Crypto platform Polygon pledges $20 million to eliminate carbon footprint in 2022


The Polygon network on Tuesday announced its plans to go completely carbon neutral in 2022. The company made a $20 million pledge to offset their carbon footprints and to eventually become carbon negative. Polygon is a platform that facilitates blockchain networks to connect and scale. It is a framework for creating Ethereum-compatible blockchain networks. Polygon is also known as “Ethereum’s internet of blockchains”. It was launched under the name Matic Network in 2017.

According to its new plan dubbed “Green Manifesto: A Smart Contract with Planet Earth”, every transaction such as an NFT minted by an artist, or a DeFi trade that occurs on its network, or a crypto token bridged to a project building is accounted for and its environmental impact is offset.

The pledged $20 million will be used for community initiatives such as encouraging Polygon ecosystem partners to make the pledge as well, providing resources for ecosystem partners who want to offset their carbon footprint , and making donations easy for NGOs that fight climate change.

The blockchain network company also aims to offset Co2 by investing in environmental projects around the world in order to balance out their own carbon footprints. This will reduce any future emissions.

Further, the company also announced collaborating with KlimaDAO, an organization of developers that provides on-chain carbon offsetting technology. It also provides Polygon with an analysis tool that gauges the network’s carbon intensity.

Polygon also published an emissions analysis that found that 99 per cent of Polygon’s emissions are due to checkpointing and bridging activities that involve transactions on Ethereum blockchain. Polygon cited total network emissions of 90,645 metric tons of CO2 from February 2021 to February 2022 under companies like Microsoft and Deloitte.

Meanwhile, the company also introduced Polygon ID, Zero-Knowledge Identity for its users. Using Polygon ID, decentralised applications running on the blockchain will be able to authenticate user data while keeping sensitive information private.

In January, Polygon said it reached a new adoption milestone with more than 7,000 decentralized applications (dApps) running on the network as of December, more than double the number just three months prior, citing data from Alchemy, Web3 developer platform.

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