UAE signs deal to develop carbon credit system on Venom Foundation blockchain

The United Arab Emirates Ministry of Climate Change and Environment (MCCE) is developing a carbon credit system in a preliminary partnership with the Industrial Innovation Group and the Venom Foundation.Blockchain technology is made use of by companies and countries to track carbon credits. Credit holders can either spend the credits– which permits them to emit a specific amount of carbon over a provided period of time– or offer and trade them to other organizations looking to offset their own emissions. Source: Our World In DataIn addition to the renewed push to reduce carbon emissions at the national level, each of the UAEs 7 emirates has unveiled local programs to keep in line with the “net absolutely no by 2050” pledge, consisting of a comprehensive program in Abu Dhabi recently authorized by the Crown Prince Sheikh Khaled bin Mohamed bin Zayed.