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Polygon-Powered Coorest Earns Web3’s First Certified Carbon Standard


cryptoknowmics.com 29 September 2022 12:22, UTC
Reading time: ~2 m

The first Web3 project to have an officially recognized carbon standard is Coorest, a polygon-based carbon offset project. The Coorest Carbon Standard (CCS), which uses distributed ledger technology to remove unjust and ambiguous carbon offset practices, is a new baseline for CO2 compensation approved by an official UN auditor. Coorest is changing how people and organizations can accurately account for their carbon footprint and influence meaningful change for a better tomorrow in collaboration with Polygon. https://twitter.com/CoorestOfficial/status/1575382159774433281

Coorest Constructing Decentralized Ecosystem

On Polygon's environmental-friendly network, Coorest is constructing a decentralized ecosystem for carbon emission compensation. Coorest's NFTrees initiative generates $CCO2 tokens that may be exchanged for real-world trees or utilized as carbon offsets. Legacy problems plaguing the traditional carbon offset market reduce the effectiveness of climate action. These include, but are not limited to, unjust financial rewards to parties participating in carbon capture, double counting, and using retired offsets. Coorest exploits the immutability of the blockchain to bring transparency to the carbon compensation process by shifting the carbon market on-chain. Anyone with an internet connection may account for their carbon footprint thanks to the distributed ledger's intermediary-free traceability and accountability features. Following Ethereum's transition to Proof-of-Stake (PoS) consensus, often known as the Merge, Polygon's quest toward sustainability has reached a new stage. With its assistance, additional Web3 projects and companies can get carbon negative.

Polygon Acquired Carbon-Neutral Milestone

Polygon reached its first sustainability milestone in June by being carbon neutral on its network. The accomplishment was made possible by Polygon's announcement of its Green Manifesto, a component of its larger goal for sustainable development, in the middle of April. By collaborating with KlimaDAO, a decentralized community of entrepreneurs, technologists, and environmentalists widely regarded as an emerging, on-chain carbon market pioneer, Polygon became carbon neutral. The formerly secretive voluntary credit market has gained accessibility and transparency thanks to KlimaDAO.

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