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UAE establishes agreement to create carbon credit framework utilizing Venom Foundation blockchain.
The Ministry of Climate Change and Environment (MCCE) of the United Arab Emirates is in the process of establishing a carbon credit system through an initial collaboration with the Industrial Innovation Group and the Venom Foundation.
Various organizations and nations are employing blockchain technology to monitor carbon credits. The unchangeable nature of data recorded on-chain enables these credits to be securely sold or exchanged with complete transparency for all stakeholders involved.
This framework permits governmental bodies, such as the UAE’s MCCE, to sell or distribute credits to enterprises. Holders of credits can either utilize them — which permits a specific level of carbon emissions over a designated timeframe — or sell and trade them to other entities seeking to mitigate their own emissions.
Related: Kenya collaborates with Abu Dhabi’s Venom Foundation to establish a blockchain and Web3 hub
Recently, UAE officials announced modifications to the nation’s strategy regarding climate change and carbon offsetting. The ultimate aim is to attain carbon neutrality by 2050.
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A local news report indicates that UAE Minister of Climate Change and Environment Mariam Al Mheiri states this has led to a favorable revision of the country’s plan for emission reduction:
“The UAE believes in its capacity to effect change in this area and has committed, through the third update of its second Nationally Determined Contributions, to decrease its emissions by 40 percent compared to a business-as-usual scenario, marking a 9 percent increase over its prior commitment.”
Although the UAE is ranked 33rd worldwide for total emissions, the same report’s analysis reveals that it holds the sixth position globally on a per capita basis, based on data from 2020.
The UAE emitted 21.79 tonnes of carbon per capita in 2021. Source: Our World In Data
Alongside the renewed commitment to lower carbon emissions at the national level, each of the UAE’s seven emirates has introduced local initiatives to align with the “net zero by 2050” commitment, including a comprehensive program in Abu Dhabi that was recently sanctioned by Crown Prince Sheikh Khaled bin Mohamed bin Zayed.
