On Tuesday, Polygon Network announced that this year, the network plans to offset its carbon footprint. The blockchain project said that it has committed $20 million to its efforts to become carbon neutral and climate effective.
Polygon, formerly known as MATIC network, is a layer-2 scaling solution introduced in 2019. The project started with its announcement that it intends to pursue a multilayered strategy aimed at ensuring the long-term viability of its ecosystem, the crypto industry, and the world in general.
Polygon also introduced their “Green Manifesto: A Smart Contract with Planet Earth,” which focuses on the importance of environmentally sustainable activities in order to promote the Web3 ethos.
Every transaction on the ecosystem, such as an NFT generated by an artist, a DeFi exchange that occurs on its network, or a crypto token connected to a project building, will be accounted for and tracked. Hence, aiding to achieve carbon neutrality and minimizing their environmental implications. Polygon’s long-term goal is to be the first blockchain that is environmentally friendly.
The manifesto stated that it will collaborate with KlimaDAO, a decentralized group of environmentalists, developers, and entrepreneurs who provide on-chain carbon offsetting solutions. KlimaDAO will deliver a carbon footprint study to Polygon in collaboration with Offsetra to help measure the network’s carbon intensity.
The $20 million committed will be utilized for community efforts such as encouraging Polygon ecosystem partners to sign on to the promise, providing resources for ecosystem partners who wish to offset their carbon footprint, and making donations to climate change-fighting NGOs simple. In order to offset their own carbon footprints, the blockchain network also plans to invest in environmental projects throughout the world. Any future emissions will be reduced as a result of this.
Correspondingly, there are other blockchain networks aiming at carbon neutrality and reducing environmental damage.
