State news agency WAM reports that in the presence of the country’s Minister of Climate Change and Environment, Mariam bint Mohammed Almheiri, the UAE Ministry of Climate Change and Environment (MoCCAE), Industrial Innovation Group LLC, and Venom Foundation signed a Memorandum of Understanding (MoU) to create a unique national carbon credits system utilizing blockchain technology.
The partnership will focus on key objectives pertaining to the reduction and mitigation of greenhouse gas emissions.
They include areas such as promoting the growth of agriculture through responsible investments and sustainable food systems, boosting the economic worth of the Environmental Health Program, and stimulating tenable ecosystem services by conserving biodiversity in the environment.
Under this agreement, the three involved parties will cooperate on developing strategies and technology for the creation of a global platform for registering and issuing carbon credits in the UAE.
This will be done within the legal framework of government decisions pertaining to the domestic system for issuing and logging carbon credits.
Another crucial area of the shared work is developing a secure and efficient blockchain system to manage carbon credit logging and issuing, as well as recognizing and evaluating projects that are connected to lowering or eliminating CO2 emissions.
As an end result, the collaboration is expected to generate a legislative and regulatory framework by the MoCCAE as a basic foundation for issuing and registering carbon credits on the intended platform. This licensed platform will leverage blockchain technology to enable a secure pathway for issuing carbon credit registration documentation.
It will also provide an integrated guideline for meeting the necessary requirements for business operations and a comprehensive workflow for issuing and registering carbon offset credits.
The ambitious memorandum of understanding will concentrate on incorporating eco-friendly practices into various industry sectors in order to expedite the country’s progress towards sustainability.