UAE Inaugurates Revolutionary Carbon Credits System Powered by Blockchain August 7, 2023 August 7, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 7, 2023 by Kelly Cromley

UAE Inaugurates Revolutionary Carbon Credits System Powered by Blockchain

Mariam bint Mohammed Almheiri, the Minister of Climate Change and Environment, oversaw the formalization of a groundbreaking collaboration. This partnership involves the Ministry of Climate Change and Environment (MoCCAE), the Industrial Innovation Group LLC, and the Venom Foundation. The entities joined forces to forge an unprecedented national carbon credits system, leveraging the transformative potential of blockchain technology.

The Memorandum of Understanding (MoU) signed in Dubai signifies an ambitious endeavor. This collaborative initiative aims to drive impactful reductions in emissions while simultaneously bolstering sustainable agriculture, ecological well-being, and biodiversity within the United Arab Emirates (UAE). The innovative approach to be adopted ensures the utmost levels of transparency, dependability, efficiency, and security in administering the issuance, transfer, computation, and accurate monitoring of carbon credits. Moreover, this collaboration will play an instrumental role in streamlining the digitization process.

The MoU, which materialized within the Ministry’s premises, saw the signatures of key figures. Notably, Mohammed Said Al Nuaimi, Acting Under-Secretary of MoCCAE, Taryam Matar Taryam, CEO of Industrial Innovation Group, and Peter Knez, Chair of the Foundation Council at Venom Foundation, affixed their names to this transformative pact.

Mariam bint Mohammed Almheiri emphasized the profound significance of this collaborative effort. She asserted that as the UAE gears up to host COP28 in November, the nation is intensifying its commitment to effecting positive change and serving as an inspirational global model in tackling climate change. A pivotal aspect of this effort lies in the UAE’s pledge, articulated in the Third Update of its second Nationally Determined Contributions (NDCs), to curtail emissions by a remarkable 40 percent relative to a business-as-usual scenario. This represents a notable increase of 9 percent compared to previous commitments.

In her statement, Almheiri highlighted the imperative of operating within a scientific framework enriched by cutting-edge technology. She emphasized the critical role of transparency in the meticulous monitoring of carbon credits. Almheiri further elucidated that the UAE’s ultimate objective is to attain tangible and sustainable outcomes that facilitate the realization of climate neutrality by 2050. The strategic alliance with the Industrial Innovation Group and Venom Foundation underscores the UAE’s resolute determination to advance climate action, ushering in a more sustainable future for both present and future generations.

Taryam Matar Taryam, the CEO of Industrial Innovation Group, articulated his organization’s pride in contributing to the establishment of the UAE’s inaugural national carbon credits registration system. Drawing upon over three decades of expertise, the Industrial Innovation Group remains steadfast in its commitment to the United Nations Sustainable Development Goals. Taryam Taryam accentuated the critical nature of decarbonization efforts in light of the intricate interplay between global climate change and escalating carbon dioxide concentrations.

Taryam further highlighted the Group’s extensive track record of crafting comprehensive national records and formulating viable pathways for diverse business sectors. He underscored the Group’s proficiency in conceiving decarbonization strategies, creating project documentation for various carbon stock records, and efficiently managing, overseeing, and reporting on carbon utilization initiatives.

Peter Knez, Chair of the Foundation Council at Venom Foundation, underscored the pivotal role played by the Foundation in the realization of this visionary endeavor. Knez spotlighted the Foundation’s distinctive solution, positioned as a foundational infrastructure for a far-reaching Web3 ecosystem. The solution, underpinned by blockchain technology, promises exceptional transaction speeds and limitless scalability to effectively cater to the complex requirements of governments. Knez proudly proclaimed that Venom Foundation has emerged as the pioneering entity in the UAE, instrumental in crafting and licensing its blockchain technology. This pioneering role cements the Foundation’s instrumental contribution to shaping the trajectory of national decentralized systems and digitally transforming operations within both corporate and government entities.

The synergy embodied by this partnership sets a remarkable precedent, uniting government bodies, private enterprises, and technological innovators to forge a path toward sustainability, transparency, and enhanced ecological stewardship. The UAE’s resolute commitment to addressing climate change is poised to resonate globally, instilling inspiration and motivation for collective action toward a more environmentally responsible future.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.