Sensing the growing environmental concerns within the crypto and blockchain niche, the Polygon Network has committed to going carbon neutral in 2022 by emphasizing climate positivity. Thriving as a trusted software portal for developers using the Ethereum ecosystem, Polygon revealed its future plans by releasing its “Green Manifesto: A Smart Contract with Planet Earth.” To fuel this initiative, Polygon has pledged to invest $20 million from its kitty to compensate for its carbon footprint and purchase additional credits to evolve as a carbon-negative entity in the carbon-intensive crypto sector.
According to the official report, the Green Manifesto considers giving freedom to the users as the main characteristic of the Web3 space with climate change being the biggest roadblock here. Moving ahead to a carbon-neutral state signifies that Polygon will vouch for each activity taking place on the network including the minting of NFT tokens, bridging of tokens, and DeFi transactions. The portal will account for all the energy-consuming activities taking place on its interface and will strive to offset the impact of such transactions on our environment. The company will put in its best efforts to establish itself as the first brand to become climate positive.
— Polygon 💚 (@0xPolygon) April 12, 2022
To achieve its goals, Polygon has entered into a strategic partnership with KlimaDAO and Offsetra portals. KlimaDAO is a developer community that offers access to an on-chain carbon offsetting technology to its partners. On the other hand, Offsetra will offer an analysis tool to Polygon for monitoring the channel’s carbon intensity. This will help the Polygon team to formulate well-structured policies after proper analysis of the emission levels involved in token staking, minting, and interaction with the Ethereum Mainnet.
The noble initiative undertaken by Ethereum’s scaling solution, Polygon will play a significant role in encouraging sensitiveness towards the Nature amongst crypto firms and blockchain projects. The firm aspires to provide efficient resources to its partners who are committed to offsetting their carbon footprint. Also, Polygon will work to pool donations from NGOs that will be focused to reduce the harmful impact on our climate.
The firm released an emissions analysis report and highlighted that 99% of the carbon emissions on its platform are released at checkpointing and bridging activities involving transactions on the ETH Mainnet. The total network emissions on the portal stood at 90,645 tons from February 2021 through February 2022 under firms like Microsoft and Deloitte. Recently, Polygon fetched $450M in a funding round led by Sequoia and other popular venture funds. The capital will help the team to enhance its scaling cluster involving Polygon PoS, Polygon Edge, and Polygon Avail. The co-founder of Polygon, Sandeep Nailwal stated that these initiatives are aimed to encourage widescale expansion of Web3 protocols.
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