The Ministry of Climate Change and Environment has signed a preliminary agreement with UAE-based Industrial Innovation Group (IIG) and Venom Foundation to establish a national system for carbon credits using blockchain technology.
The pact in the run-up to the Cop28 climate summit in Dubai in November and December is in line with the UAE’s stricter carbon emissions reduction targets this decade and achieving its goal of climate neutrality by 2050, a ministry statement said on Monday.
The collaboration aims to reduce emissions and enhance sustainable agriculture, environmental health and biodiversity in the UAE.
The parties aim to develop a system that will provide the highest levels of “transparency, reliability, efficiency and security" in managing, issuing, transferring, calculating and accurate tracking of carbon credits, it said..
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