Venom Foundation partners with UAE to launch National Carbon Credit System
Abu Dhabi, UAE, Aug. 9, 2023, Chainwire
Venom Foundation has signed a memorandum of understanding (MoU) with the UAE to develop and implement the National Carbon Credit System using the blockchain.
This collaboration demonstrates UAE’s commitment to transparency, reliability, and efficiency in carbon emission management using Venom blockchain, which is carbon neutral, to achieve its 40% reduction target by 2030.
The Ministry of Climate Change and Environment (MCCE) has signed an MoU with the Industrial Innovation Group and Venom Foundation to achieve four strategic objectives, aiming to reduce emissions, promote sustainable agriculture, enhance environmental health, and conserve biodiversity.Â
Venom Foundation will actively participate in realizing a greener future through this partnership.
Taryam Matar Taryam, CEO of Industrial Innovation Group, affirmed their dedication to sustainable development:
“For Industrial Innovation Group, it is a great honor to contribute to creating the United Arab Emirates’ first National Carbon Credit Registry System with Venom. Industrial Innovation Group steadfastly adheres to sustainable development goals and endeavors to reduce environmental impact, including decarbonization, as global climate change is closely linked to the increasing concentration of CO2 in the atmosphere. With over 30 years of experience, the Industrial Innovation Group has a long history of creating large-scale national registries related to identification processes. It excels in developing sustainable pathways for various business sectors, conceptualizing carbon removal initiatives, generating project documentation for different carbon credit registries, and effectively managing, monitoring, and reporting carbon utilization projects.”
Peter Knez, chair of the Foundation Council at Venom Foundation, commented:
“We are honored and excited to join hands with the UAE Government to build the National Carbon Credit System. At Venom, we believe that blockchain technology has the potential to drive real-world impact, and this initiative perfectly embodies that vision. We are committed to creating a sustainable future and pioneering solutions that positively influence the global climate.”
Venom rides on its technology, regulatory compliance, and a scalable and secure platform for various use cases.
The UAE Government and Venom are excited about the successful launch and implementation of the National Carbon Credit System following the MOU’s implementation.
This partnership highlights the potential of blockchain technology in promoting sustainability initiatives.
About Venom Foundation
Venom Foundation, licensed by Abu Dhabi Global Market (ADGM), leads web3 projects as the first compliant blockchain. It offers a secure environment for financial firms and investors to innovate and expand while ensuring compliance with regulations. Venom has developed a range of decentralized applications and protocols to enhance its capabilities, including dynamic sharding, low fees, high-speed transactions, and limitless scalability, which enable it to meet the evolving needs of its growing user base.
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