In light of the carbon emission problem facing the crypto industry, the Polygon side chain network has invested $20 million towards offsetting its carbon output and promoting an industry-wide campaign to reduce the amount of carbon emission in the crypto industry.
Polygon To Support NGOs And Partners In The Crypto Industry
On Tuesday, the Polygon network stated that it is committing to being climate positive and carbon neutral in 2022 by issuing its “Green Manifesto: A Smart Contract with Planet Earth,” which outlines its commitment to the process. Also, the company has pledged a total of $20 million to mitigate its carbon output and purchase more credits to be carbon negative finally.
The ETH scaling solution’s concept for a greener future involves offering resources to partners in the crypto ecosystem that wish to reduce their current carbon emissions. Additionally, the layer two scaling has decided to support Non-governmental Organizations (NGOs) by contributing financially to combat climate change.
As stated by the corporation in their Green Manifesto, freedom is “at the core of their organization’s culture,” and climate change is the most severe danger to that freedom. To be carbon neutral, the company will have to track each NFT generated or token bridged and DeFi exchange done on Polygon and its impact on the environment. The firm wants its network to become the first to be carbon neutral in the long term.
Partnership With KlimaDAO And Offsetra
The company will be working in collaboration with KlimaDAO and Offsetra. KlimaDAO is a developer organization that offers on-chain carbon emissions reduction technology. At the same time, Offsetra will provide the company with an analytical tool to measure the carbon intensity of the network. Staking node hardware emissions, bridging activities, and energy usage from communicating with the ETH Mainnet can be identified and analyzed to develop a more effective management plan for the network.
Also disclosed in the report was an emission study carried out by Polygon, which discovered that bridging and checkpointing operations, which entail operations on the ETH Mainnet, are responsible for 99 percent of the company’s emissions. According to Polygon, companies such as Deloitte and Microsoft contributed to overall network carbon emissions of 90,645 tonnes between February 2021 and February 2022.
Recently, Polygon secured over $400 million in a fundraising round led by Sequoia Capital and extra funds from other big venture capital organizations to grow its scaling solutions, such as Polygon Avail, Polygon Edge, and Polygon PoS. According to the co-founder of the Polygon network, Sandeep Nailwal, these sustainability measures and expansion are part of the company’s broader plan to promote widespread usage of Web3 apps.