Polygon (MATIC) commits $20M to offset its carbon footprint

The Polygon network has announced plans to be carbon neutral by the end of this year. The network has released a “Green Manifesto: A Smart Contract with Planet Earth” outlining its plans to be climate positive.

The move is expected to contribute positively to the growth of the network, given there has been debate over the impact of blockchain technology on the environment.

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Polygon plans to be carbon neutral

Besides making the commitment to be carbon neutral, the layer two Ethereum scaling solution has also made a $20 million pledge to offset its carbon footprint. It will also allow people to purchase extra credit to become carbon negative.

Polygon’s plans include promoting a sustainable future by offering resources to ecosystem partners that want to reduce their carbon footprint. The network is also planning to offer the infrastructure and finances needed for the ecosystem partners that want to offset their carbon footprint. The network is also planning to support NGOs that want to donate towards eradicating climate change.

The Green Manifesto is also placing freedom “at the centre of the Web3 ethos.” Climate change is ranked as the biggest threat to Web3 development, but Polygon’s recent initiative can promote the creation and use of digital assets.

The NFT minting process, token bridging and decentralized finance trades made on the Polygon network will be accounted for, and the environmental effects of these processes will be offset. According to the Polygon network, the vision is to become the first climate-positive blockchain.

Polygon partners with KlimaDAO

Polygon is also partnering with KlimaDAO to offer an on-chain carbon offsetting technology. It will also work with Offsetra to offer Polygon analytics tools that will measure the carbon intensity of the network.

In the recent report, Polygon released an analysis of the carbon emissions, saying that 99% of Polygon emissions came from checkpoints and bridges to the Ethereum mainnet.

Polygon also continues with its commitment to achieving scalability. The network secured $450M in a funding round led by Sequoia Capital. The network aims at boosting scalability to boost the adoption of Web3 applications.