• Venom Foundation has signed a Memorandum of Understanding (MOU) with the UAE Government to introduce a National Carbon Credit System.
• The collaboration between Venom and the UAE government is aimed at achieving 40 percent reduction in emissions by 2030 and net zero emission by 2050.
• Venom will work together with the Ministry of Climate Change and Environment (MOCCAE) to develop a more eco-friendly economy within the region using blockchain technology for transparency, reliability, and efficiency.

Venom Foundation Collaborates with UAE Government on National Carbon Credit System

The Venom Foundation has announced its collaboration with the United Arab Emirates (UAE) government in order to introduce a National Carbon Credit System. This system seeks to achieve a 40 percent reduction in emissions by 2030 as mandated by the Ministry of Climate Change and Environment (MOCCAE). The goal is for this initiative to reach net zero emission by 2050.

Blockchain Companies Contribute To Fighting Climate Change

In recent years, blockchain companies have been playing an important role in fighting climate change. Venom is one such company which is regulated in Abu Dhabi and has now signed an MOU with the UAE government for this purpose. According to Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment, ambitious climate actions are being taken by the UAE which will help reduce net greenhouse gas emission from 208 MtCO2e to 182 MtCO2e by 2030.

Venom Foundations Role In Eco-Friendly Economy

The collaboration between Venom Foundation and MOCCAE also entails developing an eco-friendly economy within the region through harnessing potentials of blockchain technology such as transparency, reliability, and efficiency in carbon emission management. Peter Knez, Chair of the Foundation Council at Venom Foundation commented on this partnership stating that it perfectly embodies their vision of driving real-world impact through blockchain technology.

UAE’s Commitment To Sustainable Development Goals

The introduction of this National Carbon Credit System ensures that any emission reduction initiative taken up is transparent and easy to track so that it leads to more profitable outcomes according to UN Sustainable Development Goal targets set for this purpose. It also promotes accountability among all stakeholders involved which can help accelerate progress towards meeting these goals faster than expected.

Conclusion

In conclusion, it can be said that collaborations between governments around world and companies like Venom using blockchain technology are essential steps towards addressing environmental challenges such as global warming effectively without compromising on sustainability goals set forth by international bodies like United Nations