Venom Foundation, a first-ever Abu Dhabi-regulated blockchain, expands its ecosystem of partnerships. Together with the UAE government and Industrial Innovation Group, Venom's team will work on a decentralized carbon credits system in order to make the economy in UAE more ecofriendly.
Venom Foundation partners with UAE ministry, eyes carbon credits system release
Venom Foundation, a regulated L1 blockchain ecosystem, has announced the signing of a momentous Memorandum of Understanding (MOU) with the UAE government to create and deploy the National Carbon Credit System. Besides Venom Foundation and the Ministry of Climate Change and Environment (MCCE), the Industrial Innovation Group will also contribute to the project.
Venom Foundation is on a mission to be the first in onboarding a billion users onto the blockchain and transform the financial landscape before 2026.
— Venom Foundation (@VenomFoundation) July 7, 2023
In this thread, we'll explore the three key pillars that drive this vision. pic.twitter.com/jtc64lF0Du
With this transparent and fair credits system, UAE is going to target 40% reduction in carbon emissions by 2030. Venom Blockchain itself has been carbon-neutral from the onset of its mainnet operations.
The MoU between the three entities is focused on four goals: reducing emissions, promoting sustainable agriculture, enhancing environmental health and conserving biodiversity.
Peter Knez, сhair of the Foundation Council at Venom Foundation, stresses the importance of this collaboration for the massive adoption of what his team is building:
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. Together, we are committed to creating a sustainable future and pioneering solutions that positively influence the global climate.
As covered by U.Today previously, Venom Foundation also scored a partnership with the Kenyan government.
Venom is going to fuel the project of the blockchain hub in the African country.
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Taryam Matar Taryam, CEO of Industrial Innovation Group, is sure that the realization of the carbon credits system has a chance to change the status quo in the environmental roadmap of the UAE:
For Industrial Innovation Group, it is a great honor to contribute to the creation of the United Arab Emirates' first National Carbon Credit Registry System together with Venom. Industrial Innovation Group steadfastly adheres to sustainable development goals and endeavors to reduce environmental impact, including through decarbonization, as global climate change is closely linked to the increasing concentration of CO2 in the atmosphere.
All participants treat this cooperation as a significant step toward leveraging blockchain technology to address environmental challenges.
In July 2023, Venom Foundation accomplished the one million registered accounts milestone, as reported by U.Today.
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