Polygon has announced that it has reached carbon neutrality in efforts with KlimaDAO, a decentralized collective of environmentalists, developers, and entrepreneurs.
The platform maintains that the blockchain technology makes carbon offsetting effective, with carbon credits in any volume being able to be retired with complete transparency.
With the technology, entities can buy carbon offsets, access real-time market data, and speed the delivery of financing to high-impact carbon projects across the globe.
Polygon has reportedly ensured that each transaction in the network, including the minting of NFT or DeFi trade, is accounted for and its environmental impact offset.
KlimaDAO and Offsetra accessed the network’s energy footprint, where the scope of analysis covered emissions from the staking nodes’ hardware, energy usage, and interaction with the Ethereum mainnet.
Polygon unveiled its Green Manifesto in April, where it pledged $20 million for the initiatives that use Web3 to develop new solutions for on-chain carbon credit retirement.
The announcement comes as Polygon prepares to host The Green Blockchain Summit on July 13. The forum will be virtual and brings together Web3 leaders to address the challenges facing the blockchain space.