UAE to set up world’s 1st national system for carbon credits using blockchain

UAE to set up world’s 1st national system for carbon credits using blockchain

The UAE Ministry of Climate Change and Environment (MoCCAE), the Industrial Innovation Group (IIG), the world’s leader in the area of security printing, biometric systems and global systems for national and corporate entities, and Venom Foundation, the first crypto foundation licensed in UAE’s ADGM, have signed Memorandum of Understanding (MoU) to establish the world’s first-of-its-kind national system for carbon credits using blockchain technology.

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 digitization process.

The MoU was signed by Mr. Mohammed Said Al Nuaimi, Acting Under-Secretary of MoCCAE, Mr. Taryam Matar Taryam, CEO of Industrial Innovation Group, and Mr. Peter Knez, Chair of the Foundation Council at Venom Foundation, at the Ministry’s office in Dubai, in the presence of Ms. Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment.

Mariam bint Mohammed Almheiri

UAE Minister

Climate Change & Environment “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