Polygon Allocated $20M To Become Carbon Neutral This Year

Polygon allocated $20 million to become carbon neutral by the end of this year and it announced its intentions to offset the footprint this year so let’s read more today in today’s latest blockchain news.

Polygon allocated its funds and revealed its plans to become carbon neutral and climate effective and as per the announcement, Polygon noted that it aims to implement a new strategy targeting a sustainable future for the ecosystem and the crypto industry. Polygon noted that it aims to implement the strategy and unveiled its “Green Manifesto: A Smart Contract with Planet Earth” that outlined the need for sustainable practices and to promote the Web3 ethos.

Hence to become carbon neutral, the project aims to track each NFT generated, and token bridged or DEFI made on the ecosystem and the environmental impacts mitigated so Polygon’s long-term goal is to become the first blockchain to be climate positive. The protocol noted that it will work with KlimaDAO and a decentralized collective of environmentalists, entrepreneurs, and developers that deliver on the on-chain carbon offsetting solutions. It partnered with KlimaDAO, Offsetra, and will provide Polygon with a carbon footprint analysis and measure the network’s carbon intensity.

An analysis of emissions from staking node hardware and the emissions from the energy consumption of the operations interacted with the ETH mainnet and checkpointing can enable them to build a better management strategy. Polygon noted the emissions from checkpointing and bringing alone account for more than 99% of the overall emissions. From 2021 to 2022, Polygon recorded net emissions of 90,645 tons of CO2. Using data provided by KlimaDAO, Polygon will be able to calculate and offset the carbon impact and become carbon negative. Polygon planned to buy about $400,000 worth of carbon credits via KlimaDAO’s carbon market, Klima Infinity.

Polygon stated that it commissioned the crypto carbon rating institute to provide a new audit of carbon footprint and ensure the validity o the analysis. Polygon pledged $20 million to support other climate-centric initiatives and to improve the ecosystem’s carbon status but also aims to fund blockchain projects and create innovative solutions which combat climate change. Polygon is ensuring that each project built on the ecosystem maintained sustainable practices. Sandeep Naiwal, the Polygon founder 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.”