Polygon Maps out $20M Fund for Environmental Sustainability

In a Wednesday blog post, the team behind Ethereum layer-2 scaling solution Polygon announced that it has dedicated $20 million to sponsor projects aiming to use blockchain to solve environmental issues.

The Polygon team noted that the capital would be used to fund projects and ideas that focus on providing blockchain-based solutions to six categories of environmental problems namely Waste, Emissions, Equity, Supply, Nature, and Education.

“We want to explore how blockchain and Web 3 can play a role in solving these crucial challenges…As part of our initial commitment, we set aside $20 million for sustainability projects,” Polygon wrote.

Environmental Sustainability

Per the blog post, the team’s initial goal was to make the Polygon blockchain environmentally friendly since the network’s activities normally result in emissions of hazardous gas to the environment.

However, the Ethereum Merge is expected to solve that issue by canceling out close to 100% of Polygon’s carbon emissions, they noted that their focus has been shifted.

The Polygon developers mentioned that there are still several other environmental problems that need to be including plastic pollution, poverty, freshwater depletion, and loss of biodiversity.

According to the team, these environmental challenges can be managed using blockchain and distributed ledger technology.

“Even if the world were to achieve net-zero emissions right this moment, our current atmosphere would still contain almost double the concentration of CO2 compared to pre-industrial levels… We are facing other challenges, from plastic pollution to poverty to freshwater depletion and loss of biodiversity. All of these also need to be addressed collectively.”

Blockchain Adoption

Notably, sectors aside from crypto, such as Cars and Automobiles, Environment, Insurance,  Healthcare, and Agriculture, amongst others, are increasingly utilizing blockchain technology.

Last month, the Algorand Foundation partnered with Boston University and Kenya-based agricultural company Hello Tractor to introduce a blockchain-based solution that would assist African farmers in accessing farming tools and machinery such as tractors.

Similarly, China-based blockchain project VeChain created a traceability platform for the rural agricultural sector of Mongolia last year. Amongst other things, the blockchain solution allows for the overseeing of agricultural activities happening in a specific region of the country.

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