Polygon Has Set Aside $20 Million to Achieve Carbon Neutrality by 2022

04/22/2022By: C, Fiona

Polygon network recently announced its intention to offset its carbon footprint this year. The blockchain project revealed that it had pledged $20 million for its plan to become a carbon neutral and climate effect.

According to the announcement, polygon pointed out that it aims to implement a multi-level strategy to create a sustainable future for its ecosystem, cryptocurrency industry and the whole earth.

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The Green Manifesto

Polygon also announced its “green Manifesto”. “Smart contract with the earth”, which emphasizes the need for environmentally sustainable practices to promote the spirit of Web3. Therefore, in order to achieve carbon neutrality, the project intends to track every NFT, token bridge or DeFi transaction generated in its ecosystem and the mitigation of their impact on the environment. Polygon’s long-term goal is to become the first climate friendly blockchain.

The agreement states that it will work with KlimaDAO, a decentralized group of environmentalists, developers and entrepreneurs to provide carbon offset solutions on the chain. In collaboration with offsetra, KlimaDAO will provide polygon with carbon footprint analysis to help measure the carbon intensity of the network.

Careful analysis of the emissions of nail node hardware, its operational energy consumption and the emissions of contracts directly interacting with the Ethereum main network, especially checkpoints and bridging, will enable them to establish a better management strategy.

Polygon points out that checkpoints and bridges alone account for more than 99% of its overall emissions. From February 2021 to February 2022, polygon recorded total network emissions of 90645 tons of carbon dioxide.Using the data provided by KlimaDAO, polygon will be able to effectively calculate and offset its carbon impact and become negative carbon.

To this end, polygon plans to purchase carbon credits worth about $400000 through KlimaDAO’s on chain carbon market Klima infinity.In addition, polygon said it had commissioned the cryptocurrency carbon rating Institute to conduct a second audit of its carbon footprint to ensure the effectiveness of the preliminary analysis.

Pledged $20 Million to Support Sustainable Development Initiatives

Polygon also pledged $20 million to support several climate positive initiatives and improve the carbon status of ecosystems. It intends to fund blockchain projects to create innovative solutions to climate change.By providing this support, polygon is ensuring that every project built on its ecosystem maintains environmental sustainability.At the same time, other projects have also launched initiatives to promote carbon neutrality in the blockchain industry.

Last October, Ripple and Nelnet  announced a joint investment of US $44 million to fund solar projects in the United States and strive to achieve carbon neutrality in the financial sector.