Polygon Reaches First Sustainability Milestone by Achieving Carbon Neutrality - Aliens: AI Crypto News & Markets Updates
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Polygon Reaches First Sustainability Milestone by Achieving Carbon Neutrality

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Polygon Blog

Tue, Jun 21, 2022

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Polygon has made a major first step toward becoming carbon negative with the retirement of $400,000 in carbon credits representing 90,000 tonnes of greenhouse gasses, or the entirety of the network’s CO2 debt since inception.

Polygon reached carbon neutrality by partnering with KlimaDAO , a decentralized collective of environmentalists, developers, and entrepreneurs that is widely recognized as a pioneer in the nascent, on-chain carbon market.

In helping to implement the first phase of Polygon’s long-term commitment to sustainability, KlimaDAO, in partnership with Offsetra, analyzed the network's energy footprint to identify emissions hotspots and develop an effective mitigation strategy.

Polygon then purchased $400,000 worth of tokenized credits via the on-chain carbon market and retired them using KlimaDAO’s offset aggregator tool.

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.

Polygon also worked with KlimaDAO to support specific projects on its blockchain by retiring the carbon credits these projects have generated.

“It's absolutely paramount that we continue to work together to advance the on-chain carbon market and establish KlimaDAO and Polygon as the leading innovators in this space.” Blockchain technology makes carbon offsetting uniquely powerful, as carbon credits in any volume can be retired with complete transparency.

Polygon will lead the way as the whole industry moves toward becoming a net positive for the environment.” On July 13th Polygon will host The Green Blockchain Summit, a virtual forum for Web3 leaders to develop solutions to the most urgent environmental problems facing the blockchain industry.

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