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Polygon achieves CO₂ neutrality

 


Polygon claims to be completely green: In partnership with the KlimaDAO , the Polygon ecosystem retired $400,000 in carbon credits to offset greenhouse gases.


As an Ethereum scaling platform, Polygon connects millions of users to the Web3. In a press release, Polygon announced yesterday that the network had achieved carbon neutrality.


This milestone on the path to a negative carbon footprint was achieved through the permanent retirement of $400,000 worth of carbon credits. This offsets around 104,794 tonnes of greenhouse gases. This amount of gas has been emitted since the beginning of the Polygon blockchain.


Polygon published the Green Manifesto in April . The platform pledged $20 million to Web3 Initiatives to develop new on-chain carbon offsetting solutions.


“Blockchain technology makes emissions trading incredibly powerful. CO₂ certificates can be decommissioned in any quantity with full transparency. Businesses can purchase credits, view real-time market data and accelerate the delivery of finance for carbon-impact projects around the world. By offsetting the historical emissions of the entire network, Polygon ensures that every transaction is accounted for and the respective environmental impact is offset. It doesn’t matter whether it’s DeFi trading or NFT mining .”


Polygon and KlimaDAO

Polygon achieved the goal of climate neutrality by working with the KlimaDAO. “KlimaDAO is a decentralized collective of environmentalists, developers and entrepreneurs. The project is widely recognized as a pioneer in the emerging on-chain emissions market. KlimaDAO brings transparency and accessibility to the otherwise opaque credit markets.”


KlimaDAO and Offsetra analyzed the energy balance of the Polygon network. “The analysis included the emissions from the staking node hardware, the energy consumption of the staking operations, and the contracts interacting directly with the Ethereum mainnet. Polygon also works with the Crypto Carbon Ratings Institute (CCRI) to monitor its carbon footprint. The platform bought $400,000 worth of tokenized certificates in the on-chain emissions market and retired them using the KlimaDAO aggregator tool. All BTC and MCO2 tokenized certificates were created from Verified Carbon Standard verified offsets.”


Polygon is also working together with KlimaDAO on other projects:


The Bull Run Forest Conservation project in Belize to protect pine forests

The Ghani Solar Power Project: a 500-megawatt renewable power generation project in India

A wind power project in Jaibhim, India

The Moss.Earth project to fund conservation in the Amazon through the MCO2 token

CO₂ neutrality in the blockchain industry

Sandeep Nailwal is Polygon co-founder: “Our world is facing an environmental crisis and the blockchain industry needs to do more than just promise not to aggravate the problems further. Achieving carbon neutrality is a first step, but we still have a lot of work to do. Polygon will lead the way and lead the entire industry to a positive environmental footprint.”


Polygon is hosting the Green Blockchain Summit on July 13, a virtual forum for Web3 pioneers to solve blockchain industry problems.


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