- August 9, 2023
- Posted by: [email protected]
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The United Arab Emirates (UAE) has taken a significant stride towards its ambitious climate goals by signing a groundbreaking agreement to forge a carbon credit system on the advanced Venom Foundation blockchain. This strategic move aligns with the UAE’s intensified commitment to reduce carbon emissions by an impressive 40% by 2030, a notable increase from its previous commitment.
Driving this pioneering initiative is the United Arab Emirates Ministry of Climate Change and Environment (MCCE), in collaboration with esteemed partners, the Industrial Innovation Group, and the innovative Venom Foundation. At the heart of this endeavor lies blockchain technology, a powerful tool embraced by both organizations and nations to meticulously track carbon credits. By leveraging the immutability of data recorded on the blockchain, carbon credits gain an unprecedented level of security and transparency, enabling seamless and secure trading or sale among interested stakeholders.
The implementation of this carbon credit system empowers government bodies like the UAE’s MCCE to effectively distribute or trade credits to businesses. These credits grant recipients the flexibility to either utilize them for emission allowances during specific timeframes or leverage them as tradable assets to facilitate emissions offsetting for other organizations.
The UAE’s recent recalibration of its climate and carbon offset agenda is emblematic of its dedication to global sustainability. The overarching objective is nothing short of achieving carbon neutrality by 2050. The UAE Minister of Climate Change and Environment, Mariam Al Mheiri, highlighted the positive trajectory of these efforts in the country’s emission reduction roadmap. She stated, “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, to reduce its emissions by 40 percent compared to a business-as-usual scenario, an increase of 9 percent over its previous pledge.”
Though the UAE ranks 33rd globally in total emissions, an in-depth analysis from the same source underscores a more telling statistic: it ranks an alarming sixth globally in per capita emissions, according to data from 2020.
This monumental undertaking to develop a carbon credit system is further complemented by local initiatives within each of the UAE’s seven emirates. Each emirate has unveiled tailored programs designed to harmonize with the overarching “net zero by 2050” commitment. An exemplar in this pursuit is Abu Dhabi, where a comprehensive program meticulously approved by Crown Prince Sheikh Khaled bin Mohamed bin Zayed, holds promise as a model for sustainable development.
The UAE’s strategic alliance with the Venom Foundation blockchain marks a pivotal juncture in its trajectory towards carbon reduction and environmental stewardship. By harnessing cutting-edge technology and fostering collaborative partnerships, the UAE aspires to lead the charge in shaping a more sustainable and eco-friendly future.
