UAE Embarks on Green Future with Venom Foundation: Carbon Credit System Deal Inked

UAE Embarks on Green Future with Venom Foundation
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A significant stride toward environmental sustainability has been taken by the United Arab Emirates (UAE) with the Ministry of Climate Change and Environment (MCCE) forging a preliminary alliance with the Industrial Innovation Group and Venom Foundation. Their mission: to engineer a blockchain-based carbon credit system that holds promising implications for ecological stewardship.

In the age of digital transformation, blockchain technology has become a pivotal tool for nations and organizations aiming to manage carbon credits. The unique benefit of blockchain is the unalterable quality of data recorded on-chain, guaranteeing secure sales or trades of credits with utmost transparency, a feature eagerly embraced by various stakeholders.

This state-of-the-art system empowers government entities, such as the UAE’s MCCE, with the capacity to issue or vend credits to businesses. These credits, representing specific carbon emission allowances over set timeframes, can be used or traded amongst organizations striving to balance their carbon footprint.

The UAE’s drive towards environmental responsibility is underscored by recent policy adjustments aimed at carbon offsetting and ecological balance. The nation has set its sights on carbon neutrality by 2050, a vision spearheaded by key leaders.

UAE’s Minister of Climate Change and Environment, Mariam Al Mheiri, reflects an optimistic outlook, emphasizing the country’s enhanced commitment to cut emissions by 40% as opposed to the regular business model, marking a 9% rise over its preceding vow.

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Despite ranking 33rd globally for total emissions, a 2020 report uncovers that the UAE stands sixth in per capita emissions. Data from ourworldindata.org revealed that the nation emitted 21.79 tonnes of carbon per capita in 2021.

 

This commitment is not confined to the federal level alone. Each of the seven emirates is unfolding localized strategies to synchronize with the “net zero by 2050” commitment. This includes Abu Dhabi’s comprehensive agenda, freshly endorsed by Crown Prince Sheikh Khaled bin Mohamed bin Zayed.

In related news, Venom Foundation continues to make waves internationally, having also partnered with Kenya to construct a blockchain and Web3 hub.

(The Venom Foundation is dedicated to ushering in clarity and groundbreaking advancements as a forefront global blockchain entity. They objective is to lay down the technological groundwork for governmental bodies and web3 initiatives, simultaneously bolstering emerging economies within the Middle East and North Africa through our distinct blockchain solutions.)

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