{"id":242595,"date":"2022-06-24T09:00:03","date_gmt":"2022-06-24T03:30:03","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=242595"},"modified":"2022-06-26T10:12:59","modified_gmt":"2022-06-26T04:42:59","slug":"carbon-neutrality-takes-polygons-matic-to-the-green","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/carbon-neutrality-takes-polygons-matic-to-the-green\/","title":{"rendered":"Carbon neutrality takes Polygon\u2019s MATIC to the green"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The decentralized Ethereum scaling platform ticked off its first sustainability milestone by achieving carbon neutrality this week. By investing $400,000 in carbon credits, Polygon is now one step closer to becoming carbon negative. With credits equivalent to 104.794 tons of greenhouse gases, the network has successfully settled its CO2 debt since inception.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Triggered by this news, MATIC was quick to react. The altcoin took to trade in the green as it registered a double-digit hike on the daily chart. Rallying by over 24% in a day, MATIC was changing hands at $0.5075 at press time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The green milestone was a result of a number of strategic steps taken by the network. According to its official <a href=\"https:\/\/www.prnewswire.com\/ae\/news-releases\/polygon-network-reaches-first-sustainability-milestone-by-achieving-carbon-neutrality-301571777.html\" target=\"_blank\" rel=\"noopener\">blog post<\/a>, the achievement came after Polygon\u2019s \u2018Green Manifesto\u2019, launched in mid-April. Tagged as \u2018a smart contract with Planet Earth\u2019, it is a part of the network\u2019s broader vision for sustainable development. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Acknowledging that there is still more to be done, Co-Founder of Polygon, Sandeep Nailwal, was quoted &#8211;<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;Our world is facing an environmental crisis, and the blockchain industry must do far more than promise to stop adding to the problem.&#8221;<\/span><\/p><\/blockquote>\n<h4><strong>Fighting the energy consumption debate<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Cryptocurrencies are very much in the kernel of energy consumption debate. According to the <\/span><a href=\"https:\/\/ccaf.io\/cbeci\/index\"><span style=\"font-weight: 400;\">Cambridge Bitcoin Electricity Index<\/span><\/a><span style=\"font-weight: 400;\">, Bitcoin has consumed more electricity in a year than Sweden, Norway, or the United Arab Emirates. However, the energy consumption debate has often been challenged by the one spearheaded by the utility factor.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a striking point of view laid out by the <\/span><a href=\"https:\/\/www.weforum.org\/agenda\/2022\/03\/crypto-energy-consumption\"><span style=\"font-weight: 400;\">World Economic forum (WEF)<\/span><\/a><span style=\"font-weight: 400;\">, energy consumption becomes less a question of morality than one of basic human necessity. When something provides utility, it\u2019s often accepted despite its high energy levels as it adds value to society. According to WEF\u2019s report published in March this year, data centres (which give us access to popular platforms like Netflix and Playstation) in the U.S. consume 204 TWh of energy a year, while Bitcoin uses 62 TWh a year. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At present, there are an estimated 300 million users of crypto globally, and not all of them live in developed nations. A multitude in emerging economies like Kenya, Vietnam, Venezuela, and Brazil adopt digital currencies to dodge the cost of legacy financial systems, unstable monetary governance, and currency devaluation issues.<\/span><\/p>\n<h4><strong>Walking the green field<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">The crypto-industry is quite ahead in driving the change with a plethora of environment-friendly projects. Polygon is not alone in walking the carbon neutral path as meaningful action is being taken by many in the space. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The open-source cryptocurrency Filecoin also has a role in a greener present and future. \u2018Filecoin Green\u2019 is an initiative led by the Filecoin Foundation, aimed at making its blockchain carbon-neutral and, in time, carbon negative.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, Algorand celebrated this year\u2019s Earth Day by becoming the world\u2019s first carbon-negative blockchain. This was achieved in partnership with ClimateTrade, an organization dedicated to helping companies improve their sustainability profiles. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">KlimaDAO is another climate-driven organization that helped Polygon achieve its recent feat. The decentralized autonomous organization does this through the creation of a DeFi token that is backed by real-world carbon offsets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A leading crypto community-driven initiative is the \u2018<\/span><a href=\"https:\/\/cryptoclimate.org\/\"><span style=\"font-weight: 400;\">Crypto Climate Accord<\/span><\/a><span style=\"font-weight: 400;\">\u2019. Focused on the decarbonization of cryptocurrencies, it has more than 200 companies and individuals spanning the crypto, finance and technology field. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">From Valkyrie to Filecoin and Enjin, the signatories have made a public commitment to achieve net-zero emissions from electricity consumption by 2030.\u00a0<\/span><\/p>\n<p>&#8211; <em>Authored by Diya Joseph<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The decentralized Ethereum scaling platform ticked off its first sustainability milestone by achieving carbon neutrality this week. By investing $400,000 in carbon credits, Polygon is now one step closer to becoming carbon negative. With credits equivalent to 104.794 tons of greenhouse gases, the network has successfully settled its CO2 debt since inception. Triggered by this<a href=\"https:\/\/ambcrypto.com\/carbon-neutrality-takes-polygons-matic-to-the-green\/\">Continue reading <span class=\"sr-only\">&#8220;Carbon neutrality takes Polygon\u2019s MATIC to the green&#8221;<\/span><\/a><\/p>\n","protected":false},"author":21,"featured_media":242597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-242595","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Carbon neutrality takes Polygon\u2019s MATIC to the green - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Triggered by this news, MATIC was quick to react. 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