In a significant move towards a greener future, the United Arab Emirates (UAE) has introduced an innovative carbon credit system backed by state-of-the-art blockchain technology. The Minister of Climate Change and Environment, Mariam bint Mohammed Almheiri, oversaw the formal signing of a Memorandum of Understanding (MoU) between key stakeholders in this groundbreaking initiative.
This collaboration brings together the Ministry of Climate Change and Environment (MoCCAE), the Industrial Innovation Group LLC, and the Venom Foundation. Their shared goal is to establish a pioneering national system for carbon credits, leveraging cutting-edge blockchain technology.
The overarching objective of this partnership is to tackle emissions head-on and champion sustainable practices in vital sectors like agriculture, environmental well-being, and biodiversity within the UAE. This ambitious target will be achieved by upholding the highest standards of transparency, reliability, efficiency, and security in managing the issuance, transfer, calculation, and careful tracking of carbon credits. Moreover, this partnership will also simplify the process of transitioning to digital methods.
The MoU signing event took place at the Ministry’s office in Dubai, with the presence of key figures including Mohammed Said Al Nuaimi, Acting Under-Secretary of MoCCAE, Taryam Matar Taryam, CEO of Industrial Innovation Group, and Peter Knez, Chair of the Foundation Council at Venom Foundation.
Almheiri highlighted the UAE’s commitment to fighting climate change, especially with the upcoming COP28 event in November. The nation is determined to showcase its substantial efforts in reducing carbon emissions across diverse sectors. By blending scientific rigor with cutting-edge technology and a strong commitment to transparency, the UAE aims to monitor carbon credits meticulously, driven by accurate data. The ultimate aim is to achieve climate neutrality by 2050. This collaboration with the Industrial Innovation Group and Venom Foundation marks a significant stride towards that goal, underscoring the UAE’s dedication to securing a sustainable future for current and future generations.
The MoU outlines four strategic objectives. These encompass reducing greenhouse gas emissions to achieve climate neutrality, advancing agribusiness and sustainable food systems, enhancing the economic value of the Environmental Health Programme, and preserving biodiversity to strengthen the use of ecosystem services for sustainable development.
The main areas of cooperation among these entities involve developing fundamental approaches and tailored technological solutions for a global platform that registers and issues carbon credits in the UAE. This aligns with government regulations regarding the national carbon credit issuance and registration system project. The collaboration also extends to providing a blockchain-based solution to securely and efficiently manage the national carbon credit system, while also identifying and selecting projects focused on reducing or eliminating carbon emissions.
The partnership’s goal is to create a secure blockchain-based platform for efficient carbon credit registration under the legislative framework of the Ministry of Climate Change and Environment. This platform will seamlessly integrate various systems, including carbon credit issuance and registration, while also evaluating projects for emissions reduction, in line with the UAE’s National Determined Contributions.
The MoU’s scope extends beyond carbon credits, encompassing areas such as agricultural investments, innovative technologies, food safety, beekeeping, aquaculture, and sustainable practices. It also includes regulations for quarantine, epidemic prevention, and environmental protection, with a strong focus on promoting green technologies and urban development.
In addition to addressing air quality, biodiversity, and sustainable development, the MoU emphasizes scientific research, education, green investments, emissions reduction, private-sector partnerships, and compliance with international agreements for environmental sustainability and innovation. This comprehensive collaboration underscores the UAE’s commitment to tackling the global challenge of climate change and its determination to pave the way for a greener, more sustainable future.