The UAE Ministry of Climate Change and Environment (MoCCAE) has joined forces with the Industrial Innovation Group LLC and Venom Foundation to launch the world’s first blockchain-based national system for carbon credits. The Memorandum of Understanding (MoU) was signed with the aim of reducing emissions and promoting sustainable agriculture, environmental health, and biodiversity in the UAE.
The collaboration between the three parties seeks to provide transparency, reliability, efficiency, and security in managing the issuance, transfer, calculation, and tracking of carbon credits. It also aims to facilitate the digitization process. By leveraging blockchain technology, the system will ensure accurate tracking of carbon credits while promoting sustainable practices.
The MoU focuses on four strategic objectives, including cutting greenhouse gas emissions to achieve climate neutrality, developing agribusiness and responsible investment in agriculture, enhancing the economic value of the Environmental Health Programme, and conserving biodiversity for sustainable development.
Through the collaboration, a global platform will be developed for registering and issuing carbon credits in the UAE. This will be done within the regulatory frameworks set by the government. The blockchain-based solution will ensure the safe and effective management of the national system for issuing and registering carbon credits. It will also involve identifying and selecting projects aimed at reducing or removing carbon emissions.
The signing of the MoU is part of the UAE’s commitment to addressing climate change and reducing its carbon emissions. The country has pledged to reduce emissions by 40% compared to a business-as-usual scenario, as stated in its second Nationally Determined Contributions (NDCs).
The national system for carbon credits will play a crucial role in achieving the UAE’s climate goals. It will provide a platform for registering and tracking carbon credits while promoting sustainable practices. Additionally, it will contribute to the overall sustainability and development of various sectors in the UAE.
The collaboration between the UAE Ministry of Climate Change and Environment, Industrial Innovation Group LLC, and Venom Foundation highlights the UAE’s dedication to combating climate change and creating a more sustainable future. By leveraging blockchain technology, the country aims to lead the way in carbon credit management and inspire other nations to adopt similar initiatives.
As the UAE prepares to host COP28 in November, it is committed to showcasing its efforts in addressing climate change to the world. The establishment of the world’s first blockchain-based national system for carbon credits demonstrates the UAE’s determination to make a difference and achieve climate neutrality by 2050.
The collaboration between the three parties will not only benefit the UAE but also contribute to global efforts in combating climate change. By promoting sustainable practices and reducing carbon emissions, the UAE is setting an example for other countries to follow. With the use of blockchain technology, the national system for carbon credits will ensure transparency, efficiency, and accuracy in managing carbon credits.
The UAE’s investment in sustainable agriculture, environmental health, and biodiversity reflects its commitment to achieving a more sustainable future. Through partnerships and technological advancements, the country is taking significant steps towards addressing climate change and promoting sustainable development.
By establishing the world’s first blockchain-based national system for carbon credits, the UAE is positioning itself as a global leader in climate action. The collaboration between the UAE Ministry of Climate Change and Environment, Industrial Innovation Group LLC, and Venom Foundation marks a milestone in the country’s sustainability journey. By leveraging blockchain technology, the UAE is revolutionizing the way carbon credits are managed and setting a new standard for transparency and reliability in emissions reduction efforts.
Overall, the launch of the national system for carbon credits using blockchain technology is a significant step forward for the UAE and the global fight against climate change. The collaborative effort among the three parties demonstrates the country’s commitment to sustainable development and its role as a leader in climate action. With the implementation of this groundbreaking system, the UAE is driving innovation in carbon credit management and paving the way for a more sustainable future.
