On June 21, Polygon, a leading Ethereum scaling platform, which has signed up millions of users for Web3, declared that its network had reached the milestone of carbon neutrality with its collaboration with KlimaDAO, a decentralised and open market for carbon. Polygon announced that it was on its way to being carbon negative. It has retired $400,000 in carbon credits that represent all of the CO2 emitted since the blockchain’s inception to become carbon neutral.
Polygon stated:
“Blockchain technology makes carbon offsetting uniquely powerful, as carbon credits in any volume can be retired with complete transparency. Entities can purchase carbon offsets, view real-time market data, and accelerate the delivery of financing to high-impact carbon projects around the world. 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.”
As a part of Polygon’s first step of a long-term commitment to sustainability, KlimaDAO and Offsetra worked together to study the network’s energy footprint, identify emissions hotspots and create an efficient mitigation approach. The scope of the investigation included contracts directly interacting with the Ethereum mainnet, emissions from staking node hardware, and energy use during staking processes.
Utilizing the offset aggregator feature of KlimaDAO, Polygon bought tokenized credits valued at $400,000 from the on-chain carbon market. The Verified Carbon Standard has received support from the International Carbon Reduction and Offset Alliance (ICROA), a prominent industry organisation that creates best practices and protects environmental integrity within the voluntary carbon market. All BCT and MCO2 tokenized credits were produced from offsets certified under this standard.
After achieving this milestone, the next step for Polygon is to be carbon negative. To do so, they have resigned $400,000 in carbon credits with the end goal of counterbalancing 104,794 tonnes of nursery gases. Polygon delivered its Green Manifesto in April, promising $20 million for drives involving Web3 to make new answers for on-chain carbon credit retirement.
KlimaDAO spokesperson Archimedes remarked:
“We are very excited to be partnering with our home chain Polygon. 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.”
On July 13, Polygon is all set to host ‘The Green Blockchain Summit’, a virtual gathering for Web3 pioneers to foster answers to the most pressing national issues confronting the blockchain business. The occasion will meet organisers, administrators, financial backers, scholastics, and more across Web3 and is fully intent on laying out norms and best practices in the green blockchain space.
