaDAO spokesperson Archimedes, said:

"We are very excited to be partnering with our home chain, Polygon. It's paramount that we continue to work together to advance the on-chain carbon market and establish KlimaDAO and Polygon as the leading innovators in this space."

Carbon offsetting is particularly effective thanks to blockchain technology since carbon credits of any quantity may be retired in transparency. Companies can buy carbon offsets, access real-time market information, and speed up the funding of high-impact carbon projects all around the world.

Polygon has made sure that every transaction – whether the minting of an NFT or a DeFi trade – is accounted for and its environmental impact is compensated for by offsetting the historical emissions of the entire network.

Sandeep Nailwal, the co-founder of Polygon, said:

"Our world is facing an environmental crisis, and the blockchain industry must do far more than promise to stop adding to the problem. Reaching carbon neutrality is an important first step, but there is more work ahead. Polygon will lead the way as the whole industry moves toward becoming a net positive for the environment."

The Green Blockchain Summit, a virtual event for Web3 leaders to create solutions to the most pressing environmental issues facing the blockchain sector, will be held by Polygon on July 13th. To develop standards and best practices in the green blockchain area, the event will bring together entrepreneurs, operators, investors, academics, and more from across Web3 and beyond.

Source: PR Newswire

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