Polygon, the leading Ethereum scaling platform onboarding millions to Web3, announced its network has reached carbon neutrality on its road to becoming carbon negative by permanently retiring $400,000 in carbon credits to offset 104,794 tonnes of greenhouse gasses emitted since the inception of its blockchain. The milestone comes after Polygon in mid-April released its Green Manifesto, part of its broader vision for sustainable development. The platform has pledged $20 million for a series of community initiatives aimed at utilizing Web3 to create a more sustainable future for all, including new solutions for on-chain carbon credit retirement.
Polygon achieved carbon neutrality through a partnership with KlimaDAOA decentralized collective made up of developers, entrepreneurs and environmentalists that is widely recognized for its pioneering work in the on-chain, emerging carbon market. ClimateDAO has made it possible to access the opaque voluntary credit markets with transparency and accessibility. In helping to implement the first phase of Polygon’s long-term commitment to sustainability, KlimaDAO, in partnership with Offsetra, analyzed the network’s energy footprint to identify emissions hotspots and develop an effective mitigation strategy. The scope of Analyse covered emissions from staking node hardware, energy consumption of staking operations, and contracts directly interacting with Ethereum mainnet. Polygon works also with the Crypto Carbon Ratings Institute (CCRI). to audit its carbon footprint.
Polygon was then bought $400,000 worth of tokenized credits via the on-chain carbon market and retired them using KlimaDAO’s offset aggregator tool. All MCO2 and BCT tokenized credits were made from offsets that have been certified under the Verified Carbon Standard. It is one of many independent standards endorsed and approved by the International Carbon Reduction and Offset Alliance. The ICROA is a key industry organization that establishes best practices and ensures environmental integrity within the voluntary market for carbon.
“We are very excited to be partnering with our home chain Polygon,”Archimedes, KlimaDAO spokesperson. “It’s absolutely 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 made possible by blockchain technology. Any volume of carbon credits can be retired transparently using this technology. Entities can purchase offsets of carbon, access real-time market data, and accelerate the delivery financing for high-impact projects. By offsetting the historical emissions of the whole network, Polygon has ensured that every transaction – whether the minting of an NFT or a DeFi trade – is accounted for and its environmental impact is offset.
“Our world is facing an environmental crisis, and the blockchain industry must do far more than promise to stop adding to the problem.” Sandeep Nailwal is co-founder at Polygon.. “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.”