Millions of users are being added to Web3 through Polygon, an Ethereum scaling platform. The platform claims that its network has become carbon neutral in a news statement issued yesterday.
On the way to being carbon negative, a significant milestone was reached. By permanently retiring $400,000 worth of carbon credits, they want to achieve this. In an endeavour to reduce greenhouse gas emissions by 104,794 tonnes. Since the blockchain’s inception, the gas has been released.
In April, Polygon published its Green Manifesto, committing $20 million to projects utilising Web3 to develop fresh approaches to on-chain carbon credit retirement.
According to the company, “carbon offsetting is uniquely powerful thanks to blockchain technology, as carbon credits in any volume may be retired with total transparency. The purchase of carbon offsets, the viewing of real-time market data, and the quickening of the financing of high-impact carbon projects worldwide are all available to entities. 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 by offsetting the historical emissions of the entire network.
KlimaDAO and Polygon
According to Polygon, a partnership with KlimaDAO helped them achieve their goal. This decentralised group of entrepreneurs, developers, and environmentalists is well known for being a pioneer in the emerging on-chain carbon market. The formerly secretive voluntary credit markets now have transparency and accessibility thanks to KlimaDAO.
The energy footprint of the network was examined by KlimaDAO and Offsetra. “The scope of investigation covered contracts directly engaging with Ethereum mainnet, energy usage of staking procedures, and emissions from staking node hardware. To evaluate its carbon footprint, Polygon also collaborates with the Crypto Carbon Ratings Institute (CCRI). Then, utilising the offset aggregator feature of KlimaDAO, Polygon bought tokenized credits valued at $400,000 from the on-chain carbon market. The Verified Carbon Standard-certified offsets used to construct all BCT and MCO2 tokenized credits.
Additionally, KlimaDAO and Polygon collaborated on the following projects:
-The Belizean initiative Bull Run Forest Conservation, which guards pine forests
-The Ghani Solar Power Project, an Indian renewable energy project with a 500 megawatt capacity
-A wind energy project in India’s Jaibhim
-Moss.Earth, which uses its MCO2 coin to pay for Amazon conservation.
Carbon neutral Polygon
Co-founding member of Polygon is Sandeep Nailwal. “The blockchain industry must do far more than just vow to quit contributing to the environmental crisis that our planet is currently experiencing. Although achieving carbon neutrality is a crucial first step, there is still work to be done. As the entire industry transitions to becoming a net positive for the environment, Polygon will set the standard.
The Green Blockchain Summit will take place at Polygon on July 13. It is an online platform where Web3 executives can discuss issues affecting the blockchain sector.