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Accelerating the Energy Transition With Reneum on Polygon

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Polygon Blog

Mon, Jun 27, 2022

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Accelerating the Energy Transition With Reneum on Polygon Polygon Team June 27, 2022 Given the urgency of the climate crisis, it may come as a surprise that the fossil fuel industry receives about half a trillion dollars a year in government subsidies.

Reneum is trying to right the imbalance by using blockchain technology to help speed up the energy transition.

Reneum, a green energy platform built on Polygon, issues tokens to solar, wind and small-scale hydro energy projects making them more profitable and in turn incentivizing new development and buildout.

Each $RENW is underpinned by a renewable energy credit (RECs), which represents a megawatt hour of green electricity generated.

Upon burning of the $RENW token, buyers are airdropped a verified green NFT receipt called the Eisbaer, that represents their proof-of-impact and gives them the right to participate in their climate change community, which eventually will include DAO governance and new project voting rights.

“Think of us kind of like an open-source crowdfunding platform for climate projects owned and operated by its funders offering green participation awards, like cultural artifacts to evidence their contribution and maintain engagement,” Reneum co-founder Brianna Welsh said on a recent episode of Polygon Pod dedicated to the subject.

KlimaDAO and its partners Moss, the Toucan Protocol, and C3 have developed the infrastructure to tokenize carbon offsets and make them available on Polygon where they can be integrated with decentralized finance.

RECs, on the other hand, represent a unit of energy that is the same whether it comes from a single windmill in China or a mega-solar project in India.

The team already signed up nearly 100 unique renewables projects, mostly in developing countries where renewable energy penetration is lower or government policies still favor thermal power.

Another thing that distinguishes Reneum is that it eschews the DeFi trappings that characterized other on-chain projects in order to make sure as much money as possible goes directly to the projects.

“For citizens, It's a social signifier that could be used as a profile picture, for companies it's an identifiable label like putting the fair trade logo on your product, for example.” Reneum chose to build on Polygon because it’s one of the greenest blockchains out there, Brianna said.

Polygon has recently eliminated the network’s carbon debt going back to its inception, offsetting the equivalent of 90,000 tonnes of CO2.

The core team has also committed to making the network carbon negative by the end of the year and set aside $20 million for a series of community initiatives, which includes funding projects that can help combat climate change.

“And Reneum is a transition mechanism to help the market evolve into a fully green economy.” Learn more about Polygon’s sustainability efforts here and tune into our blog for the latest from our ecosystem.

Reneum is trying to right the imbalance by using blockchain [...] Polygon is donating $100,000 to Gitcoin Grants Round 14 to ramp up the on-going support for new projects building on the Polygon ecosystem.

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