Polygon network – the platform that aims to connect and grow Ethereum-compatible projects and blockchains, announced on Tuesday it’s committing $20 million to go carbon neutral and offset its emissions this year. The company released the so-called “Green Manifesto: A Smart Contract with Planet Earth” – its plan for a more sustainable future.
The Green Manifesto states that freedom is “at the center of the Web3 ethos” and climate change is the biggest threat to that liberty. The company plans to offset the environmental impact for every minted non fungible token (NFT), token bridged, or a decentralized finance (DeFi) trade made on the platform. It aims to become the first blockchain to be what the company calls climate positive.
99% of Polygon’s carbon footprint comes mainly from checkpointing and bridging activities that involve transactions on Ethereum Mainnet. Polygon found that the total network emissions of the company come to 90,645 metric tons of CO2e from February 2021 to February 2022.
It plans to use KlimaDAO – an organization of developers that provides on-chain carbon offsetting technology, and Offsetra that services Polygon with an analysis tool calculating the network’s carbon intensity.
Polygon’s announcement of going carbon neutral is a testimony of crypto technologies stepping in and addressing their notoriously heavy carbon footprint. Without these essential actions from global tech companies, climate change mitigation efforts would be seriously hindered.