Polygon commits to going carbon neutral in 2022

Published at: April 12, 2022

The Polygon network announced on Tuesday its commitment to going carbon neutral and climate positive this year by releasing their “Green Manifesto: A Smart Contract with Planet Earth.” They also made a $20 million pledge to offset their carbon footprints, and buy extra credits to eventually become carbon negative.

#PolygonGoesGreenUnveiling the Green Manifesto - a smart contract with Planet Earth!https://t.co/p9DFtUG9XP [1/2] pic.twitter.com/Xgn8jubffa

— Polygon (@0xPolygon) April 12, 2022

Part of the Ethereum scaling solution's plan for a more sustainable future includes providing resources for ecosystem partners who also want to offset their carbon footprint. Additionally, they hope to facilitate NGOs to make donations that go towards fighting climate change.

According to the company, the Green Manifesto places freedom "at the center of the Web3 ethos" and climate change as the biggest threat to that liberty. Going carbon neutral means that every NFT minted, token bridged or DeFi trade made on Polygon will be accounted for and its environmental impact is offset. Their long term vision is for the ecosystem to become the first blockchain to be what they call climate positive.

Polygon is collaborating with KlimaDAO, an organization of developers that provides on-chain carbon offsetting technology as well as Offsetra that provides Polygon with an analysis tool that gauges the network’s carbon intensity. By analyzing emissions from staking node hardware or bridging activities and the energy consumption from interacting with Ethereum Mainnet, the can better form a management strategy.

Polygon also published an emissions analysis that found that 99% of Polygon’s emissions are due to checkpointing and bridging activities that involve transactions on Ethereum Mainnet. Polygon cited a total network emissions of 90,645 tonnes CO2e from February 2021 – February 2022, under companies like Microsoft and Deloitte.

Polygon recently raised $450 million in a Sequoia-led funding round and other big blockchain venture funds in order to expand its scaling solutions, which includes Polygon PoS, Polygon Edge and Polygon Avail. According to Polygon's co-founder Sandeep Nailwal, these scalability and sustainability initiatives are part of their overall strategy to foster mainstream adoption of Web3 applications.

Tags
Blockchain
Ethereum
Defi
Sustainability
Polygon
Related Posts
Polygon announces scalable data availability infrastructure Avail
Ethereum (ETH) scalability infrastructure developer Polygon has announced the rollout of a general-purpose, scalable data availability solution called Avail. According to a release issued on Monday, Polygon revealed that Avail will function as a data available tool for execution layers like sidechains, standalone networks, and layer-two protocols. One of the major hurdles for effective blockchain scaling is the data availability problem. Malicious actors can broadcast blocks to the network with incomplete data and other participants will be none the wiser. To tackle this problem, the Polygon team stated that Avail utilizes erasure coding and polynomial commitment to combat data encoding …
Blockchain / June 28, 2021
Kevin O'Leary says his crypto holdings could reach 20% of portfolio
Shark Tank celebrity Kevin O’Leary, also known as Mr. Wonderful, says he would be ready to increase his crypto allocations up to 20% as soon as there are clearer regulations around stablecoins. O’Leary, a former Bitcoin (BTC) skeptic, is now a vocal advocate of cryptocurrency, which currently makes up over 10% of his investment portfolio. Mr. Wonderful is particularly focused on U.S. dollar-pegged stablecoins, which he sees as an effective hedge against rising levels of inflation. By staking stablecoins, he pointed out, he can make up to 6% returns. He explained to Cointelegraph: ”When inflation is 6%, you're buying power …
Adoption / Dec. 30, 2021
Polygon’s focus on building L2 infrastructure outweighs MATIC’s 50% drop from ATH
After a devastating 50% correction between Dec. 25 and Jan. 25, Polygon (MATIC) has been struggling to sustain the $1.40 support. While some argue this top-15 coin has merely adjusted after a 16,200% gain in 2021, others point to competing scaling solutions growth. Either way, Polygon (MATIC) remains 50.8% below its all-time high at an $11 billion market capitalization. Currently, the market cap of Terra (LUNA) stands at $37 billion, Solana (SOL) is above $26 billion, and Avalanche (AVAX) is at a $19 billion market value. A positive note is that Polygon raised $450 million on Feb. 7, and the …
Decentralization / March 10, 2022
Binance temporarily halts Polygon deposit and withdrawal to sync nodes
Binance, the world’s biggest crypto exchange by trading volume, announced earlier on Tuesday that it will be temporarily pausing deposits and withdrawals for Polygon (MATIC) Network. The announcement came in the wake of the Polygon network’s outage since March 11 after a network upgrade. The crypto exchange noted that it would reopen the deposit and withdrawal features once the network becomes stable. Polygon network is a layer-2 Ethereum scaling solution that boasts millions of users and an evolving ecosystem. The network underwent an essential upgrade on one of the three layers on March 11, but due to a suspected bug, …
Blockchain / March 15, 2022
Polygon partners with Orbs and DeFi.org to launch an accelerator program
In a new development for the decentralized finance space, Ethereum scaling platform Polygon has partnered with layer-3 project Orbs to launch a program that supports DeFi builders through the DeFi accelerator platform DeFi.org. In an announcement, Polygon and DeFi.org noted that the program will provide funding opportunities, mentorship and market exposure to chosen projects. Building on Polygon is mandatory for participants in the DeFi.org accelerator round. On the other hand, those using Orbs’ infrastructure will be given special consideration. As Polygon focuses on scaling Ethereum, Orbs claims to be capable of providing benefits such as the enhancement of smart contracts …
Blockchain / May 18, 2022