ABU DHABI, UAE, 09 August 2023 – Venom Foundation, a leader in the adoption of blockchain technology in regulated markets, is delighted to announce the signing of a critical Memorandum of Understanding (MOU) with the UAE Government to develop and implement implement a national carbon credit system. This historic partnership represents an important step towards harnessing blockchain technology to address environmental challenges and promote sustainability nationwide.
This groundbreaking collaboration underscores the UAE’s unwavering commitment to enhancing transparency, reliability and efficiency in managing carbon emissions, while utilizing Venom’s next-generation blockchain technology, and in doing so, propelling the country towards its ambitious climate targets of reducing carbon emissions by 40% by 2030. The Venom blockchain itself being carbon neutral.
The Memorandum of Understanding signed between the Ministry of Climate Change and Environment (MCCE), the Industrial Innovation Group and the Venom Foundation defines four strategic objectives: the reduction of emissions, the promotion of sustainable agriculture, the improving environmental health and protecting biodiversity. As part of this partnership, Venom will actively participate in realizing a greener future.
Taryam Matar Taryam, CEO of Industrial Innovation Group, affirmed his commitment to sustainable development: “For Industrial Innovation Group, it is an honor to contribute to the creation of the first national carbon credit registry system in the United Arab Emirates. , in collaboration with Venom. Industrial Innovation Group strongly adheres to the Sustainable Development Goals and strives to reduce the impact on the environment, including through decarbonization, as global climate change is closely linked to the increase in the concentration of CO2 in the atmosphere. With over 30 years of experience, Industrial Innovation Group has a long track record of building large-scale national registries related to identification processes and excels in developing sustainable solutions for various business sectors, conceptualizing carbon removal initiatives, in creating records for various carbon credit registries, and in effectively managing, tracking and reporting on carbon utilization projects”.
“We are honored and excited to work with the government of the United Arab Emirates to set up the national carbon credit system. At Venom, we believe that blockchain technology has the potential to impact the real world, and this initiative perfectly embodies that vision. Together, we are committed to creating a sustainable future and to pioneering solutions that positively impact the climate. »
Peter Knez, Chairman of the Venom Foundation Board of Trustees
Venom’s success is due to its revolutionary technology, strict regulatory compliance, and scalable and secure platform that meets a wide range of use cases.
As the MOU between Venom and the UAE government comes into effect, both entities look forward to the successful launch and implementation of the national carbon credit system. This historic partnership illustrates the potential of blockchain technology to advance environmental initiatives and reinforces the commitment to building a more sustainable and environmentally friendly future.
Regarding the Venom Foundation:
Venom Foundation, which operates as a decentralized network under license from the Abu Dhabi Global Market (ADGM), is at the forefront of global Web3 projects. As the world’s first compliant blockchain, Venom provides a secure environment for investors and companies in the financial industry, giving them the freedom to build, innovate and grow. Under the jurisdiction of the ADGM, Venom serves as a trusted platform for authorities and businesses, ensuring compliance with regulatory requirements.
To enhance its capabilities, Venom has developed a range of decentralized applications (dApps) and internal protocols on its blockchain. With features such as dynamic sharing, low fees, high-speed transactions, and high scalability, Venom has the potential to serve as the backbone of the thriving global ecosystem of Web3 applications. Its exceptional transaction speeds and unlimited scalability allow it to meet the evolving needs of a rapidly growing user base.
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