India's Ethereum Scaling Project Polygon (MATIC) Pledges $20M To Tackle Climate Change

In a bid to turn environment friendly, Ethereum ETH/USD layer 2 scaling solution Polygon MATIC/USD pledged $20 million to fully offset the impact of its carbon footprints in 2022 as a part of its "Green Manifesto."

The company said it is buying $400,000 worth of high-quality and traceable blockchain technology and MCO2 carbon credits, equivalent to roughly 90,000 tons of CO2 emissions. It will then selectively retire the offsets within the carbon token pools that meet the highest standards for additionality and positive environmental impact.

Polygon will also partner with KlimaDAO, a decentralized collective of environmentalists, developers, and entrepreneurs, to purchase the credits via the latter's on-chain carbon market, Klima Infinity, and retire them using its offset aggregator decentralized app.

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"Together with Polygon, the broader blockchain industry needs to form a united front to fund, support, and leverage technology that helps heal the earth, rather than destroy it," said Sandeep Nailwal, co-founder of Polygon.

"The goal going forward is [to] have Polygon as Carbon Negative," Nailwal added in a tweet.

KilmaDAO will also analyze Polygon network's energy footprint and support its emission management and mitigation strategy.

Apex cryptocurrency Bitcoin BTC/USD has lately come under the radar of some environmentalists over the utilization of a large amount of energy in the process of mining.

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Photo: Courtesy of Polygon