Sandeep Nailwal, founder of Polygon, said that blockchain companies should do more to build a "united front" to improve the world.
Polygon said it will use data from KlimaDAO to calculate and offset carbon emissions and purchase $400,000 in carbon credits through the decentralized autonomous organization. Nailwal said the company will also fund initiatives to create carbon credit trading on the blockchain.
The blockchain firm said emissions from the "checkpoint" or process of combining Polygon transactions to the Ethereum blockchain and the "bridging" process, which includes transactions on the Ethereum Mainnet, are responsible for more than 99% of Polygon emissions.
Polygon improves the usability and ecological viability of Ethereum through scaling solutions such as Polygon PoS, Polygon Edge, Polygon Avail, Polygon Nightfall, and Polygon Hermez. The ecosystem's commitment to sustainability precedes Ethereum's transition to PoS, which will reduce the network's energy consumption by almost 99 percent.
Polygon's network emissions in the 12 months to February 2022 totaled 85,015 tonnes of CO2 emissions. Polygon also said it has commissioned the Crypto Carbon Ratings Institute to audit its carbon footprint.
Sandeep Nailwal, founder of Polygon, said the following about these environmental initiatives:
“We have reached a decisive point in human history. The steps we take over the next decade will determine the fate of the entire planet. Our stated measures may eliminate the emissions of the Polygon ecosystem, but this is not enough to affect the change needed to tackle the climate crisis at scale. The vast blockchain industry needs to form a united front to finance, support and use technology that helps improve rather than destroy the world.”
Polygon recently raised $450 million in a Sequoia-led funding round and other big blockchain venture funds in order to expand its scaling solutions, which includes Polygon PoS, Polygon Edge and Polygon Avail. According to Polygon's co-founder Sandeep Nailwal, these scalability and sustainability initiatives are part of their overall strategy to foster mainstream adoption of Web3 applications.