National System for Carbon Credits Using Blockchain

Her Excellency Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment (MOCCAE), witnessed the signing of an MoU between the MOCCAE, the Industrial Innovation Group LLC and Venom Foundation on cooperation 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 digitisation process.

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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 Ministry's office in Dubai.

H.E 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, through the Third Update of its second Nationally Determined Contributions (NDCs), to reduce its emissions by 40% compared to a business-as-usual scenario, an increase of 9% over its previous pledge.”

She added: “This requires working according to a scientific approach based on modern technology and the highest levels of transparency to monitor carbon credits to work according to realistic data, achieve tangible results on the ground, and achieve climate neutrality by 2050."

Taryam Matar Taryam, CEO of Industrial Innovation Group, said: "The Industrial Innovation Group, with more than 30 years of experience, is committed to the UN Sustainable Development Goals and endeavours to reduce the environmental impact through decarbonisation, as global climate change is closely linked to the increasing concentration of carbon dioxide in the atmosphere."

Peter Knez, Chair of the Foundation Council at Venom Foundation, stated that Venom Foundation is the first company in the UAE to develop and licence its blockchain technology and shape the future of national decentralised systems and digitise operations in corporate and government enterprises.

Read More: UAE Ministry of Climate Change and Environment and TRENDS Research Center Sign Collaborative MoU