Polygon Network announced recently that it will offset its carbon footprint for the year. The project’s blockchain platform revealed that it has pledged $20 million towards its goals of becoming climate- and carbon neutral.
Polygon announced that it will implement a multilayered strategy to create a sustainable future in its ecosystem, the crypto sector, and the world at large.
The Green Manifesto
Polygon also unveiled its “Green Manifesto: A Smart Contract with Planet Earth,” which emphasizes the need for environmentally sustainable practices to promote the Web3 ethos.
The project plans to keep track of every NFT, token bridged or DeFi trade that is made on its ecosystem in order to achieve carbon neutrality. Polygon’s long-term goal is to become the first blockchain to be climate positive.
Protocol noted that it would work with KlimaDAO (a decentralized collective consisting of environmentalists and developers as well as entrepreneurs who provide on-chain carbon offset solutions). In partnership with Offsetra, KlimaDAO will provide Polygon with a carbon footprint analysis to help measure the network’s carbon intensity.
They can build a better management strategy by carefully analyzing the emissions from staking node equipment, energy consumption of their operations, as well as emissions from contracts that interact with Ethereum Mainnet. This includes checkpointing and bridge.
Polygon reported that checkpointing and bridging account for more than 91% of its total emissions. Polygon recorded total network emissions in the range of 90,645 ton of CO2 between February 2021 and February 2022.
Polygon will use data from KlimaDAO to calculate and offset its carbon footprint and become carbon neutral. To do this, Polygon plans to purchase about $400,000 worth of carbon credits via KlimaDAO’s on-chain carbon market, Klima Infinity.
Polygon also stated that it had asked the Crypto Carbon Ratings Institute for a second audit of its carbon footprint in order to verify the validity of the initial analysis.
$20M Pledge to Support Sustainable Initiatives
Polygon has also pledged $20 million to support several climate-positive initiatives and improve the ecosystem’s carbon status. It plans to finance blockchain projects that create innovative solutions to combat climate change.
Polygon ensures that each project built within its ecosystem is environmentally sustainable by providing this support.
Speaking on the latest development, Polygon’s founder Sandeep Nailwal said:
“Through our sustainability commitment and community-driven efforts, we can successfully address societal shifts, avoid the worst impacts of climate change, and meet the sustainable development goals set out by the United Nations… Together with Polygon, the broader blockchain industry needs to form a united front to fund, support, and leverage technology that helps heal the earth, rather than destroy it.”
Other projects have also started initiatives to promote carbon zero in the blockchain industry.
In an effort to reach carbon neutrality in the financial sector, Ripple announced a $44million joint investment with Nelnet last October.