Polygon-Powered Coorest Earns Web3’s First Certified Carbon Standard
Polygon-based carbon compensation project Coorest has become the first Web3 initiative to have an officially verified carbon standard.
The Coorest Carbon Standard (CCS) is certified by an official UN auditor and is a new benchmark for CO2 compensation that leverages distributed ledger technology to eliminate unfair and opaque carbon offset practices. In partnership with Polygon, Coorest is redefining how people and organizations can effectively account for their carbon footprint and bring about impactful change for a better tomorrow.
Coorest is building a decentralized ecosystem for carbon emission compensation on Polygon’s climate-friendly network. NFTrees is a project by Coorest which creates $CCO2 tokens that can be sold or used as a carbon compensation by linking them to real-world trees.
[Read more: Mint an NFT, Plant a Tree With Coorest’s NFTrees]
The conventional carbon offset market is plagued with legacy issues that undermine the effectiveness of climate action. These include but are not limited to double counting, re-use of retired offsets, and unfair financial compensation to parties involved in carbon capture.
By moving the carbon market on-chain, Coorest uses blockchain’s immutability to usher in transparency to the process of carbon compensation. In addition to traceability and accountability, the distributed ledger removes the need for intermediaries allowing anyone with an internet connection to account for their carbon footprint. The revenue generated is fairly redistributed to actual contributors, like farmers and landowners, who create and maintain carbon capture projects, incentivizing conservational efforts at the grassroots level.
Polygon’s own journey towards sustainability has entered a new phase after Ethereum’s shift to Proof of Stake consensus, known as the Merge. Polygon is now going beyond carbon negativity to helping other Web3 projects and businesses to achieve the same.