- Summary:
- The parties include the UAE government, the Industrial Innovation Group and Venom Foundation, leveraging Venom's carbon-neutral blockchain.
Venom Foundation has signed a Memorandum of Understanding (MOU) with the Government of the United Arab Emirates (UAE) to create and execute a national carbon credit system in the country. The signatories to the MoU include UAE’s Ministry of Climate Change and Environment (MCCE), the Industrial Innovation Group, and Venom Foundation.
Decarbonization built on blockchain technology
Incorporating blockchain technology to solve environmental problems and advance sustainability on a national scale, this partnership marks a major milestone. The UAE expects this project to help accelerate it towards its lofty climate targets of reducing carbon emissions by 40% by 2030. By building on Venom’s carbon-neutral blockchain, the UAE has demonstrated its steadfast dedication to improving the openness, dependability, and effectiveness of carbon emission control.
Emissions reduction, sustainable agriculture, enhancing environmental health, and biodiversity conservation are the four overarching goals outlined in the MoU. Through this collaboration, Venom will play a significant role in making a sustainable future a reality.
Industrial Innovation Group says it has always focused in growth to be built on sustainable development and helping establish the first national carbon credit registry system in the United Arab Emirates is further proof of the company’s commitment to this cause.
Industrial Innovation Group has been around for over 30 years. In the that time they’ve developed a knack for things like creating massive national registries for identification processes, developing carbon removal initiatives, creating project documentation for various carbon credit registries, and efficiently managing, monitoring, and reporting on carbon utilisation projects.
Peter Knez, Chair of the Foundation Council at Venom Foundation, commented, “At Venom, we believe that blockchain technology has the potential to drive real-world impact, and this initiative perfectly embodies that vision. Together, we are committed to creating a sustainable future and pioneering solutions that positively influence the global climate.”
Since the rising concentration of CO2 in the atmosphere is intimately linked to global climate change, the Group has implemented actions such as decarbonization to advance SDGs and endeavours to reduce its environmental footprint. Its focus on creating a more sustainable and environmentally friendly future is strengthened by this landmark collaboration with Venom, which demonstrates the power of blockchain technology to promote environmental wellbeing.