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Polygon asserts that they have achieved carbon neutrality

Polygon claims to be environmentally friendly: as part of a collaboration with KlimaDAO, the Polygon ecosystem retired $400,000 in carbon credits to offset greenhouse gas emissions.

What is Polygon?

Polygon is an Ethereum scaling platform that is bringing millions of people to Web3. Polygon is a cryptocurrency with the symbol MATIC, as well as a technology platform that connects and scales blockchain networks.
  • Polygon—"Ethereum's internet of blockchains"—was launched in 2017 as Matic Network. The Polygon platform uses the Ethereum blockchain to connect Ethereum-based projects.
  • Using the Polygon platform can increase a blockchain project's flexibility, scalability, and sovereignty while still providing the security, interoperability, and structural benefits of the Ethereum blockchain.
  • MATIC is an ERC-20 token, which means it is interchangeable with other Ethereum-based digital currencies.
  • MATIC is used to manage and secure the Polygon network, as well as to collect network transaction fees.

Polygon asserts that they have achieved carbon neutrality

The first step toward becoming carbon negative was reached when $400,000 in carbon credits were retired. Polygon issued its Green Manifesto in April, pledging $20 million for initiatives that will use Web3 to develop new solutions for on-chain carbon credit retirement. This is an attempt to offset 104,794 tonnes of greenhouse gas emissions. 

Polygon and KlimaDAO

Polygon claims to have met their goal thanks to a collaboration with KlimaDAO. The collective is widely regarded as a forerunner in the emerging on-chain carbon market. They claim that it has brought transparency and accessibility to "the otherwise opaque voluntary credit markets."

Polygon then purchased $400,000 in credits from the on-chain carbon market to offset its own emissions. Polygon also collaborated with KlimaDAO on other projects: 
  • The Belize Bull Run Forest Conservation Project protects pine forests. 
  • The Ghani Solar Power Project in India is a 500-megawatt renewable energy generation project.

Carbon Neutrality

Polygon's co-founder is Sandeep Nailwal. "Our world is in the grip of an environmental crisis, and the blockchain industry must do far more than promise to stop contributing to it." While reaching carbon neutrality is an important first step, there is still much more work to be done. Polygon will pave the way for the entire industry to become a net positive for the environment."

On July 13th, Polygon will host The Green Blockchain Summit. It is a virtual forum for Web3 leaders to solve blockchain industry problems.


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