Abu Dhabi, UAE, August 11th, 2023, Chainwire
Venom Foundation, a company specializing in blockchain technology adoption in regulated markets, has announced a Memorandum of Understanding (MOU) with the UAE Government to develop and implement the National Carbon Credit System. This partnership aims to leverage blockchain technology to address environmental challenges and promote sustainability on a national scale. The collaboration highlights the UAE's commitment to transparency, reliability, and efficiency in carbon emission management, using the next-generation blockchain technology of Venom to achieve the nation's ambitious climate targets of a 40% reduction in carbon emissions by 2030. It's worth noting that the Venom blockchain is carbon neutral. Venom partners with UAE for Carbon Credit System.
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The Ministry of Climate Change and Environment (MCCE), the Industrial Innovation Group, and Venom Foundation have signed a Memorandum of Understanding (MoU) that outlines four strategic objectives: reducing emissions, promoting sustainable agriculture, enhancing environmental health, and conserving biodiversity. Venom will be actively participating in realizing a greener future as part of this partnership.
CEO of Industrial Innovation Group, Taryam Matar Taryam, expressed their dedication to sustainable development and their contribution to the creation of the United Arab Emirates' first National Carbon Credit Registry System together with Venom. Industrial Innovation Group is committed to adhering to sustainable development goals and reducing environmental impact, including through decarbonization. With over 30 years of experience, Industrial Innovation Group has a long history of creating large-scale national registries related to identification processes and excels in developing sustainable pathways for various business sectors, conceptualizing carbon removal initiatives, generating project documentation for different carbon credit registries, and effectively managing, monitoring, and reporting on carbon utilization projects.
Chair of the Foundation Council at Venom Foundation, Peter Knez, expressed excitement in joining hands with the UAE Government to build the National Carbon Credit System. He believes that blockchain technology has the potential to drive real-world impact, and this initiative perfectly embodies that vision. Together, they are committed to creating a sustainable future and pioneering solutions that positively influence the global climate.
Venom's success is driven by its groundbreaking technology, strict regulatory compliance, and a scalable and secure platform that serves a wide range of use cases.
The MOU between Venom and the UAE Government exemplifies the potential of blockchain technology in advancing environmental initiatives and reinforces the commitment to building a more sustainable and eco-friendly future. Both entities eagerly anticipate the successful launch and implementation of the National Carbon Credit System.
About Venom Foundation:
Venom Foundation is a decentralized network licensed by the Abu Dhabi Global Market (ADGM) that is leading the way in driving global Web3 projects. As the world's first compliant blockchain, Venom offers a secure environment for investors and financial services firms to build, innovate, and expand. Under the jurisdiction of the ADGM, Venom serves as a trusted platform for authorities and enterprises, ensuring compliance with regulatory requirements.
In addition to its compliance features, Venom has developed a range of in-house decentralized applications (dApps) and protocols on its blockchain. With 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. Its exceptional transaction speeds and limitless scalability enable it to meet the evolving needs of a rapidly growing user base.
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