Venom Foundation, a leader in the adoption of Blockchain technology in regulated markets, announced that it has signed a key Memorandum of Understanding (MOU) with the UAE Government to develop and implement the National Carbon Credit System. This landmark partnership represents an important step towards leveraging blockchain technology to address environmental challenges and promote sustainability on a national scale.
This revolutionary collaboration underlines the UAE’s unwavering commitment to improve transparency, reliability and efficiency in carbon emission management, while using Venom’s next-generation Blockchain technology, the country is moving towards ambitious climate targets that envision a 40 percent reduction in carbon emissions by 2030. advancing. The Venom Blockchain network itself operates as carbon neutral.
The Memorandum of Understanding (MoU) signed between the Ministry of Climate Change and Environment (MCCE), the Industrial Innovation Group and the Venom Foundation outlines four strategic goals: reducing emissions, promoting sustainable agriculture, improving environmental health and protecting biodiversity.
As part of this partnership, Venom will be actively involved in the realization of a greener future.
Taryam Matar Taryam, CEO of Industrial Innovation Group, expressed their commitment to sustainable development with these words:
“It is a great honor for the Industrial Innovation Group to contribute to the creation of the United Arab Emirates’ first National Carbon Credit Registry together with Venom. As global climate change is closely linked to the increasing concentration of CO2 in the atmosphere, the Industrial Innovation Group is committed to sustainable development goals and seeks to reduce environmental impact, including decarbonisation. With over 30 years of experience, Industrial Innovation Group has a long history of creating large-scale national registers of identification processes, developing sustainable pathways for various business sectors, conceptualizing decarbonisation initiatives, creating project documentation for different carbon credit registers, and effectively implementing carbon use projects. It excels at managing, monitoring and reporting.”
Peter Knez, Chairman of the Venom Foundation Foundation Council, made the following statements:
“We are honored and excited to join hands with the UAE Government to establish the National Carbon Credit System. At Venom, we believe that blockchain technology has the potential to make an impact in the real world, and this initiative perfectly embodies that vision. Together, we are committed to creating a sustainable future and pioneering solutions that positively impact the global climate.”
Venom’s success is due to its breakthrough technology, strict regulatory compliance, and a scalable and secure platform that serves a wide variety of use cases.
As the Memorandum of Understanding between Venom and the UAE Government enters into force, both organizations look forward to the successful launch and implementation of the National Carbon Credit System. This historic partnership exemplifies the potential of blockchain technology in advancing environmental initiatives and reinforces its commitment to building a more sustainable and environmentally friendly future.
About the Venom Foundation:
Operating as a decentralized network licensed by the Abu Dhabi Global Market (ADGM), Venom Foundation leads the advancement of global Web3 projects. As the world’s first compliant blockchain, Venom provides a secure environment for investors and financial services firms, providing the freedom to build, innovate and expand. Under ADGM’s jurisdiction, Venom serves as a trusted platform for authorities and businesses, ensuring compliance with regulatory requirements.
Venom has developed a number of on-premises decentralized applications (dApps) and protocols on the blockchain to enhance its capabilities. With features such as dynamic sharding, low fees, high-speed transactions and scalability, Venom has the potential to serve as the foundational infrastructure for a thriving global ecosystem of Web3 applications. Exceptional transaction speeds and unlimited scalability enable it to meet the evolving needs of a rapidly growing user base.
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