UAE to develop national system for carbon credits using blockchain

UAE to develop national system for carbon credits using blockchain

Image credit: WAM

The UAE Ministry of Climate Change and Environment (MoCCAE), the Industrial Innovation Group LLC and Venom Foundation signed an Memorandum of Understanding (MoU) to establish the world’s first-of-its-kind national system for carbon credits using blockchain technology, reported state news agency WAM.

Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment, witnessed the signing of the MoU.

The collaboration aims to reduce emissions and enhance sustainable agriculture, environmental health, and biodiversity in the UAE.

This will be achieved by providing the highest levels of transparency, reliability, efficiency, and security in managing the issuance, transfer, calculation, and accurate tracking of carbon credits, as well as facilitating the digitisation process, reported WAM.

The MoU was signed by 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, at the MoCCAE office in Dubai.

Almheiri said, “As the UAE prepares to host COP28 in November, the country is striving to double its efforts and showcase its inspiring experience to the world in addressing climate change by reducing carbon emissions across different sectors. The UAE believes in its ability to make a difference in this field and has pledged,