Polygon Drops a $20M Pledge to Minimize the Impact of Its Carbon Emissions

Polygon Drops a $20M Pledge to Minimize Its Carbon Footprint

Polygon has pledged $20 million to a series of community initiatives, including funding projects that utilize technology to combat climate change.

As the first step, Polygon is buying $400,000 worth of high-quality and traceable BCT and MCO2 carbon credits, the equivalent of roughly 90,000 tons of CO2 emissions. The blockchain platform will then selectively retire the offsets within the carbon token pools that meet the highest standards for additionality and positive environmental impact.

Polygon is partnering with KlimaDAO, a decentralized collective of environmentalists, developers, and entrepreneurs, widely recognised as the most high-profile proponent of facilitating the nascent on-chain carbon market. The blockchain platform will purchase the credits via KlimaDAO’s on-chain carbon market, Klima Infinity, and retire them using its offset aggregator decentralized app.

All BCT and MCO2 tokenized credits were created from offsets certified under the Verified Carbon Standard, one of many independent standards endorsed by the International Carbon Reduction and Offset Alliance (ICROA), a key industry body setting best practices and ensuring environmental integrity within the voluntary carbon market.

KilmaDAO will also analyze the Polygon network’s energy footprint and support its emission management and mitigation strategy. The analysis will include emissions from staking node hardware, the energy consumption of staking operations, and contracts directly interacting with the Ethereum mainnet. The blockchain platform has also commissioned the Crypto Carbon Ratings Institute (CCRI) to audit its carbon footprint.

The sustainability pledge comes ahead of Ethereum’s transition to a Proof-of-Stake consensus mechanism, which will reduce the network’s energy consumption by almost 99%. After Ethereum’s transition to PoS and the completion of CCRI analysis, the blockchain platform will move beyond carbon neutrality to attain the carbon negative status.

“Our outlined measures may eliminate the emissions of the Polygon ecosystem, but that’s not enough to effect the kind of change needed to combat the climate crisis at scale,” said Sandeep Nailwal, co-founder of Polygon. “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.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News