UAE signs deal to develop carbon credit system on Venom Foundation blockchain
The UAE recently announced that it intends to reduce carbon emissions by 40% by 2030, a marked increase over its previous pledge. The United Arab Emirates (UAE) Ministry of Climate Change and Environment (MCCE) is developing a carbon credit system in a preliminary partnership with Industrial Innovation Group and Venom Foundation. Blockchain technology is utilized by organizations and countries to track carbon credit s. Due to the immutable nature of data inscribed on-chain, these credit s can be securely sold or traded with total transparency for all interested parties. This allows government organizations, such as the UAE’s MCCE, to sell or issue credits to businesses. Credit holders can either spend the credits — which allows them to emit a specific amount of carbon over a given period of time — or sell and trade them to other organizations looking to offset their own emissions. Related: Kenya partners with Abu Dhabi's Venom Foundation to build blockchain, Web3 hub UAE lead...