- Venom Foundation partners with UAE Government to develop and implement National Carbon Credit System.
- The partnership aims to leverage the power of blockchain technology in fighting climate change.
- The system seeks to reduce carbon emission by 40% in UAE by 2023.
The Venom Foundation, the first blockchain company regulated by Abu Dhabi, has taken a significant stride in the battle against climate change by entering into a Memorandum of Understanding (MOU) with the UAE Government.
This landmark collaboration aims to leverage the power of blockchain technology to develop and implement the National Carbon Credit System. This transparent and fair credits system is intended to facilitate a 40% reduction in carbon emissions in the UAE by 2030.
In a joint effort alongside the Ministry of Climate Change and Environment (MCCE) and Industrial Innovation Group, the Venom Foundation seeks to drive real-world impact by fostering a more eco-friendly economy in the UAE. By harnessing the potential of blockchain technology, the partnership seeks to enhance transparency, reliability, and efficiency in managing carbon emissions.
The Venom blockchain’s carbon-neutral status further solidifies its role in pioneering solutions that positively impact global climate efforts. With a clear focus on reducing emissions, promoting sustainable agriculture, enhancing environmental health, and conserving biodiversity, this collaboration sets the stage for a significant shift in environmental management practices.
Peter Knez, Chair of the Foundation Council at Venom Foundation, expressed excitement about the partnership:
We are honored and excited to join hands with the UAE Government to build the National Carbon Credit System. At Venom, we believe that blockchain technology has the potential to drive real-world impact, and this initiative perfectly embodies that vision.
Notably, in July, the Foundation announced that it had surpassed the milestone of one million registered wallets. As reported by Coin Edition, the Venom Foundation has also joined forces with Hub71 to drive the adoption of blockchain technology in the Middle East and North Africa region. Additionally, Venom has partnered with the Kenyan Government to establish a blockchain hub in Africa.
Venom stands out as the first Layer-1 blockchain licensed by Abu Dhabi Global Market, with its main focus residing in technology advancements across the MENA region.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
